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If you’re wondering where these ridiculous, hare-brained comments are coming from, then watch this video and listen to Rick Santelli speak about predatory lending. The only one who acquits herself in this segment is Janet Tavakoli.  Bill Isaac, a former FDIC head – the guy talking about regulation as if commercial banks are already subject [...]

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This is the first in a series of posts about ideas for financial reform generated by the “Make Markets Be Markets” conference I attended yesterday in New York City on 3 Mar 2010. We heard presentations from speakers like Simon Johnson, Elizabeth Warren and Joseph Stiglitz and heard comments during Q&A from George Soros, Stanley [...]

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Tomorrow morning I will be at a conference on financial reform hosted by the Roosevelt Institute in New York City.  As far as bloggers go, I know that Yves Smith of Naked Capitalism and Mike Konczal of Rorty Bomb will also be there. So expect to see some details on the discussion in the days [...]

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Below is a partial list of January 2010 FDIC enforcement decisions and orders. I have only included cease-and-desist orders, prompt corrective action notices and termination of insurance orders as these are the signs of banking system distress.
FINAL ORDERS ISSUED PURSUANT TO SECTION 8(b), 12 U.S.C. § 1818(b) Cease-and-Desist
Peoples Independent Bank, Boaz, AL; [...]

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Over the past few days, a number of major European banks have announced earnings results.  Two of the most dismal results were registered at the British company Royal Bank of Scotland (RBS) and at Germany’s Commerzbank. However, the similarity ends there because, while Commerzbank investment bankers received no bonus, the bankers at government-controlled RBS received [...]

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The latest dust-up involving Goldman Sachs involves Build America Bonds. The New York Times reports:

Senator Charles E. Grassley of Iowa has asked Goldman Sachs to clarify how much it has collected in underwriting fees as states and cities issue so-called Build America Bonds to raise money for infrastructure projects and create jobs.
The senator, the senior [...]

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If you didn’t know, new credit card rules just came into effect. Jon Stewart has a pretty funny take on the industry.
Make it rain, Bank of America, make it rain (credit card fees, that is)!

Also see Learn How Canceling Credit Cards Affects Your Credit Score and Learn The Details of Your New Credit Card Bill [...]

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By now, you know about the much-discussed swaps that Greece used to conceal it’s debt load.  While the amount of debt concealed is low relative to the total, the mere fact that Greece attempted to conceal its true fiscal position is damning in light of revelations in October that the government’s fiscal hole for 2009 [...]

I said: “Here’s my question: when does this affect the Greek sovereign credit rating? That has to be next because the scenario I just scoped out would indeed suggest lower tax revenue and more budgetary pressure. Sure sounds like a death spiral to me.” And now (25 Feb 2010) S&P is saying, indeed , they may downgrade the sovereign debt next month.

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I referenced Matt Taibbi’s latest work at Rolling Stone “Wall Street’s Bailout Hustle” recently when talking about a movie on Ponzi schemes and fraud that aired on 60 Minutes. I liked the piece and recommend you read it – fully aware of the awaiting hyperbole Taibbi uses to hype his case.
The interesting bit is Taibbi [...]