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Browsing Category
Monetary System
Out of control US deficit spending
Regular readers know that, while I have a little of what Marshall Auerback calls deficit terrorism in my DNA, I fully support fiscal stimulus as a means to arrest a deep downturn. The horrendous Keynesian nightmare My move into…
Goldman’s public purpose and where I have problems with the Abacus deal
As I said yesterday, investment banks are institutions which do fulfil a useful role in society. I would define their role as companies where large institutions and governments receive financial advice and raise capital. Goldman Sachs…
Is Goldman fulfilling its public purpose?
Look back at the prepared testimony that Lloyd Blankfein, Goldman's CEO offered to the US Senate two days ago. In it he clearly defines what Goldman Sachs public purpose is – what its societal function is. Are they fulfilling…
Prepared Testimony of Lloyd C. Blankfein for Tomorrow’s Senate Hearing
Below are the prepared remarks of Goldman's CEO Lloyd Blankfein for his testimony tomorrow before the Senate Subcommittee on Investigations. Fabrice Tourre will also testify. Chairman Levin, Ranking Member Coburn and Members of the…
Guest Post: Questions from the Goldman Scandal
This is a post by Bill Black and Eliot Spitzer which originally appeared at New Deal 2.0.
Bill Black is an associate professor of economics and law at the University of Missouri – Kansas City (UMKC). He was the executive director of the…
Labour shortage could spell inflation and trade deficits for China
Informed researchers are asking what happens to China based on the recent demographic shift from rural labour surplus to rural labour deficit. The answer may be slower growth and higher inflation, according to a paper released last…
Senator Blanche Lincoln’s Derivatives Reform Bill Must Pass
This is a fiery take on derivatives and too-big-to-fail institutions by Randall Wray which originally appeared at New Deal 2.0. Professor Wray believes naked shorting via derivatives should be outlawed. He goes further to say that the…
John Paulson’s letter to investors defending his firm’s actions in the Abacus deals
Paulson Letter on Abacus AC1
Why don’t the President’s ethics rules apply to Greg Craig, now at Goldman
"As far as the White House is concerned, it's case closed for Greg Craig's newest legal venture representing Goldman Sachs against the Securities and Exchange Commission. Administration spokesmen brushed aside questions about…
Bill Black: Lehman’s demise is "a story of fraud"
Veteran regulator believes Lehman Brothers is a case of fraud and believes the Feds need to bring charges. But, more than that, Black hones in one the mortgage fraud which underlies much of the speculative fervour in the market by citing…