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Keyword: financial

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  • Chico says Emanuel ‘looked the other way’ during financial scandal

    01/18/2011 2:05:50 PM PST · by Nachum · 8 replies
    Chicago Sun-Times ^ | 1/18/11 | Fran Spielman
    Mayoral challenger Gery Chico charged Tuesday that Rahm Emanuel “sat on his hands, looked the other way and took the cash” when presented with an “Enron-style” scandal as a board member of home mortgage giant Freddie Mac. After leaving the administration of then President Bill Clinton and before running for Congress, Emanuel parlayed his political connections into an investment banking job in which he earned $16 million over three years. He also made at least $320,000 as a Freddie Mac director after he was given what Chico calls a “sweetheart appointment” by Clinton.
  • Republicans may starve financial reform of cash (Dodd-Frank mess)

    01/03/2011 10:49:07 AM PST · by Libloather · 4 replies
    Reuters ^ | 1/03/11 | Dave Clarke and Roberta Rampton
    Republicans may starve financial reform of cashBy Dave Clarke and Roberta Rampton WASHINGTON | Mon Jan 3, 2011 11:44am EST WASHINGTON (Reuters) - Republicans in the new Congress could put the budget squeeze on two powerful regulatory agencies to slow President Barack Obama's crackdown on Wall Street. A Democratic-controlled Congress pushed through the Dodd-Frank bank reform laws last year and regulators were counting on a big budget boost to police the $600 trillion over-the-counter derivatives market -- blamed for much of the excess behind the 2007-2009 financial crisis. But the last Congress failed to deliver on the funding, and that...
  • Europe’s financial contagion

    12/07/2010 11:01:25 AM PST · by Nachum · 1 replies
    wapo ^ | 12/7/10 | Neil Irwin
    Greece sneezed, and now most of Europe has a cold. The European debt crisis has already spread like a virus from Greece to Ireland, and other countries are now at risk: Portugal, Spain, and Italy are probable candidates for financial problems. Economists call this the “contagion effect.” How does this spread? Some of it has to do with confidence. When investors see one country encounter financial problems, they may doubt the health of other countries that seem to share economic or even political characteristics. Contagion also has much to do with actual economic links among countries. Researchers have identified financial...
  • China's skyscraper boom buoys global industry

    12/05/2010 10:21:50 AM PST · by Hotlanta Mike · 12 replies
    Associated Press ^ | December 5, 2010 | JOE McDONALD
    BEIJING – The 121-story Shanghai Tower is more than China's next record-setting building: It's an economic lifeline for the elite club of skyscraper builders. Financial gloom has derailed plans for new towers in Chicago, Moscow, Dubai and other cities. But in China, work on the 2,074-foot (632-meter) Shanghai Tower, due to be completed in 2014, and dozens of other tall buildings is rushing ahead, powered by a buoyant economy and providing a steady stream of work to architects and engineers. The U.S. high-rise market is "pretty much dead," said Dan Winey, a managing director for Gensler, the Shanghai Tower's San...
  • China could overtake U.S. as the world's economic powerhouse within two years, says think tank

    11/11/2010 12:09:08 PM PST · by Niuhuru · 16 replies · 1+ views
    Daily Mail ^ | 9:13 AM on 11th November 2010 | By David Gardner
    China could overtake America as the world’s biggest economy within two years, according to a leading financial think tank. As growth in the U.S. slows down to a virtual standstill, China’s economy is revving up into double digits, the Conference Board said in a report published today. In purely dollar terms, it is going to take much longer than two years for China’s $5 trillion economy to match up to the $15 trillion output in the US. Even if the Chinese can sustain their current growth, it would take another ten years.
  • Ambac Misses Interest Paymen

    11/01/2010 6:35:50 AM PDT · by NVDave · 10 replies
    Wall Street Journal ^ | 11/01/2010 | Matt Jarzemsky
    Ambac Financial Group Inc. warned that its board declined to make an interest payment and said it is negotiating plans for a prepackaged bankruptcy proceeding with senior debtholders. Shares dropped 48% to 43 cents in recent premarket trading...
  • Germany Accuses US of Indirectly Manipulating Dollar ( Financial Stability Board)

