Reading the media or listening to the talking heads on financial news stations, you might think that the SEC’s case against Goldman Sachs was concocted out of almost nothing, just for political purposes. The following article gives a good sense of the uncaring, unethical behavior of Goldman employees. Clearly, the actions of Tourre, the trader [...]
Entries Tagged as 'Financial'
Emails Document Goldman Knowingly Selling Bad Investments
April 26th, 2010 · No Comments · Bailout, Banks, Financial, Reform, Regulation, Stock Market, Wall Street
Tags:
Jon Stewart on Financial Reform
March 18th, 2010 · No Comments · Bailout, Banks, Financial, Policy, Politics, Reform
Barry Ritholz of the Big Picture posted a link to Jon Daily skewering Senator Dodd’s “reform” bill and even more funnily and accurately skewering the accepted practices of the big financial firms. If you don’t end up laughing and angry, I’ll be surprised. He so completely captures the “legal” fraudulent activities of the biggest financial [...]
Tags:
Paul Volcker’s Influence Rises
January 22nd, 2010 · No Comments · Bailout, Banks, Corporate Power, Economy, Federal Reserve, Financial, Obama, Stock Market, Treasury, Wall Street
Obama had Paul Volcker at his side when he announced his new plan to regulate the big banks. This is a big deal. It may signal the beginning of the end for the of reign of Larry Summers and Treasury Secretary Geithner over Obama’s economic and financial policies. By giving the big banks every possible [...]
Tags:
Why I’m Discouraged
July 1st, 2009 · 1 Comment · Bailout, Banks, Commodities, Corporate Power, Debt, Economy, Federal Reserve, Financial, Global Economy, Obama, Policy, Politics, Stock Market, Treasury, Wall Street
I’ve been discouraged for some time by Obama’s apparent reliance for advice on two of the architects of the transfer of wealth and power to the mega investment banks. Larry Summers, who is the economic adviser on whom Obama relies most heavily, led the push for repeal of the Glass-Steagall Act in the Clinton Administration. [...]
Tags:
Comparing the Current Downturn with Previous Ones
June 12th, 2009 · No Comments · Economy, Financial, Global Economy
A very interesting set of charts comparing the present recession to the Great Depression and the average of other recessions, prepared by Paul Schwartz of the Council on Foreign Relations. Here is one sample chart of the extensive collection, together with the introduction. The full report is an Acrobat file. It shows that this is [...]
Tags:
Compensation Not the Real Problem
June 11th, 2009 · No Comments · Bailout, Corporate Power, Financial, Policy, Wall Street
Barry Ritholz, the author of the very popular financial blog, The Big Picture, has recently written a book, Bailout Nation. I’ve not read the book, but I’ve followed his blog regularly. He was one of the most vocal of the critics of Obama’s bailouts of the big investment banks. He worked in this field; so [...]
Tags:
Will the Rally Ever End?
June 4th, 2009 · 1 Comment · Economy, Federal Reserve, Financial, Stock Market
I’ve not been posting for the last week because I was on vacation in New York City. Everything moves so fast there, I had no time to ponder and post. I can say that the financial recession definitely is being felt in NY. We went out for breakfast to a popular spot in Tribecca. We [...]
Tags:
The Focus Is Shifting to the Deficit – Bad News for Bonds and the Market
May 25th, 2009 · No Comments · Debt, Dollar, Economics, Financial, Global Economy, Policy, Stock Market, Wall Street
I’ve noticed lately many more articles commenting on the projected US deficits (which are enormous). I think that “green shoots” is about played out as a media and market focus. As the focus shifts to the questionable long-term economic prospects of the US and the problems created by the deficits, the mood on Wall Street [...]
Tags:
Marc Faber – An Optimist?
May 22nd, 2009 · No Comments · Financial, Global Economy, Stock Market
Marc Faber, the original Dr. Doom, an optimist? It sounds like an oxymoron. However, after being highly pessimistic for most of the last year, Mr. Faber now seems more optimistic than pessimistic about the direction of the world’s security markets. In a wide-ranging interview recorded by Bloomberg Television, Mr. Faber touched on a wide variety [...]
Tags:
Britain’s Debt Downgrade – A Lesson for the US
May 22nd, 2009 · 1 Comment · Bailout, Banks, Corporate Power, Economy, Federal Reserve, Financial
The unrestrained efforts of the Obama administration to rescue and reinflate the financial sector of the US (at the expense of taxpayers and savers) are the most discouraging aspect of his administration. These efforts are apparently based on the belief that what is good for investment banks is good for America. Martin Wolf, a columnist [...]
Tags: