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Monthly Archives: February 2010

The more transparent a marketplace, the more liquid it is, the more competitive it is

Transparency creates stability in financial markets… this is a foundational precept of our system but is rarely argued… the following is from a speech by CFTC Chairman Gensler to the “Energy Bar Association” on February 24th… ~~~ Transparent Trading Requirement “… It is not enough, though, simply to promote transparency to the regulators. Financial reform […]

Hey buddy! Wanna buy a state capital building…cheap??

Repost from Finance Tangent … ~~~ The looming budget crisis affecting states like Arizona, California, Illinois and others, is prompting leaders to look at any option to raise money. Case in point is California that recently put up 17 commercial buildings for sale, including two San Francisco buildings that house the state supreme court and the […]

Right on Commissioner Walter

SEC Commissioner Elisse Walter commented on a New York Times blog about the need to harmonize the “fiduciary” obligations of brokers and investment advisors… What a great way for an official charged with protecting investors to address an issue… in the public.. in plain English no less… kudos to Commissioner Walter for her efforts… restoring Americans […]

Casino capitalism has devastating effects on the real economy

From The Harvard Law School Forum on Corporate Governance and Financial Regulation Luis A. Aguilar is a Commissioner at the U.S. Securities and Exchange Commission. This post is based on Commissioner Aguilar’s remarks at the recent SEC Speaks conference. ~~~ ” … The recent crisis made clear that the financial sector was, and remains, dangerously exposed to […]

Recurrent bank fraud

Paul Solman of PBS talks to Bill Black, a former bank regulator, about recurrent bank fraud… the still unanswered question is why has no one been prosecuted for financial crimes… I believe this question will increase in importance… Americans have suffered too much and borne too high a price in this crisis… people caused the […]

Baby steps for transparency… S&P to use identifiers on structured finance ratings

Standard and Poor’s will begin using an identifier to distinguish between their ratings on structured finance products and other ratings… this is a good step forward for the markets… (H/T Credit Risk Chronicles) ~~~”As market participants will be aware, under the European Regulation on Credit Rating Agencies (Regulation (EC) No 1060/2009) in force from December 2009 (the […]

Populism VII

Repost from the Heritage Foundation blog… imagine… the idea of “servant leadership“… ~~~ Yesterday’s Rasmussen poll reveals what anyone who has been watching the news for the past year already knows — Americans are angry. They are angry at their government and its failures to provide solutions to the current problems. According to today’s poll, […]

Financial, economic and political linkages

The struggles that Greece is facing  to reform it’s fiscal situation are ones that Portugal, Italy, the UK, California, Illinois, New Jersey and others  will face… substantial debt loads with diminishing revenue sources and large social commitments… we’ll see this story be replayed over and over… and that doesn’t even take into account the potential nuclear […]

Populism VI

The Daily Show With Jon Stewart Mon – Thurs 11p / 10c Elizabeth Warren Daily Show Full Episodes Political Humor Health Care Crisis Elizabeth Warren, chairman of the Congressional Oversight Panel, explains the kabuki going on in the Senate over financial reform to Jon Stewart of the Daily Show … she says write your […]

Unraveling the profit puzzle at Goldman Sachs II

The bits and pieces are being assembled into a mosaic which is revealing the true enablers of the global credit crisis… And it’s the trading houses like Goldman Sachs who created financial products, sold them off and then bet against the products they originally created… and often these bits of wizardry were designed to live off […]