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Tag Archives: confidence

How to untangle the credit rating agency’s conflicts of interest

The House and Senate conferees worked hard to today to reconcile their versions of financial reform. Agreement was reached on private funds, insurance regulation and the merger of bank regulators. A sticking point was on Subtitle C of Title IX which covers credit rating agencies. I’d like to recommend to Chairman Barney Frank and others that they propose […]

Credit ratings agencies are more powerful than regulators – why not harness that?

Tomorrow the House and Senate conference committee is finalizing the language for credit rating agencies. The push and shove is in full flight… Senator Al Franken is promoting his amendment to establish a “ratings board” that will assign a specific rater (Nationally Recognized Statistical Rating Organizations [NRSRO]) to rate structured finance deals. If adopted his amendment […]

Let the sunlight in…

Conservatives and progressives worked together to support Senator Sanders in his quest to have the Federal Reserve audited. Kudos to Senator Sanders. We took a big step forward  in reclaiming our nation today. Bloomberg reporting… ~~~ “The Senate approved an amendment to the regulatory-overhaul bill authorizing a one-time audit of the Federal Reserve’s emergency-lending programs, […]

Glorious sunlight…

It’s so refreshing to see this lovely video of Senator Blanche Lincoln talk about her derivatives reform legislation… here is her draft… Somehow I sense the hand of CFTC Chairman Gensler in this process… and the spirit of House Agriculture Chairman Collin Peterson… yes… substantive forces to rein in Wall Street on derivatives are at […]

Mashup the money!

Kudos to the Sunlight Foundation… we need a way to see what large and powerful corporations are doing on the state and federal level… From Flowing Data… ~~~ “Anyone who’s looked at campaign finance data knows it can get messy really quick (especially if you’re getting it directly from the FEC). Sunlight Labs’ newly launched TransparencyData […]

There must an end of speculation with other people’s money

Franklin Delano Roosevelt’s first inaugural address… Given in Washington, D.C., March 4th, 1933 ~~~ “… There are many ways in which it can be helped, but it can never be helped merely by talking about it.  We must act, and act quickly. Finally, in our progress toward a resumption of work we require two safeguards against a return […]

Move your money!

Three cheers for Arrianna Huffington, political strategist Alexis McGill, filmmaker/author Eugene Jarecki, and Nick Penniman of the HuffPost Investigative Fund… for this great campaign to encourage everyone to move their banking to local banks and credit unions… From HuffPo — “The idea is simple: If enough people who have money in one of the big four […]

Greece, Ireland, Spain, Portugal and Italy…

Willem Buiter, a professor at the London School of Economics and a former Bank of England policy maker, talks with Bloomberg’s Elliott Gotkine about the fiscal situations in Greece and the U.K. They speak in London. (Source: Bloomberg) Given recent default/delay talk from Dubai these wobbly national finances are a significant concern… for bondmarkets it’s […]

a condition of the very stability of society that its rules of law and of business practice recognize and protect that ordinary citizen’s dependent position

“If investor confidence is to come back . . . , the law must advance. As a complex society so diffuses and differentiates the financial interests of the ordinary citizen that he has to trust others and cannot personally watch the managers of all his interests as one horse trader watches another, it becomes a […]

Our debt mountain

Here is what individuals, corporations, local, state and federal government are faced with… Mountains of debt that accumulated over the years… $50 trillion of combined debt… Particularly the debt of financial companies… from the New York Times’ Floyd Norris… ~~~~”…For most of the last two decades, the biggest increase in debt in America came from financial companies. […]