Guest Post: No Wonder the Eurozone is Imploding from naked capitalism by George Washington → Washington’s Blog You might assume that the reason for the implosion in the Eurozone is a mystery. But it’s not. There Wouldn’t Be a Crisis Among Nations If Banks’ Toxic Gambling Debts Hadn’t Been Assumed by the World’s Central Banks [...]
Archive for April, 2010
Spitzer/Black: Questions from the Goldman Scandal
27
Apr
By Eliot Spitzer and Bill Black, cross posted from New Deal 2.0: For those who have spent years investigating fraud, it was no surprise to hear that Goldman Sachs, the (self-described) jewel of Wall Street, is the latest firm to emerge from the financial crisis with tarnished reputation. According to a lawsuit brought by the [...]
Mega-Banks Which Received Bailouts Slashed Lending More, Gave Higher Bonuses, and Reduced Costs Less Than Banks Which Didn’t Get Bailed Out
27
Apr
USA Today points out: Banks that received federal assistance during the financial crisis reduced lending more aggressively and gave bigger pay raises to employees than institutions that didn’t get aid, a USA TODAY/American University review found. *** • Lending fell. The amount of loans outstanding to businesses and individuals fell 9.1% for the 12 months [...]
Derivatives To Be Spun Off?
27
Apr
Am I dreaming? In an agreement struck Sunday, Banking Committee Chairman Chris Dodd agreed to replace his proposed restrictions on derivatives with those of the Senate Agriculture Committee, chaired by Arkansas Democrat Blanche Lincoln. If you remember, I wrote about this a few days ago: Along with forcing commercial banks to spin off their swaps [...]
Quelle Surprise! Goldman Knowingly Sold Garbage Barges
26
Apr
As Goldman and the Senate Committee on Investigations are duking out The Battle of the E-Mails, with each side claiming the other has painted a misleading picture, it is becoming pretty clear that Goldman, contrary to its sanctimonious twattle about putting clients first, actually puts its fees first. This should come as no surprise to [...]
Wall Street Banks Bet Against Our Entire Society – Janet Tavakoli Tells Obama to Bring Back Black
26
Apr
Janet Tavakoli: “President Obama – Bring Back Black” from zero hedge | on a long enough timeline, the survival rate for … by Tyler Durden By Janet Tavakoli, first posted on the Huffington Post William K. Black, a regulator during the dark days of the Savings & Loan Crisis, gave the most sensible testimony about [...]
Washington’s Blog: James Galbraith Says Let the Economists Step Back and the Criminologists Step Up
26
Apr
Hmmmm. Â The banks committed fraud? Â Hmmmm…. Â James Galbraith says Economists need to take a step back and Criminologists step forward. Bill Black agrees… Â Hmmmmm. Â What do you know? Hmmm… Â Sounds reasonable to us! Economist James Galbraith: Economists Should Move into the Background, and “Criminologists to the Forefront” from Washington’s Blog by George Washington 1 person [...]
Mortgage Ads: A Walk Down Memory Lane
26
Apr
Just as a way of saying we have memory, we want to bring everyone back to the place this all started – Greenspan, the Fed and the massive interest rate reduction that led to the masseive leveraging of household equity for debt over the years 2000 to 2007/8 or so – although it slowed before that and [...]