    10/23/2010 2:40:31 PM PDT · by goldendays · 18 replies · 3+ views ^ | 10/23/2010 | Reuters
    Germany Accuses US of Indirectly Manipulating Dollar By: Reuters German Economy Minister Rainer Bruederle on Saturday took issue with what he called a U.S. policy of increasing liquidity, saying it indirectly manipulated exchange rates. The U.S. Federal Reserve is widely expected to embark on a fresh round of asset purchases to prop up the economy. AP "There was criticism of the American policy of monetary easing, or creating more liquidity," Bruederle said after a meeting in South Korea of finance officials from the Group of 20 economic powers. "I tried to make clear in my contribution to the discussion that...
  • Unions are desperate for a tax-paid pension bailout( unions need a bailout and fast)

    10/19/2010 11:13:59 AM PDT · by goldendays · 34 replies ^ | 10/18/2010 | Mark Hemingway
    When it comes to accounting, the devil is in the details. A new Financial Accounting Standards Board (FASB) rule taking effect in December requires greater transparency for union pension plans and threatens to bankrupt organized labor. In order to survive, unions need a bailout and fast. This presents a political problem -- if unions go bankrupt, so do Democrats. Eleven of the top 20 largest political contributors are labor unions, and nearly all of that money is spent campaigning against Republicans. By bailing out unions, Democrats are bailing out themselves. Unions have known for years that their multiemployer pension plans...
  • Financial Crisis Commission Examining Wachovia/Wells Fargo (Time to ditch?)

    09/01/2010 10:19:51 PM PDT · by Libloather · 24 replies
    Financial Crisis Commission Examining WachoviaSeptember 1, 2010 Rick Rothacker The panel investigating the U.S. financial meltdown will put Charlotte's Wachovia Corp. under the microscope on Wednesday. The Financial Crisis Inquiry Commission on Monday said former Wachovia chief executive Bob Steel will be one of the witnesses at a hearing in Washington. He will be joined by Scott Alvarez, the Federal Reserve System's general counsel, and John Corston, acting deputy director of supervision and consumer protection at the Federal Deposit Insurance Corp. Former Lehman Brothers Holdings Inc. CEO Dick Fuld is slated to testify in an afternoon session. Federal Reserve Chairman...
  • GFC (global financial crisis) possibly a male crisis (Babes, you're on your own)

    09/01/2010 10:02:23 PM PDT · by Libloather · 17 replies
    Money Managment ^ | 9/01/10 | Caroline Munro
    GFC possibly a male crisisBy Caroline Munro 1 September 2010 The global financial crisis (GFC) was perhaps a male crisis that could have had a softer landing if there were more women in the banking and finance sector, according to Italian economist and journalist, Loretta Napoleoni. Napoleoni was a key note speaker at the Women in Banking and Finance annual forum, hosted in Sydney last night by Deutsche Bank, which also included panel speakers NSW Premier Kristina Keneally, Carnival Australia chief executive, Ann Sherry, and journalist and author, Mia Freedman. Napoleoni said the cause of the GFC has been attributed...
  • American Taxpayer, Financial Jihadist

    08/14/2010 8:14:13 AM PDT · by ventanax5 · 11 replies
    National Review ^ | Andrew c. McCarthy
    It is “financial jihad,” explained Yusuf Qaradawi, the Muslim Brotherhood’s sharia compass — and the man Feisal Rauf, the brains behind the proposed Ground Zero mosque, admires as “the most well-known legal authority in the whole Muslim world today.” It was 2002 and Qaradawi, who endorses suicide bombing and the targeting of American personnel operating in Islamic countries, was giving a lecture on the need to use the international financial system to support Islamist goals — like Hamas’s war to destroy Israel. The financial jihad has now achieved its greatest coup so far: It has co-opted the U.S. government as...
  • The Horrific Derivatives Bubble That Could Destroy Entire World Financial System

    08/09/2010 6:07:25 PM PDT · by Errant · 41 replies
    The Market Oracle ^ | 9 Aug, 2010 | Michael Snyder (via Pravda)
    Michael Snyder writes: Today there is a horrific derivatives bubble that threatens to destroy not only the U.S. economy but the entire world financial system as well, but unfortunately the vast majority of people do not understand it. When you say the word "derivatives" to most Americans, they have no idea what you are talking about. In fact, even most members of the U.S. Congress don't really seem to understand them. But you don't have to get into all the technicalities to understand the bigger picture. Basically, derivatives are financial instruments whose value depends upon or is derived from the...
  • Financial crisis commission's report to bring book advance, cut of profit

