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Economy
European banks have hands out for more capital
While most people have their attention tuned to the spectacle over at AIG, financial institutions in Europe are having their own difficulties. In the last day, I have seen news stories of European banks looking for ways to raise capital in…
The real story behind those greedy AIG bankers
This comes via the website The Agonist (Hat tip Scott). I have bolded the important bits:
So what are AIG’s arguments for making these bonus payments?
All 450 employees of AIG in London, where the derivatives contracts were booked and…
Has anyone figured out the AIG employees are in London?
The AIG employees who are the subject of so much venom because they have received massive bonuses while their organizatio is being propped up by $170 billion in taxpayer money are not even in the United States. They are in London.
A few thoughts about the banking crisis response in the United States
This is a post I wrote last week on naked capitalism.
In any banking crisis, the central question always is: which financial institutions now operating are insolvent, how can we identify them and remove them from the system, and how can…
Russia to re-arm: Obama’s first test
The foreign policy challenges facing the new Obama Administration have mounted significantly in recent days. On the back of civil unrest and trade sanctions in Mexico, a destabilizing power struggle in Pakistan, the latest news to hit in…
It’s a great time to start a bank
With the shadow banking system of hedge funds and non-bank financial institutions in shambles and the banking system's credit shrinking, U.S. government officials are desperate to get credit into the system any way they can. A key part of…
TALF: ‘the great liquidation’ begins for hedge funds and shadow banks
An article in the FT caught our eye that makes plain that the TALF (Term Asset Security Program) is a bailout for the shadow banking system (HT Tom). The bailouts for the banking industry continue unabated despite a change in Administration…
Nancy Pelosi on Charlie Rose
The Speaker of the House of Representatives Nancy Pelosi examines the stimulus bill, healthcare reform, and human rights around the world with Charlie Rose.
AIG reveals counterparties to collateral postings
Back on March 6th, I noted that the nationalized insurance company AIG had settled Credit Default Swaps contracts with a number of counterparties at the top of the market. In effect, AIG was offering a hidden subsidy to its counterparties…