Author

Edward Harrison 7783 posts 575 comments

Edward Harrison is a senior Editor at Bloomberg. He is also the founder of Credit Writedowns newsletter, a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

Economy

SEC Charges Goldman Sachs With Fraud; May The Perp Walks Begin

Edward Harrison Apr 16, 2010

From the SEC: The Securities and Exchange Commission today charged Goldman, Sachs & Co. and one of its vice presidents for defrauding investors by misstating and omitting key facts about a financial product tied to subprime…

Economy

Free money: JPM paid to borrow on $271 billion worth of repos

Edward Harrison Apr 16, 2010

We know that JPMorgan is not substantially increasing lending anytime soon. And we also know that banks are recapitalizing courtesy of a steep yield curve and near zero rates, what I would call free money. What I didn't know is how…

Economy

Stan O’Neil almost sold Merrill to BofA for $100 billion in 2007

Edward Harrison Apr 16, 2010

We are now hearing former Merrill Lynch CEO Stan O'Neal's side of the story for the first time since he resigned in October 2007. In a story by William Cohan in Fortune Magazine, O'Neal paints a picture of Merrill's fall from grace that at…

Political Economy

Yves Q. Smith talks with Bloomberg about Greece’s economic austerity measures

Edward Harrison Apr 15, 2010

Yves talks about Greece and the sovereign debt crisis in Europe as well as her book "ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism". I saw this interview on Tuesday and thought it was very…

Economy

Vicky Ward: On Lehman "we really do need prosecutors to get people into a courtroom"

Edward Harrison Apr 15, 2010

Vicky Ward, author of "The Devil's Casino: Friendship, Betrayal, and the High Stakes Games Played Inside Lehman Brothers," told Bloomberg that prosecutors need to get going if we are going to get any answers regarding why Lehman…

News

Links: 2010-04-15 oil prices and more banking shenanigans

Edward Harrison Apr 15, 2010

Econbrowser: More on oil prices and the economic recovery FT.com - John Gapper - A short story of a star hedge fund The scandalous Lehman CME auction | Felix Salmon A Thin Case: Ex-RAF Terrorist to Stand Trial for 1977 Murder - SPIEGEL…

Markets

How strategic defaults are boosting consumer spending

Edward Harrison Apr 15, 2010

At the end of last month I proffered three potential explanations for the continued fall in the US savings rate. The first explanation was that the economy was in a cyclical recovery predicated on asset price inflation and this…

Monetary System

Why The World Is Headed For A Balance Sheet Recession

Edward Harrison Apr 14, 2010

In my post Koo, White, Soros and Akerloff videos from inaugural INET conference I highlighted four speeches from the recent George Soros-sponsored pow-wow. I have already written up a post based on the one by William White in "The…

Business

Twitter’s Evan Williams explains strategy, revenue and promoted tweets

Edward Harrison Apr 14, 2010

Also see: Twitter Has a Plan to Make Money With Ads - NYTimes.com Library of Congress to Preserve Tweets for Eternity – Mashable Bit.ly Links Get Clicked 3.4 Billion Times A Month, New Features Coming – Tech Crunch The…

Economy

JPMorgan is not substantially increasing lending anytime soon

Edward Harrison Apr 14, 2010

JPMorgan Chase had a blowout quarter for earnings. We're talking earnings of $3.3 billion for the quarter here. That's up over 50% from last year's already high $2.1 billion. Does that signal an increase in lending? No. If you read…

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