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Browsing Category
Economy
AIG: Bankruptcy would have avoided the bonus debacle
The large bonuses at AIG have sparked yet another wave of revulsion amongst American taxpeayers. And rightfully so. This company has cost taxpayers $170 billion and counting and yet the bonuses of the same individuals complicit in the…
Where are the perp walks?
Last summer, as a number of sinister revelations were made about the goings-on in the financial services sector, I speculated that we would definitely see the government going after individual executives for illegal activities. I saw…
Madoff: From Penthouse to the Big House
The Wall Street Journal video gives the scoop.
B&B: Australia’s 2nd largest investment bank is bankrupt
The goings on down under are not getting that much play in the press outside of Oz. But, Babcock & Brown, Australia's second-largest investment bank has just gone under.
Mark to market is beside the point
Everyone is talking about marking to market as if its elimination is a silver bullet. So far as the economics goes, I am not sure that mark to market is such a big deal. The whole point of the banks is to make loans and hold them. Look at…
Fitch statement on downgrading Berkshire to AA
By now you have heard that Warren Buffett's bets on GE, Goldman, and Swiss Re and his derivatives positions have earned him a downgrade from Fitch Rating Agency. Below is the Fitch statement. I have highlighted the key sections.
China’s Premier concern about U.S. Treasuries not good news
Relying on the kindness of strangers is not a very good way to ensure one's fate. However, this is certainly what the United States has been doing in running about a mountainous current account deficit. America's largest creditor is now…
Mexico’s economy is weakening
On Wednesday I posted an article that pointed out a largely positive review by Morgan Stanley of Mexico and their economy. Having noticed a negative bias in the article, I amended it to reflect the tone originally given in the Morgan…
FSA: Gordon Brown complicit in credit bust
The FSA has been on the attack of late. First they warned bankers that heavy regulation was in the offing. Now they are directly accusing Gordon Brown, former Chancellor of the Exchequer and now Prime Minister, of aiding and abetting a…
The FSA signals a need for regulation-heavy
Back in December when the Bernard Madoff scandal first hit, I wrote a post, Madoff as a signal to go for “regulation heavy,” suggesting that Madoff was emblematic of a reckless period in the United States, symbolized by the lax oversight of…