Post Tagged with: "regulation"
The Problem with Success
Cash accounts for almost 6% of all corporate assets and the highest in sixty years. This increase is a result of a number of factors. Record profits give businesses the wherewithal. But corporations are not rewarded for the cash holdings. Moreover, the cash is held in such instruments as money market funds, commercial paper and bank deposits
John Reed on Big Banks and Corporatism
Bill Moyers talks to former Citicorp and Citigroup head John Reed about what’s wrong in the banking sector. John Reed readily acknowledges his role in bringing down the Glass-Steagall Act (Hat tip finance Addict)
Banking Wasn’t Meant to Be Like This
the banks now browbeat governments – not by having ready cash but by threatening to go bust and drag the economy down with them if they are not given control of public tax policy, spending and planning. The process has gone furthest in the United States. Joseph Stiglitz characterizes the Obama administration’s vast transfer of money and pubic debt to the banks as a “privatizing of gains and the socializing of losses. It is a ‘partnership’ in which one partner robs the other.” Prof. Bill Black describes banks as becoming criminogenic and innovating “control fraud.” High finance has corrupted regulatory agencies, falsified account-keeping by “mark to model” trickery, and financed the campaigns of its supporters to disable public oversight. The effect is to leave banks in control of how the economy’s allocates its credit and resources
AT&T raising charges by 33%
This is not an opinion on AT&T stock since AT&T benefits from a monopoly status in fixed line and oligopoly status in mobile telecom. But I did want to briefly flag something regarding the telecom industry and M&
More on the self-regulatory banking saga, SEC version
Is there any government body having a harder time of it these days than the SEC? Sometimes it feels like someone pinned a giant “Kick me” sign to its collective back. I’ve written previously about a key factor that I think is partly responsible for its general toothlessness. But this simply can’t be the excuse for all of its failings
Waiting for Bank of America’s bankruptcy or break up
Read between the lines. Bank of America is on government life support. As a result, it is being forced to shed assets and cut staff in the hope that this will be enough to prevent its having to be bailed out or resolved. Moreover, a shrunken BofA will be easier to deal with when that moment does arrive
The continuing saga of bank self-regulation and other fairy tales featuring Alan Greenspan
We continue to witness remarkable developments in the intersection of the related fields of economics, finance, ethics, law, and regulation. Each of these five fields ignores a sixth related field – white-collar criminology. The six fields share a renewed interest in trust
Real Financial Regulators Love Prosecutions of Fraudulent Bank CEOs
Senior former regulators are willing to be quoted by name asserting that Obama’s (not Bush’s) financial regulatory leaders are blocking lawsuits against fraudulent financial elites and their anti-regulatory co-conspirators because they fear embarrassment
A real mission impossible
When I worked in banking not so long ago, it was actually cool to be “old school”. It was just another way of saying that one would try to balance the bank’s interests with that of the corporate client’s. To make neither too little money off of them, nor too much. And to never, ever, ever give them the impression that the high fees they were paying would be used to pay for something like your next Ferrari
More News Links: Verizon’s Netflix Bid, Google’s Siri, and Mobile driving ban
More News Links for 13 December 2011 including a report of Verizon chasing Netflix, Google building a siri competitor and a potential mobile driving ban
Bernanke’s 29 Trillion Dollar Fog of Deceit
Congress should immediately call Chairman Bernanke in for testimony on the veracity of the Fed’s response to the Bloomberg report. It should demand a comprehensive accounting for all the Fed’s commitments, by institution that benefitted. Bernanke should explain what the Fed did, when it did it, why it did it, and in whose interests it has been operating since the GFC began. No more obfuscation. No more secrecy. No more fog of deceit
William K. Black on MF Global
Bill Black was on Capital Account talking to Lauren Lyster about MF Global. As usual, Capital Account delves deep into the real issues. Black never disappoints. Video below