    08/08/2010 7:27:19 PM PDT · by Nachum · 6 replies
    wapo ^ | 8/8/10 | Jason Horowitz
    The government commission tasked with writing a public report to expose the causes of the financial crisis is keeping the structure of its own publishing deal private. On Aug. 3, the Financial Crisis Inquiry Commission, a presidential body, announced that it had chosen Little, Brown and Co. to publish its final report about the meltdown -- an anticipated and authoritative account pieced together by well-known journalist Matt Cooper. It did not mention, however, that the deal had unusual terms for the publication of a public document, including an agreement by Little, Brown to pay an advance to the government and...
  • Strikes bring storm clouds to Greece

    08/02/2010 4:16:37 PM PDT · by SkyPilot · 43 replies · 7+ views
    FT ^ | 2 Aug 10 | Kerin Hope
    Greece’s olive-clad hillsides and turquoise sea gleam as enticingly as ever under the hot August sun. But the country’s image as a relaxed Mediterranean destination has been taking a beating. Thousands of tourists were stuck beside the hotel pool last week because of a truckers’ strike that shut down petrol stations across the country. The strikes also triggered a wave of last-minute cancellations by Greeks in advance of the August break – the busiest period of the tourist season. “The strike’s been suspended – but the cancellations still stand. It’s turning out to be a very difficult season,” said Yannis...
  • SEC Says New Financial Regulation Law Exempts it From Public Disclosure

    07/28/2010 11:57:04 AM PDT · by goldendays · 15 replies ^ | July 28, 2010 | Dunstan Prial
    SEC Says New Financial Regulation Law Exempts it From Public Disclosure By Dunstan Prial So much for transparency. Under a little-noticed provision of the recently passed financial-reform legislation, the Securities and Exchange Commission no longer has to comply with virtually all requests for information releases from the public, including those filed under the Freedom of Information Act. The law, signed last week by President Obama, exempts the SEC from disclosing records or information derived from "surveillance, risk assessments, or other regulatory and oversight activities." Given that the SEC is a regulatory body, the provision covers almost every action by the...
  • Retirement will be risky for many Americans, study says (All your 401k are belong to them?)

    07/23/2010 7:38:18 PM PDT · by Libloather · 73 replies · 2+ views
    STL Today ^ | 7/21/10 | DAVID NICKLAUS
    Retirement will be risky for many Americans, study saysBY DAVID NICKLAUS Posted: Wednesday, July 21, 2010 1:20 pm More than 40 percent of Americans are at risk of having too little retirement income, a new study by the Employee Benefit Research Institute says. What's more, the oldest workers are the least prepared to quit working. The EBRI says that 47% of early Baby Boomers are at risk of running out of money in retirement, compared with 44.5 percent of Generation Xers. For some people, retirement savings won't last very long at all. Among the lowest-income quarter of the working population,...
  • Battle brews over director for new Consumer Financial Protection Bureau (Algore-"Take care of THIS")

    07/23/2010 8:02:09 PM PDT · by Libloather · 10 replies · 1+ views
    LA Times ^ | 7/22/10 | Jim Puzzanghera
    Battle brews over director for new Consumer Financial Protection BureauThe agency with the power to make rules for credit cards, mortgages and other products is created as Obama signs the financial overhaul law. By Jim Puzzanghera, Los Angeles Times July 22, 2010 Reporting from Washington — President Obama reversed decades of lax oversight of the financial industry Wednesday by signing a landmark overhaul of regulations, but he still faces a major task — appointing a director for the powerful new agency charged with protecting consumers from unscrupulous deals.
  • Financial Follies

    07/22/2010 6:54:46 AM PDT · by pgyanke · 1+ views ^ | 7/18/2010 | Chuck Jaffe
    Financial follies Commentary: Wall Street reform does nothing for Main StreetBy Chuck Jaffe, MarketWatch BOSTON (MarketWatch) -- It took Congress about 2,400 pages to document its plan for reforming America's financial system, but the appropriate reaction for the nation's consumers can be summed up in just three words: Thanks for nothing. The Dodd-Frank Wall Street Reform and Consumer Protection Act is a big sham, and all of the back-slapping and spin-doctoring that will hail it as a grand success as it gets signed into law is pure hogwash. If the premise of this legislative exercise was to promote substantive change...
  • Bankrupt Studies Should Disqualify Warren As Consumer Cop

