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Tag: Derivatives


insane photoholic (CC BY 2.0)

Austerity Muzzles Wall Street Regulators

American austerity is finally having one of its deep, pernicious effects in the service of runaway capitalists—preventing government regulators from regulating due to inadequate funds.

Posted on Nov 1, 2013 READ MORE


Can the FDIC Protect Your Money From Another Crash?

The first of a planned three-part series on the dangers of private banking highlights government documents describing plans to confiscate the deposits of individuals as well as cities, universities, counties and pension funds when another banking crash occurs.

Posted on Aug 31, 2013 READ MORE


Larry Summers

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Posted on Aug 15, 2013 READ MORE



KJGarbutt (CC BY-ND 2.0)

U.S. Considering Arrests in ‘London Whale’ Case

U.S. authorities may arrest two former JPMorgan Chase employees in connection with their alleged role in hiding $6.2 billion in losses in what became known as the “London Whale” scandal, two people familiar with the situation say.

Posted on Aug 10, 2013 READ MORE



Fortune Live Media (CC BY-ND 2.0)

JPMorgan Chase Examined for Mortgage Wrongdoing

In a quarterly regulatory filing Wednesday, the nation’s biggest bank revealed that it faces a criminal and civil investigation into “whether it sold shoddy mortgage securities to investors in the run-up to the financial crisis” between 2005 and 2007.

Posted on Aug 8, 2013 READ MORE



mahalie (CC BY-SA 2.0)

Winner Takes All: The Super Priority Status of Derivatives

With taxpayer bailouts no longer an option, a major derivatives crisis could transfer money currently held by state and local governments and citizens—secured and unsecured, insured and uninsured—into the hands of derivative claimants.

Posted on Apr 10, 2013 READ MORE



George Rex (CC BY-SA 2.0)

New York Stock Exchange Operator to Be Sold for Billions

The owner of the “icon of American capitalism” is being sold to an Atlanta-based derivatives company for $8.2 billion as Wall Street’s trademark practice of high-energy verbal trading gives way to the digital kind.

Posted on Dec 20, 2012 READ MORE


JPMorgan and the $2 Billion Bet

University of Missouri-Kansas City professor, author and former financial regulator William Black explains what’s wacky about JPMorgan Chase’s version of events that led to the firm’s $2 billion loss in the derivatives market last week.

Posted on May 15, 2012 READ MORE



AP / Mark Lennihan

Goldman Sachs Exec Exits With a Bang

We’re guessing that outgoing Goldman Sachs executive director Greg Smith’s last day on the job Wednesday was pretty awkward, given what he had to say about his employer in a scorching Op-Ed article printed in The New York Times for the occasion.

Posted on Mar 14, 2012 READ MORE


Bull Cuts

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Posted on Oct 8, 2011 READ MORE



Flickr / lucianvenutian

High Food Prices Drive Unrest, Study Says

An old argument says that full or empty bellies lead to contentment or revolt. Recent research supports that claim, showing that spikes in global food prices have coincided with the surge of social unrest and political instability seen recently in North Africa and the Middle East. (more)

Posted on Aug 22, 2011 READ MORE



Flickr / Latente ? www.latente.it

Nouriel Roubini: Capitalism Must Be Saved From Itself

Economist and New York University professor Nouriel Roubini explains that globalization, reckless lending and borrowing, and the redirection of income and wealth from industries dependent upon human labor and well-being to those composed mainly of capital ... (more)

Posted on Aug 15, 2011 READ MORE



New York Times

The Shadowy Side of Derivatives Trading

Even after the economic crash and subsequent scrutiny of Wall Street, a circle of big banks has managed to maintain a monopoly on derivatives trading and keep a cloak of secrecy over its process.

Posted on Dec 12, 2010 READ MORE


David Viniar
AP / Evan Vucci

‘Very Skeptical’ Brooksley Born Takes on Goldman Brass

If there’s one person we’d want to see grill Goldman Sachs bigwigs about certain fishy pre-financial-meltdown practices in which they apparently engaged, such as their failure to give useful details about ... (continued)

Posted on Jul 1, 2010 READ MORE



AP / Richard Drew

Bank Shares Zoom in Wake of Regulation Deal

Bank stocks had a surprisingly good day Friday, outperforming the rest of the market after it became clear that financial reform legislation hammered out in Congress would not meddle with precious bank profits.

