More on Lehman, AIG and repo from Riski…
I did want to point out that the Lehman Examiner (Jenner and Block) cost the estate $38 million dollars for their work… in contrast the Financial Crisis Inquiry Commission, which is tasked to examine the entire financial meltdown, has a budget of $8 million…. it is really shameful how [...]
Friday, February 12, 2010
From PBS’s Lehrer show… ” As part of his continuing series of reports making sense of business and the economy, Paul Solman examines the inner workings of investment powerhouse Goldman Sachs and how it makes money.”
Lucian Bebchuk of Harvard has made the best rebuttal to Chairman Bernanke’s defense of AIG counterparty payments at 100 cents on the dollar… but no one seems to be focused on the remaining CDS exposure of $1.6 trillion that AIG and the US taxpayers have… I think this might be an important point before the [...]
In this short clip from the Senate Banking Committee hearing of September 23, 2008 Senator Evan Bayh questions Secretary Paulson about why they will support foreign banks. Secretary Paulson says it’s on behalf of American taxpayers and Chairman Bernanke explains that these are efforts to prop up prices in markets.
From Bloomberg…
~~~ “… The Federal Reserve [...]
Thursday, January 7, 2010
Tax the speculators and create a public bank
from therealnews.com
Several mintues into the interview Robert Pollin, Professor of Economics and founding Co-Director of the Political Economy Research Institute (PERI) at the University of Massachusetts, Amherst says the following …
~~~ “… POLLIN: Well, I think the simplest idea, the simplest principle, is the financial system and the regulations [...]
Saturday, November 21, 2009
I first published this post on November 21, 2009… I believe it is even more the case now. Timothy Geithner serves Wall Street. Our economy and nation will not be repaired until the control of Wall Street over the government, the Federal Reserve and the nation is broken.
US Treasury Secretary Geithner should resign from office.
He represents [...]
Tuesday, October 27, 2009
An excellent opinion piece by John Kay, an economist, in the Financial Times … he begins by naming the litany of institutions that were brought down in the “Credit Crisis of 2007-2009″…
He then describes the difficulty of regulating large, complex institutions with these words… “The variety of institutions is matched by the variety of regulators. [...]
Tuesday, October 27, 2009
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We still don’t know why the Federal Reserve paid 100 cents on the dollar to the counterparties of AIG… the mystery is another mark against the “too big to fail” banks and their closely woven interconnection with the Federal Reserve …
Bloomberg reminds us of a comparable closeout of a swaps transaction around the same time that [...]
Friday, September 18, 2009
The SEC approved additional rules for credit rating agencies yesterday.
This follows on numerous rulemakings over the past several years…
Kudos to the Commission and staff for their effort to shape rules for this space.
Credit rating agencies lie at the nexus of credit markets. Their “opinions” determine pricing and credit availability for all rated entities.
Central to the credit [...]