    07/16/2010 12:49:18 PM PDT · by Slyscribe · 11 replies · 1+ views
    IBD's Capital Hill ^ | 7/16/2010 | David Hogberg
    White House senior adviser David Axelrod told reporters Friday that Harvard Law professor Elizabeth Warren is a candidate to head the Consumer Financial Protection Bureau created in the recently passed financial reform legislation. Warren, who currently heads the TARP congressional oversight panel, was one of the first to propose such a bureau. But making Warren the consumer finance protection cop is a bad idea. She has been more than willing to produce research on consumer finances that is shoddy at best and dishonest at worst.
  • Congress acts, but bank bill has work ahead - you fill in the blanks

    07/16/2010 12:33:52 PM PDT · by Ghblog ^ | 7/16/2010 | ghblog
    In this series I choose a current news article and you decide via a multiple choice format which terms were used and whether others would have been more accurate……. WASHINGTON — In the end, it’s only a beginning. The __________ (comprehensive, far-reaching, power grabbing, socialist) new banking and consumer protection bill awaiting President Barack Obama’s signature now shifts from the politicians to the technocrats. The legislation gives regulators __________( latitude, unlimited power, control, plenty of campaign contributions) and time to come up with new rules, requires scores of studies and, in some instances, depends on international __________ (approval, loans, agreements,...
  • About That Financial Reform 'Victory'

    07/16/2010 8:26:07 AM PDT · by Servant of the Cross · 5 replies · 1+ views
    The Wall Street Journal ^ | 7/16/2010 | Kimberley Strassel
    "President Obama Signs Historic Stimulus Bill"—Rocky Mountain News, Feb. 17, 2009 "Obama Signs Historic Health Care Legislation"—NPR, March 23, 2010 "Senate Poised to Pass Historic Financial Reform"—McClatchy, July 12, 1010 "Obama Approval Hits Record Low"—Public Policy Polling, July 14, 2010 If President Obama is proof of anything, it's that governance isn't so much about the "whether" as the "what." There's no longer any question whether this White House can close a sale. Its problem is the country doesn't like what it's selling. Which brings us to yesterday's passage of Mr. Obama's financial overhaul bill. The press is hailing it as...
  • GOP senators' (Scott Brown & Olympia Snowe) support assures passage of financial reform bill

    07/12/2010 8:47:27 PM PDT · by SmartInsight · 42 replies
    LA Times ^ | July 13, 2010 | Jim Puzzanghera
    Sens. Scott Brown of Massachusetts and Olympia Snowe of Maine, who had balked at revisions made by a joint House-Senate committee, give Democrats the 60 votes needed. Two key senators' support Monday for the sweeping overhaul of financial regulations gave Democratic leaders the votes they need for final approval this week, paving the way for President Obama to sign the landmark legislation into law. Sen. Scott Brown of Massachusetts and Olympia J. Snowe of Maine, among a handful of Republicans who voted for the Senate's version of the legislation, said they would vote for the bill.
  • Feingold is only Dem. against finance reform bill

    07/11/2010 4:35:30 PM PDT · by WOBBLY BOB · 18 replies · 1+ views
    ap ^ | 7-11-10 | ap
    <p>MILWAUKEE—When the U.S. Senate votes in the next few days on the controversial financial reforms backed by President Barack Obama, Wisconsin's Sen. Russ Feingold is expected to be the only Democrat voting against it.</p>
  • Financial Regulatory Bill Approved by House Gives Feds Power to Subpoena Any Record from..

    07/09/2010 10:02:50 AM PDT · by Nachum · 8 replies
    cns news ^ | 7/9/10 | Matt Cover
    ( – The final version of President Barack Obama’s financial regulatory bill, hammered out in negotations between House and Senate Democrats, contains a provision that grants the federal government the power to subpoena any financial information it wants from any financial institution without showing probable cause that a crime has been committed.
  • Racial, Gender Quotas in the Financial Bill?