Posted on Jun 26, 2010 READ MORE



AP / Richard Drew

Wall Street Reform Bill Nailed Down

After a marathon final negotiating session, Congress has cobbled together a historic overhaul of financial regulations for Wall Street. The bill is expected to win final approval next week and land on President Obama’s desk.

Posted on Jun 25, 2010 READ MORE


How Wall Street Creates Socialists

No leftist polemicist could come up with as damning a description of contemporary capitalism as the contents of an e-mail that Goldman’s Fabrice “Fabulous Fab” Tourre sent to his girlfriend.

Posted on Apr 28, 2010 READ MORE


Titan Over Wall Street

Perhaps Obama could have scored more popularity points if he had ordered a few financiers to be led out of the Cooper Union auditorium in handcuffs.

Posted on Apr 22, 2010 READ MORE


Just Doing My Job

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Posted on Apr 21, 2010 READ MORE


Goldman’s Shell Game

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Posted on Apr 19, 2010 READ MORE


Geithner
AP / Jose Luis Magana

Geithner Pushes to Restrict, Not Ban Derivatives

In a letter to a ranking Senate Democrat, Treasury Secretary Timothy Geithner called for restrictions on derivatives—those financial instruments whose value is derived from other instruments—but stopped at an outright ban on the trading practices that helped lead to the current financial crisis.

Posted on Apr 16, 2010 READ MORE



AP / Petros Giannakouris

It’s Greek to Goldman Sachs

“What is this Goldman Sachs and why has it caused us so much grief?” is a question they must be asking in even the most remote of Greek villages, as they are throughout much of this economically troubled world.

Posted on Feb 17, 2010 READ MORE



Flickr / saebaryo

Goldman Sachs Duped Investors, Investigation Finds

McClatchy reporters have been digging into the shady offshore dealings of Goldman Sachs and what they found in the records of the financial-meltdown villain is as maddening as you’d expect. (continued)

Posted on Dec 30, 2009 READ MORE



White House / Pete Souza

Geithner’s Fed Made AIG Pay Banks to the Max

That Timothy Geithner must love the big banks he spends all day talking to. Back when he was in charge of things, the Federal Reserve Bank of New York forced AIG to pay off Wall Street tycoons for all those toxic bets, even though the mega-insurer was busy trying to negotiate a better deal.

Posted on Oct 28, 2009 READ MORE


AIG sign
visitbulgaria.info

AIG on the Mend?

After narrowly escaping catastrophe during the financial implosion that began last fall, American International Group—otherwise known as AIG—is leveling out, according to a cautiously optimistic new report from Congress’ Government Accountability Office.

Posted on Sep 21, 2009 READ MORE


Ronald Reagan
Reagan Library

Reagan Didn’t Do It

It would be nice to blame Ronald Reagan for the economic meltdown, as Paul Krugman did recently, but the facts don’t support it. Unfortunately, the real villains are closer at hand.

Posted on Jun 3, 2009 READ MORE


Geithner Obama Summers
AP photo / Evan Vucci

The Clinton Bubble

Has Timothy Geithner ever had lunch with a non-megamillionaire who has lost his job or home because of the banking meltdown? I ask that question after reading the list of the treasury secretary’s luncheon dates when he was head of the New York Federal Reserve, a list that the government was forced to provide in response to a lawsuit.

Posted on Apr 28, 2009 READ MORE


Bair
AP photo / Harry Hamburg

Courage Award Honors Two Women Who Warned Us

There has been much hand-wringing, not to mention finger-pointing, regarding who knew what, and when, about the financial calamities that have recently come to pass. However, Brooksley Born and Sheila Bair won’t be counted among the willfully or accidentally ignorant: They’ve been named this year’s winners of the JFK Profile in Courage Award for sounding the alarm far ahead of time.

Posted on Mar 28, 2009 READ MORE


White House
Flickr/dcJohn

White House Looking to Curb Wall Street’s Excesses

Faced with the glaring problem of indulgence and intractability on the highest tiers of Wall Street’s corporate behemoths, the Obama administration is putting together a plan to make financial institutions more accountable and more transparent to the government and to the taxpayers who granted them buoyancy.

Posted on Mar 21, 2009 READ MORE


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