Thursday, November 6, 2008
From Dean Starkman writing in the Columbia Journalism Review (hattip to Chris Whalen)…
~~~~ “… On September 29 …. Bloomberg’s Mark Pittman published a story that blows away any inference that Goldman had no stake in the bailout. This story was brought to my attention after I wrote the earlier piece. Here are excerpts with my emphasis:
Sept. [...]
From Jesse’s Cafe American… reprinted from the OCC’s report on bank’s exposure to derivatives… scary…
Are these the parties that are resisting a move to exchange trading and central counterparty clearing?
Before the deluge…
Chart thanks to EconomPic Data
Wednesday, October 22, 2008
John White, Director of the SEC’s Division of Corporation Finance
Taxpayers will appreciate this… WSJ.com reports…
~~~ “… All U.S. companies, not just those in finance, should consider limiting compensation packages that reward excessive risk-taking by executives, a senior regulatory official said Tuesday.
The comment by John White, director of the Securities and Exchange Commission’s division of corporation [...]
Near the end of the Civil War Union forces beseiged Petersburg, VA for 9 months. Confederate forces could barely find food to eat. Starving, with their numbers dwindling due to desertions, and with Sherman’s forces approaching from the south, Lee attempted a break out.
It failed miserably, and on April 2nd, Union forces soon assaulted the Confederate lines. The [...]
Filed in Liquidity, Pricing, Regulatory
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Also tagged accounting, Bear, BofA, Goldman Sachs, Lehman, Liquidity, Moodys, Morgan Stanley, NRSRO, ratings, S&P, SEC
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Stephen Labaton of the New York Times wrote an excellent article today about the approval of the Consolidated Supervisory Entity (CSE) program at the SEC in 2004 and the resulting lack of oversight of the major investment banks…
He misses a number of essential points… including that the Federal Reserve has been supervising the major financial [...]
Thursday, October 2, 2008
As the credit crisis decimates the balance sheets of the big fixed income dealers there is less principal trading… this is where the big dealers would use their balance sheets to interposition bonds between buyers and sellers… the dealers owned these markets through this market making activity… think Lehman, Merrill, Morgan Stanley, Goldman and Bear… [...]
Tuesday, September 16, 2008
Standard and Poor’s creates podcasts of credit market analysis… they’ve published one on their views of their rating actions on Lehman, Bank of America and Merrill Lynch… (running time = 12:58 minutes)
Monday, September 15, 2008
It is an odd feeling to observe the current credit crisis as the various firms and institutions fail and reform themselves…
We see a tension between the old system and the demands and exigencies of today…
Lehman Brothers has failed in the largest bankruptcy ever…
Bank of America is buying Merrill Lynch…
The tide has flowed out on AIG and [...]