    07/08/2010 3:19:07 PM PDT · by Virginia Ridgerunner · 8 replies
    Real Clear Markets ^ | July 8, 2010 | Diana Furchtgott-Roth
    What one finds when reading congressional legislation is invariably surprising. Take the Dodd-Frank financial regulation bill, for instance, which was created by merging Senate and House bills. When the Senate returns from recess one of its first actions will be to vote on the bill, which passed the House on June 30. I was searching the bill for a provision about derivatives. What did I find but Section 342, which declares that race and gender employment ratios, if not quotas, must be observed by private financial institutions that do business with the government. In a major power grab, the new...
  • Gender Quotas In the Financial Sector?

    07/08/2010 11:13:48 AM PDT · by EQAndyBuzz · 24 replies
    RealClear Markets ^ | July 8, 2010 | Diana Furchtgott-Roth
    WASHINGTON - What one finds when reading congressional legislation is invariably surprising. Take the Dodd-Frank financial regulation bill, for instance, which was created by merging Senate and House bills. When the Senate returns from recess one of its first actions will be to vote on the bill, which passed the House on June 30. I was searching the bill for a provision about derivatives. What did I find but Section 342, which declares that race and gender employment ratios, if not quotas, must be observed by private financial institutions that do business with the government. In a major power grab,...
  • Sweeney Todd VS Barney Dodd

    07/01/2010 6:43:49 PM PDT · by Ghblog
    Famously known as the demon barber of Fleet Street, Sweeney Todd slit the throats of unsuspecting customers before dumping them through a trap door into his basement. His partner in crime used the meat to make pies to sell at a sidewalk shop. Though these were fictional characters we may have a more destructive duo around today. Barney Dodd (Barney Frank and Chris Dodd)...
  • The Dodd-Frank Financial Fiasco

    06/30/2010 6:41:02 PM PDT · by Nachum · 8 replies
    wsj ^ | 6/30/10 | JOHN B. TAYLOR
    The sheer complexity of the 2,319-page Dodd-Frank financial reform bill is certainly a threat to future economic growth. But if you sift through the many sections and subsections, you find much more than complexity to worry about. The main problem with the bill is that it is based on a misdiagnosis of the causes of the financial crisis, which is not surprising since the bill was rolled out before the congressionally mandated Financial Crisis Inquiry Commission finished its diagnosis. The biggest misdiagnosis is the presumption that the government did not have enough power to avoid the crisis. But the Federal...
  • Brown would vote 'no' on Wall St. bill; blames $19B in new bank fees

    06/29/2010 9:23:41 AM PDT · by NormsRevenge · 28 replies · 1+ views
    The Hill ^ | 6/29/10 | Silla Brush
    Sen. Scott Brown (R-Mass.) said Tuesday that he would oppose the Wall Street overhaul bill as it stands because of the $19 billion in fees it would place on big financial firms. In a letter to Rep. Barney Frank (D-Mass.) and Sen. Chris Dodd (D-Conn.), Brown expressed "strong opposition" to the fees that were added in the conference process between House and Senate lawmakers last week. "If the final version of the bill contains these higher taxes, I will not support it," he said. The letter is the strongest indication yet that Brown will vote against the Wall Street overhaul...
  • Scrambling for Senate Votes on Wall Street Reform

    06/28/2010 1:56:52 PM PDT · by Siena Dreaming · 8 replies
    Yahoo ^ | June 28, 2010 | Jennifer Liberto
    The smooth passage of the final Wall Street reform bill later this week just got tougher. Senate Democrats on Monday were scrambling to secure the60 votes they need to overcome a GOP filibuster following the death of Sen. Robert Byrd, D-W.Va., and critical comments by Massachusetts Sen. Scott Brown, a moderate Republican who had been supportive of the legislation. The hang up for Brown: A provision that would charge banks and hedge funds a new tax to pay the $19 billion ten-year tab for implementing the new reforms. A Brown spokeswoman on Monday reiterated that Brown "cannot support any bill...
  • Progressive Regression II | Financial Regulation Crisis

    06/27/2010 7:10:59 PM PDT · by NaturalBornConservative
    Natural Born Conservative ^ | June 27, 2010 | Larry Walker, Jr.
    By: Larry Walker, Jr.Government Regulation vs. Self-RegulationOnce again, the Progressive Obama Administration’s magical solution, for all problems American, is more government regulation. But is government regulation really any better than self-regulation? Progressive government regulation is even worse. (A Progressive regulator is pictured above.)I contend that banks and financial services companies have a direct interest in the safe, efficient, and profitable business of making loans, investments, and protecting assets. Would it benefit a bank to carelessly make loans to unqualified borrowers, taking the risk of never being repaid? No. Would it benefit a financial services company to recommend investments in financial...
  • Financial overhaul Deal Gives Obama A New Triumph

