Relevant and even prescient commentary on news, politics and the economy.

Is That It for Financial Crisis Cases?

Peter J. Henning, a colleague of Linda Beale, poses the question in the NYT: Is That It for Financial Crisis Cases? Last week turned out to be a good one for Goldman Sachs. The Justice Department closed a criminal investigation of the firm and its chief executive, Lloyd C. Blankfein, and the firm disclosed that […]

Obama road tests hopey changey 2.0

Yves Smith spells out her strong opinion of our dilemma nationally for the elections of 2012. This particular arena of regulating banks and non banks and and accountability also takes on a wider symbolic meaning in this election cycle. How this plays out in determining national budget spending priorities through the lens of an explosion […]

Financial Speculation Taxes

OMB Watch points us to the idea that: Financial Taxes Can Raise Revenues, May Help Stabilize Markets The congressional Super Committee, tasked with forging a $1.2 trillion deficit reduction package by Thanksgiving, is currently deliberating on which revenues β€” if any β€” to raise and to include in its plan. With Wall Street at the […]

Interlude / Self-Indulgent Advt

I want one of these positions: The Office of Complex Financial Institutions (which the agency has assigned the acronym CFI) “will perform continuous review and oversight of bank holding companies with more than $100 billion in assets as well as non-bank financial companies designated as systemically important by the new Financial Stability Oversight Council,” the […]

Senate passes HR 4173 finance reform conference report

by Linda Beale crossposted with Ataxingmatter Senate passes HR 4173 finance reform conference report[updated to add information on Geithner’s opposition to Warren 7:12 pm] On a 60-39 vote, the US Senate passed the Dodd-Frank H.R. 4173 financial reform conference report today. While the bill imposes some new restrictions and creates a consumer protection agency, most […]

There’s an election in 2012

Went to Massacghusetts for the weekend, where I learned that Martha Coakley supports child rapists* and Scott Brown (R-MA Sen.) is a decent legislator who stands by his convictions, including his opposition to the Financial Services Reform Act, which principled action he takes because the act institutionalizes Too Big to Fail. (This is also Russ […]

Financial reform law still in the works this week

Reuters reminds us financial reform law still in the works: Although a final vote is expected within days on the White House’s top domestic priority, lawmakers have yet to settle disputes on regulating over-the-counter derivatives; curbing risky trading by banks; and the power of state authorities. There will need to be resolution on these topics […]