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Tag Archives: Wall Street

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 […]

The American people would like an explanation

Have a look at this video to get an idea of the true fire of democracy… Senator Jeff Merkley, of Oregon, uses his heart and soul to push back against the power of Wall Street… Kudos to Senators Merkley, Harkin, Levin, Dorgan, Cantwell, Lincoln, Kaufman, Whitehouse and all others who have taken to the floor […]

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 […]

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, […]

Euro crush

From the brilliant graphics team at the New York Times… ~~~ “Banks and governments in these five shaky economies owe each other many billions of euros — converted here to dollars — and have even larger debts to Britain, France and Germany. Arrow widths are proportional to debt amounts.” ~~~ What is the solution? Haircuts… […]

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 […]

serious reckoning for those who gamed the system is a win-win

Frank Rich writes in the New York Times… ~~~”… Both as policy and politics, a serious reckoning for those who gamed the system is a win-win. Yet the fear that the Obama administration is protecting its friends persists. On the same morning that Rubin testified last week, Eamon Javers of Politico wrote about his continued influence […]

Our English cousins lay it out…

The House of Commons Treasury Committee Ninth Report of Session 2009–10 Report, together with formal minutes Ordered by the House of Commons, to be published 22 March 2010 Too important to fail– too important to ignore Summary The banking crisis of the last two years resulted in government support for the sector around the world amounting to almost a […]