    06/27/2010 9:18:42 AM PDT · by sheikdetailfeather · 20 replies ^ | June 25, 2010 | JIM KUHNHENN and ALAN FRAM
    WASHINGTON (AP) - The toughest financial regulations since the Great Depression are headed for final votes in Congress next week, covering everything from debit card swipes at Starbucks to the most complex securities, in an election-year salve for public anger over the Wall Street risk-taking that cost millions their jobs, homes and nest eggs.
  • IMF urges tough action on Europe's debt crisis

    06/07/2010 12:56:13 PM PDT · by day21221 · 6 replies · 21+ views ^ | Monday, 7 June 2010 | bbc
    IMF urges tough action on Europe's debt crisis The eurozone has set up a rescue package worth 750bn euros The International Monetary Fund (IMF) has told the eurozone bloc to speed up budget cuts or risk eroding the confidence of financial markets. In a hard-hitting report, the IMF said the current "crisis management" was no alternative to fundamental economic restructuring. The IMF report said the economic crisis was due to "unsustainable policies". It came as European finance ministers approved the creation of a fund for emergency loans to debt-laden states. EU officials hoped that the 440bn euro ($525.8bn; £363.1bn) fund...
  • Japan names outspoken populist Naoto Kan as new PM

    06/04/2010 5:38:37 AM PDT · by paudio · 3 replies · 550+ views
    AP via Yahoo News ^ | 6/4/10 | TOMOKO A. HOSAKA
    Japan's parliament elected outspoken populist Naoto Kan as prime minister Friday, handing the political veteran the immediate task of rallying his party and reclaiming its mandate for change before elections next month. Kan succeeds Yukio Hatoyama, who stepped down Wednesday after squandering the public's high hopes with broken campaign promises, including moving a U.S. Marine base off Okinawa island, and financial scandals.
  • When the Problems of Greece Hit Close to Home

    06/03/2010 4:38:41 PM PDT · by Patriot1259 · 176+ views
    The Cypress Times ^ | 6/3/10 | Kevin Price
    I've been madly in love with Paul McCartney ever since I was a little girl. He's the only creative hero who's stood the test of time for me, because as his music grew less magical, his personal life grew more so. Alone in the rock firmament, he adored his wife, raised healthy uncrazy kids, picked himself up after the public embarrassment of a disastrous marriage and energetically recommitted himself to music, his fans and new love. What a man! And now for the first time in all these decades, he's made me quite sick. A man who's commanded a megaphone...
  • What They Said About Fan and Fred (Blast from the passed)

    05/31/2010 2:59:35 PM PDT · by blueyon · 5 replies · 243+ views
    wall street journel ^ | Oct 2 , 2008
    Rep. Barney Frank (D., Mass.): I worry, frankly, that there's a tension here. The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disaster scenarios. . .
  • Frank to chair financial reform committee

    05/24/2010 12:48:05 PM PDT · by Nachum · 17 replies · 413+ views
    reuters ^ | 5/24/10 | reuters
    (Reuters) - Democratic lawmaker Barney Frank will get the influential position of chairing the committee that will merge the House and Senate's versions of financial reform legislation, a spokesman for Frank said on Monday. Politics Frank, the chairman of the House Financial Services Committee, will hold sway as the two chambers try to hammer out major differences in their bills, including rules for derivatives and restrictions on types of trading. The Senate is expected to name its conferees as soon as Monday, while House Speaker Nancy Pelosi may not name her chamber's conferees until after Congress returns from its Memorial...

