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

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Regulatory Reform

…up hedge funds, then the all of the people running (and trading for) investment banks which are too big to fail will be fools. A simple ceiling on compensation for…

Trade deficits resume upward climb

…Bloomberg put it: Imports may be first to rebound later this year as the U.S. economy begins to expand, while exports languish until a recovery takes hold among trading partners…

Bugs and Features

Trading volume like it was the day I was born (Nov 9 1960 a Wednesday). The article contains an interesting error since the full horror of the financial services sector…

Tax Competition: why it is not a good thing

…wrong direction” because they “would put U.S.-based companies at a competitive disadvantage in their competition with multinational firms based in other major trading nations.” See Carroll, Bank Secrecy, Tax havens…

James Galbraith remarks

…adjourning following Bush v. Gore. This measure deregulated energy futures trading, enabling Enron and legitimating credit-default swaps, and creating a massive vector for the transmission of financial risk throughout the…

Back-of-the-Envelope: Making Sense of TARP

…random numbers together. Those “legacy” assets are trading in the market around 30. The Big C and others are carrying them on their books around 80. Several people who should…

BCCI : memes and memories

…own intelligence network, diplomatic corps and shipping & trading companies. The liquidators, Deloitte & Touche, filed a lawsuit against Price Waterhouse and Ernst & Young – the bank’s auditors –…

Simon Johnson suggests a narrative

…credit-default swaps at the Commodity Futures Trading Commission, in 1998—were ignored or swept aside. Dani Rodrik responds and states bankers were not as powerful as Johnson suggests, and the IMF…