Post Tagged with: "law"
Citigroup can limit demand deposit withdrawals and money funds can too
Apparently, some of the ‘best reforms’ now being instituted in the U.S. to prevent a liquidity crisis in the future include limitations on demand deposits (hat tip Karl Denninger). What financial institutions are trying to prevent is a bank run in whatever form it can take – via depositors in the case of IndyMac and
60 Minutes – Pigeon Fever and Ponzi Schemes on Wall Street
In the wake of the most recent Matt Taibbi polemic “Wall Street’s Bailout Hustle,” I think the video below about financial fraud is appropriate viewing. I liked the Taibbi piece – although it certainly had a certain over-the-top gonzo feel to it which Taibbi’s detractors use to discredit his work. However, Taibbi was very much
Greece: How to induce yet more capital flight
Update: 2010-02-24. The Wall Street Journal has picked up on this theme. See Wealthy Greeks Send Money Abroad. The point is that the taxation rules are not necessarily going to increase taxes. They will, however, increase capital flight
Murray Hill Incorporated is running for Congress
See also Supreme Court Ruling Spurs Corporation Run for Congress First Test of “Corporate Personhood” In Politics. Watch out Chris Van Hollen. We’ve got a new ‘person’ in the hunt for Maryland’s 8th district. That’s my Congressional District
Breaking: Darrell Issa asks for a subpoena in AIG bailout cover-up
I just received this document from an interested reader. It is a request by Congressman Darrell Issa for a subpoena to be issued in order to facilitate the investigation surrounding the AIG cover-up. Apparently, evidence has now surfaced about Federal Reserve Chairman Bernanke’s role in the AIG saga that is germane to this issue. This
AIG Documents protected until 2018 now revealed
In November 2008, the SEC approved a request by American International Group (AIG) to keep secret until November 2018 documents which reveal securities behind the brewing scandal over its bailout by the Federal Reserve. A copy of the SEC’s order revealed that the SEC’s Division of Corporation Finance ordered this "excluded information" not to be
Rationalizing cover-ups and AIG bailouts at the Fed
This comes from Ryan Chittum of the Columbia Journalism Review: Whatever Tim Geithner’s New York Fed was trying to hide in the AIG backdoor bailout was so volatile it was deemed worthy of national-security-like classification, and the Fed reacted to media FOIA requests for information by withholding more information. Reuters, gets the scoop on emails
Robert Reich gets it
I picked up this Robert Reich quote from Politico’s Open Mic section, which echoes the sentiments expressed by a Massachusetts voter in my recent post “President Obama, are you listening?”: A third political party is emerging in America. Call it the I’m-Mad-As-Hell party. It’s a mistake to see the Mad-As-Hell party as just a right-wing
Short sale fraud
CNBC’s Diana Olick has the breaking story on alleged fraud in the mortgage industry. She has been writing about this for a few days now. See Big Banks Accused of Short Sale Fraud – Realty Check with Diana Olick at CNBC’s website. Basically, second liens on properties like home equity loans have a blocking interest
SEC may limit disclosure on AIG until 2018
Reuters reporter Matthew Goldstein has this breaking story: It could take until November 2018 to get the full story behind the U.S. bailout of insurance giant American International Group because of an action taken last year by the Securities and Exchange Commission. In May, the SEC approved a request by AIG to keep secret an
Black and the AIG cover-up of the cover-up of the cover-up
I had originally looked to add this video to the last post on Black about the federal reserve. But the video here showing Black speaking to Bloomberg News about the recent AIG scandal and financial regulation deserves a post of its own. The question Black asks is why haven’t we seen a more thorough investigation
The Federal Reserve’s War Against Effective Regulation
This post by Bill Black originally appeared at New Deal 2.0. William K. Black is an Associate Professor of Economics and Law at the University of Missouri-Kansas City. He is a white-collar criminologist and was a senior financial regulator. He is the author of The Best Way to Rob a Bank is to Own One.