    05/20/2010 5:22:08 PM PDT · by Bigun · 4 replies · 285+ views
    Classic Capital ^ | May 13, 2010 | Wayne Jett
    Financial fraud drove the U. S. and global economic collapses of 2008, and continues unabated. A U. S. Senate sub-committee heard testimony May 5 titled “The Role of Fraud in the Financial Crisis” by a notable Keynesian, James K. Galbraith. Galbraith called economics “a disgraced profession” for failing to study financial fraud. He said the heart of the U. S. financial crisis was “a breakdown in the rule of law in America.” However, there is a catch.
  • Chinese Market Indicates that US Stocks could be in for a Big Fall

    05/19/2010 6:44:18 AM PDT · by bananaman22 · 3 replies · 371+ views ^ | 19/05/2010 | Charles Hugh Smith
    Does the Chinese stock market presage the U.S. market's direction? If so, the U.S. market is set for a fall. The economies of China and the U.S. are in effect Siamese Twins, joined at the hip. By pegging their currency to the U.S. dollar, the Chinese central government has tethered its economy to both U.S. policy and the U.S. economy. Since the U.S. economy is still considerably larger than China's, and the yuan/renminbi is pegged to the dollar (and not vice versa), then we might expect China's stock market to follow the American market's lead. As expected, the two markets...
  • JOHNSON: Violating privacy one bank account at a time

    05/19/2010 5:43:01 AM PDT · by tentmaker · 2 replies · 270+ views
    Washington Times ^ | 5/19/2010 | Brian M. Johnson
    Sen. Christopher Dodd's "regulatory reform" bill, S. 3217, the Restoring American Financial Stability Act of 2010, has many contentious proposals that have members from both political parties on edge. The bill cauterizes "too big to fail" by establishing a Financial Stability Oversight Council that would indentify politically important institutions, sending the signal that some companies are indeed too big to fail. It creates a permanent bailout authority by authorizing the Federal Deposit Insurance Corporation (FDIC) to "make available ... funds for the orderly liquidation of covered financial institutions."

    05/11/2010 4:32:49 PM PDT · by Patriot1259 · 2 replies · 323+ views
    The Cypress Times ^ | 5/11/10 | Kevin Price
    I am no fan of Goldman Sachs. They have eaten at the government trough and entangled itself with the political establishment in such a way that anyone should be embarrassed about doing business with them. The company took billions in bailouts on the one hand and gave even more in bonuses to its employees. The corruption demonstrated by the firm in the way it conducts itself is breath taking. On the other hand, it is also reflective of a new business and political culture that makes such activities very "legal" (at least until they are challenged in the courts).
  • Financial Armageddon 2.0

    05/11/2010 10:02:43 AM PDT · by Errant · 12 replies · 772+ views
    Youtube ^ | May 11, 2010 | Dr. Joern Berninger
    What happened in Europe from Sunday night until the following early Monday morning with the Greece bailout. What it means for the world and how it may effect our near future.
  • Broke state (California) declares April ‘financial literacy month’

    05/01/2010 8:24:37 PM PDT · by Libloather · 15 replies · 473+ views
    Tax Dollars ^ | 4/30/10 | Teri Sforza
    Broke state declares April ‘financial literacy month’posted by Teri Sforza, Register staff writer April 30th, 2010, 3:00 am We hooted recently over the Orange County Business Council’s new Web site,, which targets the “distractions” elected officials pursue at the expense of more important public business. CaliforniaSquirrel would like to call your attention to Assembly Concurrent Resolution 147 (acr 147, Lieu & Niello), which declares April 2010 as Financial Aid and Literacy Month “to raise public awareness about the need for increased financial literacy.” Irony alert! Irony alert! “The California Legislature giving us advice on financial literacy?” practically screeches,...
  • The Status Report: Obama and Global Financial Stability Global Finance

    04/29/2010 8:37:23 AM PDT · by day21221 · 4 replies · 232+ views ^ | January 14, 2010 |
    The Status Report: Obama and Global Financial Stability Global Finance, Global Financial Crisis, Global Governance, G-20 Summit, U.S. Economic Growth Kemal Derviş, Vice President and Director, Global Economy and Development Eswar Prasad, Senior Fellow, Global Economy and Development The Brookings Institution Save Print E-mail Share DeliciousDiggDiigoFacebookGoogle LinkedInLiveNewsvineStumbleUponYahoo January 14, 2010 — One year ago, Brookings experts wrote a series of 12 memos to the incoming president on the most pressing policy issues facing the country. Now they assess the administration's progress on those issues in The Status Report, a daily series of commentary with video to be featured in POLITICO's...
  • Dodd Bill Endgame

