Full story here from Huffington Post.
As reported on HuffPost last week, Treasury Secretary Timothy Geithner has expressed opposition to the possible nomination of Elizabeth Warren to head the Consumer Financial Protection Bureau, according to a source with knowledge of Geithner’s views.
One can assume that Geithner, being very close to the nation’s biggest banks, is concerned that [...]
Full story here from ZeroHedge.
When (not if) the need arises to dismantle the TBTFs, full of noncashflow producing loans, the next time around we have a Flashiest Crash, we will have no way to do so, despite the widely propagandized Obama FinReg reform. These are the words of Obama’s right shoulder man Paul Volcker, who [...]
Full story here from Karl Denninger. Apparently, I’m not the only person yelling at my monitor. Here’s an obligatory Simpsons reference for the Germans.
If you thought the German government was going to be a lapdog for Sarcozy, or worse, was going to fellate Brussels and the ECB, you got a rude shock today.
It appears that [...]
Full story here from Janet Tavakoli.
Chicago residents grew up to the sound of local early morning radio rundowns of pork belly futures and other exchange traded commodities. Every trick in the book from manipulation of soybeans to silver has played out in Chicago’s trading pits. Every market professional I’ve talked to in Chicago since Thursday [...]
Full story here from Mike Whitney via CounterPunch.
Most people still don’t know what caused the financial crisis. They know it had something to do with subprime mortgages and Lehman Bros, but beyond that, it gets rather hazy. Unfortunately, Congress appears to be in the dark too, which is why their attempt to regulate the system [...]
Full story here from Reggie Middleton via ZeroHedge.
I have warned my readers about following myths and legends versus reality and facts several times in the past, particularly as it applies to Goldman Sachs and what I have coined “Name Brand Investing”. Very recent developments from Senator Kaufman of Delaware will be putting the spit-shined patina [...]
Full story here from Paul Craig Roberts.
“Former Federal Reserve chairman Alan Greenspan answered that he had placed his trust in a flawed theory when he was called before Congress to explain why he, Goldman Sachs Treasury Secretary Robert Rubin and Deputy Treasury Secretary Larry Summers, prevented Brooksley Born, head of the Commodity Futures Trading Corporation, [...]
Full story here from ZeroHedge.
“Pulling Volcker out of the closet following the Massachusetts debacle was a useful diversion: the whole prop trading ban seemed almost credible. And now that there are no immediate public votes in the future, it is safe to put Volcker back where he belongs, but quietly, lest the morts and general [...]
Full story here.
“At this stage in the electoral cycle, Democrats should be running hard against big banks and their consequences. Some roots of our current economic difficulties lie in the Clinton 1990s, but the real origins can be traced to the financial deregulation at the heart of the Reagan Revolution – and all the underlying problems [...]
Full story here from Henry CK Liu at Asia Times. Long but good. Education’s free today!
“On October 7, 2009, the United States House of Representatives Committee on Financial Services at long last held a public hearing on “Reform of the Over-the-Counter (OTC) Derivative Market: Limiting Risk and Ensuring Fairness”.
OTC derivatives are contracts executed outside the [...]