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Browsing Category
Monetary System
Black humor on Wall Street circa 1930
This comes from the blog News from 1930: An out-of-work broker asked a friend who owned a circus for work. His friend said the circus gorilla had recently died, and if the broker wanted to get into the gorilla's skin, swing around,…
Bernie Madoff caught on tape in 2005
Via CNBC: Bernie Madoff, the man who orchestrated the biggest Ponzi scheme in history, is heard on tape in 2005 talking to executives at Fairfield Greenwich about how to get around the SEC. Ron Geffner, a former SEC enforcement…
Greenspan: financial crisis ‘will happen again’
In a BBC Two interview, former Fed chief Alan Greenspan waxed fatalistic, saying that another financial crisis is inevitable due to animal spirits. In his view, booms and busts are endogenous to the capitalist system, crises being the…
Bernstein: America “practically invites another catastrophe”
With the Lehman meltdown hitting its one-year anniversary soon, a lot of media outlets are looking back at the events that surrounded Lehman’s collapse. Bloomberg has a good article out that is a must-read piece. For me, the money quote of…
Zombie banks Scandinavian edition and the threat of too big to fail
Across the world, governments are doing their level best to shore up weak banking systems in the wake of the most significant final crisis in decades. Most market players appear to believe these efforts successful; why else have…
The FDIC to draw on its line of credit at Treasury soon
The FDIC has just released a press statement outlining the second quarter results for the fund and the financial institutions it regulates. What was particularly notable in the statement was the decrease in funds available to deal…
Economic Bloggers in the spotlight
Below is a video released by the Kauffman Foundation about bloggers in the econ and finance space. The video shows that our space is really catching on and garnering ever more readership and credibility. This clip runs about 20…
Guaranty is bankrupt: BBVA gets its FDIC-seized assets
It’s official: Guaranty Bank is the second-largest bank seized by the FDIC in 2009. BBVA, through its American subsidiary Compass, is increasing its profile in the US. And now it can do so, not only through merger, but through FDIC asset…
Many more FDIC Friday night specials tonight
I count three already. Here they are: ebank, Atlanta, GA Stearns Bank, National Association, St. Cloud, Minnesota, Assumes All of the Deposits of ebank Atlanta, Georgia CapitalSouth Bank, Birmingham, Alabama IBERIABANK,…
Spain: savings banks suffer while BBVA and Santander expand
Spain has been a laggard in the search for improving economic fundamentals. The news coming out of Spain has been dreadful from employment to house prices to mortgages and banking. But the first ray of hope appeared yesterday when it…