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The FHFA Complaints and Control Fraud

William Black — Wed, 07 Sep 2011 19:30:41 +0000

The FHFA complaints lose explanatory power and persuasiveness because they ignore compensation and accounting. It pays to understand accounting control fraud

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Why you won’t hear me using the word bankster

Edward Harrison — Mon, 26 Oct 2009 17:39:57 +0000

In the months since I began this website, I have had some fairly harsh things to say about economic policy in the U.S., the U.K. and elsewhere. I have consistently condemned what I think is a captured government promoting an unstable financial system and a bloated financial sector. But, I have made a conscious effort

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WaMu: Mr. Smith goes to Washington and turns predatory

Edward Harrison — Mon, 26 Oct 2009 12:10:02 +0000

Remember the iconic Depression-era movie “Mr. Smith Goes to Washington, in which Jimmy Stewart plays the wholesome young man in Washington out to do good? Well, Mr. Smith could just as easily have been your friendly banker at Washington Mutual. Unfortunately, Mr. Smith lost his way and turned predatory lender – and that’s the subject

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Anecdotes on reckless lending at WaMu from the Seattle Times 25 Oct 2009
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Anecdotes on reckless lending at WaMu from the Seattle Times

Edward Harrison — Sun, 25 Oct 2009 20:18:51 +0000

The Seattle Times has a must-read piece on Washington Mutual today which reveals a lot of the fine detail on how the company was run and what led to its demise (hat tip calculated Risk). As with many of the other busted financial giants like Northern Rock and Lehman Brothers, indications that something was amiss

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Quote of the day: “Jamie is always hanging around the hoop”

Edward Harrison — Mon, 05 Oct 2009 17:38:20 +0000

In a 9-page Vanity Fair article “Wall Street’s Near-Death Experience,”giving us a sneak peek into the lives of bankers during the global meltdown last Autumn a hilarious quote of great significance was buried. At issue was the near-death experience that Lehman’s demise caused for Morgan Stanley and Goldman Sachs. After receiving a mysterious call from

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JPMorgan’s $29 Billion windfall

Edward Harrison — Tue, 26 May 2009 14:00:21 +0000

The following Bloomberg article points out why I have repeatedly argued that banks will be earning a lot of money, Meredith Whitney’s counter-arguments notwithstanding. It also points out why the likes of John Hempton believe that the FDIC ‘stole’ Washington Mutual from shareholders and awarded it to JPMorgan, a view I have not supported (hat

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Lehman’s gone, WaMu’s toast, who’s next?

Edward Harrison — Fri, 26 Sep 2008 12:51:00 +0000

Judging from today’s open on Wall Street, it looks like that’s the question people are asking. Wachovia and NCC are the two companies under the heaviest selling pressure, both down about 20% already at 9:45. Remember that National City is under OCC scrutiny. That is the sort of problem that led to massive deposit withdrawals

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JP Morgan Chase buys WaMu out

Edward Harrison — Fri, 26 Sep 2008 00:42:00 +0000

JP Morgan Chase has taken over the deposit taking subsidiary of Washington Mutual. The transaction is effective immediately, meaning it has closed. This is the biggest deal in FDIC activity yet. Note: I originally heard this story just before 9PM ET and Yves Smith at naked capitalism has her take on the news. Obviously, this

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Consolidation through merger over bankruptcy

Edward Harrison — Wed, 17 Sep 2008 11:07:00 +0000

As we plan for another day in financial turmoil, I have to admit to preferring financial services industry consolidation through merger to bankruptcy. I was just reading FT Alphaville‘s post on a proposed Lloyds TSB takeover of HBOS (the UK equivalent of a JP Morgan Chase takeover of Washington Mutual) and I thought, “what a

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AIG down; Lehman and WaMu looking to be sold

Edward Harrison — Fri, 12 Sep 2008 20:00:00 +0000

The world of financial services in not looking terribly stable in the wake of the Frannie nationalization. In fact, things are as jumbled as they have ever been. The latest news has AIG down 30% and both WaMu and Lehman brothers on the auction block. Given the pace of the news cycle these past few

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Regionals options suffer due to accounting rules

Edward Harrison — Wed, 10 Sep 2008 15:00:00 +0000

Seven years ago, I was involved in a merger that was the last proposed under the old pooling of interests accounting rule that was phased out after June 30, 2001. This methodology was great because it didn’t necessitate acquiring companies to re-mark assets on the companies balance sheets to reflect impairment of intangible assets. Needless

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FDIC list of problem banks

Edward Harrison — Tue, 09 Sep 2008 14:31:00 +0000

I was recently called out on missing the details of the FDIC’s list of 117 ‘problem’ banks. In a post on the OTS’ agreement for regulatory supervision of Washington Mutual, I incorrectly stated that NCC was on that list and inferred that WaMu was as well. This is not the case. The total asset base

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WaMu on the brink of disaster: has agreement with regulators

Edward Harrison — Mon, 08 Sep 2008 18:10:00 +0000

You have probably heard by now that Washington Mutual ousted its embattled CEO Kerry Kilinger and replaced him with former Sovereign Bancorp CFO Alan Fishman. But, what you have not heard is that WaMu has signed an agreement with the Office of Thrift Supervision (OTS) which requires WaMu to provide business plans and forecasts for

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What if a large US regional bank goes to the wall?

Edward Harrison — Mon, 28 Jul 2008 16:19:00 +0000

I fully anticipate this will happen, so the question becomes: what will the Fed do? The FDIC stepped in at two banks over the weekend, 1st National Bank of Nevada and First Heritage Bank. These banks failed as a result of construction loans in real estate bust regions of the US. No, surprise there. This

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Does the FDIC have enough money?

Edward Harrison — Mon, 14 Jul 2008 15:03:00 +0000

Given the fact that the FDIC lost a massive $10.7 billion on the IndyMac transaction, I am re-posting this blurb from July.

I said then, I still believe, the FDIC needs a lot more money or it will be bust. Sheila Bair has already requested $500 billion. See the WSJ article "Bill Seeks to Let FDIC Borrow up to $500 Billion."

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