Glass-Steagall is dead. Rather like Soviet-era Communist leaders, it has been officially dead since 1999, and actually dead for much longer. Though there was no state funeral, the body was not embalmed or put on display and few people mourned its passing.
Bloomberg TV spoke to Goldman Sachs CEO Lloyd Blankfein today in a much discussed interview. Below is the video and partial transcript of that interview. I provide it without comment.
Bloomberg News allegedly has an e-mail demonstrating that Jon Corzine, MF Global’s CEO, gave “direct instructions” to his underlings to transfer $200 million from one customer account to another account in order to meet an overdraft in one of the company’s JPMorgan Chase London accounts
Here’s another appearance by Bill Black spoke to RT’s Lauren Lyster this past Wednesday about regulatory action in the MF Global case.
This daily commentary is a bronze-level post for Pro subscribers. Two articles worth reading on the 2004 change in net capital rules for investment banks are highlighted in today’s links.
As Eurocrats dissemble, ratios that quantify U.S. financial system exposure to European insolvency are dated, even as they are published.
The downfall of MF Global has exposed yet another patch of the underbelly of the brokerage industry. Practices that are routine and legal – and hitherto largely unknown to most investors – can leave a company vulnerable when abused.
Here’s what I’m listening to right now. Prince rocks the house in the video below. Eat your heart out, Jon Corzine.
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
Financial news links for 6 December 2011 featuring stories on MF Global, Facebook, class divides and retail sales.
We have a good friend with money tied up in the MF Global debacle. As of November 1st, he had close to $100K in his “segregated” futures account with no open positions. He says the MF Global website is shut down and the phones don’t ring when he calls. This guy was a “big swinging Richard” at one of Wall Street’s biggest firms and now trades his own account.
Here is his letter of rebuke to MF Global, which he passed on to us. Can you tell he is a little peeved?
Here are a bunch of videos and links which update you on MF Global.