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Tag Archives: break up banks

Kite flying

From FT Alphaville some comments from Tullett Prebon economist Lena Komileva on the similarities and differences between the growing Euro sovereign contengion and Lehman’s collapse… Basically she’s saying it’s an order of magnitude bigger this time… or maybe two orders of magnitude… ~~~ “…The current episode of the global crisis is similar to the crisis mechanism […]

Wall Street banker says “we are close to getting it over the finish line”

From the beginning of the financial reform process it seemed that the goal of the Obama administration and the Senate was to accommodate Wall Street… And here is Barclays President Robert Diamond expressing his pleasure with the legislation.  In fact Wall Street loves it except for Blanche Lincoln’s derivatives legislation… Sorry America… maintenance of the status quo trumps […]

Protect taxpayers and break up the banks

Vermont Senator Bernie Sanders, says “the issue is not whether Congress regulates Wall Street, it’s the degree to which Wall Street regulates Congress.” Time to break up the banks…

Financial overhaul could create financial utilities

Matthew McCormick, a portfolio manager at Bahl & Gaynor Inc., talks about the prospects for legislation to overhaul U.S. financial regulation and the implications for financial stocks. *  *  * Let’s move away from the shadow banking system and go to a new place > > > Narrow banking is a proposed type of bank […]

Volcker on commercial banks, prop trading and economic knowledge

Paul A. Volcker In Conversation with Gary H. Stern (President of the Minneapolis Fed), July, 2009 Can we get there? Stern: So, can we get from here to there, where commercial banks look much more like traditional commercial banks, and we leave things like proprietary trading and hedge fund activity and those kinds of things […]

British bank busts

From Bloomberg on the Royal Bank of Scotland and Lloyds breakups… ~~~ “…It all smells to me a bit of politics and the start of election campaigning,” said Lothar Mentel, chief investment officer at Octopus Investments Ltd., which oversees $2 billion, including a stake in Lloyds. “The government wants to be seen as punishing the banks, whereas […]

Praise be to state regulators

It is imperative that state regulators remain unleashed to protect the citizens of their states from predatory behavior of national firms. The New York Times has an excellent article today about the willingness of states Attorney Generals to litigate against the national banks over mortgage fraud. I say “get out the subpoenas boys“… The residents of every state […]

Local banking…

From the New York Times.. ~~~ “The Texas banker Edward Speed wants his fellow Texans to think small. Sensing an opportunity to capitalize on public outrage over big national banks rescued by taxpayer bailouts, Mr. Speed has started acampaign urging Texans to take their cash out of banks like Wells Fargo and turn it over to […]

Some new panhandlers in Harvard Square

From Jesse’s Cafe Amercain… ~~~ This was the very moment of Obama’s failure, when he allowed Summers, Geithner and Bernanke to establish the principle of “Too Big To Fail” and set up a financial oligarchy at the expense of taxpayers. We would have expected this out of the Treasury under Hank Paulson, but to see […]

Reposted with one comment

The financial system must be substantially reformed and put on a more stable basis. Who will do this? From the Huffington Post… ~~~ “One reason — which has never been directly addressed by Obama — may be that many of his chief financial advisers have pocketed extraordinary amount of money from banks and Wall Street, […]