    04/28/2010 1:53:39 PM PDT · by OldDeckHand · 19 replies · 715+ views
    National Review Online - The Corner ^ | 04/27/10 | Stephen Spruiell
    According to statements from Sens. Mitch McConnell and Richard Shelby, this is exactly what has happened. Sen. Dodd has assured Shelby that he will address a number of concerns Shelby expressed with respect to ending bailouts, but he will not address problems with the Consumer Financial Protection Bureau, the proxy-access provisions or (the somewhat less problematic, in my view) derivatives rules. We will have to watch the bill closely to see what loopholes Dodd actually closes, but I would guess that, at the very least, he will insert language to reduce the FDIC's discretion along the lines of what the...
  • Obama's regulatory disaster: Putting the smackdown on banks will further harm the economy

    04/28/2010 5:07:51 AM PDT · by JohnRLott · 6 replies · 291+ views
    Washington Times ^ | April 28, 2010 | Editorial
    President Obama rails against Wall Street to score populist political points. But when the smoke clears from all the demagoguery, the financial regulations he is pushing will result in fewer loans, more costly credit and individuals facing more risk. Contrary to the president's talking points, the proposed regulations will not prevent "a second Great Depression." In fact, the problems that created America's recent financial troubles have been ignored in pending legislation. Nothing is being done to reform government-backed lenders Fannie Mae and Freddie Mac despite their history of fraud and responsibility for taxpayers being saddled with $400 billion in bailouts....
  • Boehner: Dems’ Financial Reform ‘Creates a Politburo-Style’ Council

    04/27/2010 5:45:12 PM PDT · by Nachum · 5 replies · 232+ views
    breitbart tv ^ | 4/27/10 | bretbart
    ... "Just think about that credibility gap when you see the Majority insist on rushing through a job-killing regulatory bill with promises that will end Wall Street bailouts. The bill doesnt end Wall Street bailouts, it makes them permanent and institutionalizes too big to fail. This bill doesnt get the government out of the private sector it creates a politburo style of regulators who can seize any business and do almost anything they want to do with it. And the bill doesn't address the real reasons for the financial meltdown; it gives a free ride to Fannie Mae and Freddie...
  • Duke prof: Efforts at financial reform misdirected

    04/26/2010 3:19:27 PM PDT · by Maelstorm · 4 replies · 282+ views ^ | 4/26/2010 | John O'Brien
    DURHAM, N.C. - President Barack Obama is on a publicity tour to tout proposed financial industry reform proposed by outgoing U.S. Sen. Chris Dodd. But according to Duke University professor and former North Carolina gubernatorial candidate Michael Munger, the two should be more worried about other economic problems, some of which were caused by Dodd. "It's just political grandstanding," Munger said Wednesday. "For Chris Dodd to make this his legacy, as if he is going to fix the financial industry crisis he had a big role in causing, is beyond hypocrisy." Obama says the legislation will prevent a future collapse...
  • Republicans Defeat Cloture Motion On Democrat Financial Reform Bill

    04/26/2010 3:18:41 PM PDT · by Starman417 · 11 replies · 914+ views
    Flopping Aces ^ | 04-26-10 | Curt
    Well, whadda ya know....the Republicans held firm against a cloture vote on the Democrat's financial reform bill. For the moment, Republicans have successfully beaten back the Democrat financial regulation overhaul, defeating a cloture motion to begin debate on the partisan bill with 42 votes. Sen. Bob Corker (R., Tenn.), who has been most active in working with Democrats on the bill, voted no on cloture. So did other Republican question marks, including the Maine Ladies Collins and Snowe, Chuck Grassley (R., Iowa), who voted for Democratic derivatives language in committee, and Scott Brown (R., Mass.). In somewhat of a surprise...
  • The Predatory Partnership of Wall Street and the State

    04/23/2010 3:02:46 PM PDT · by bananaman22 · 21 replies · 251+ views ^ | 04/23/2010 | Charles Hugh Smith
    The Central State and Financial Plutocracy are bound in a mutually beneficial, highly predatory partnership. The Mainstream Media is missing the Big Story in the SEC/Goldman Sachs filing: the Central State needs the predatory "too big to fail" investment bankers to churn out the credit, leverage and insider deals the State needs to survive in an era of exponentially rising debt. There are adverse ethical and financial consequences of this partnership; in the short-term, the rot has been papered over, and simulacrum "reforms" to sooth public anger will be passed. But the partners each depend on the other for their...