EB's blog

Within days of the  of the MF Global bankruptcy, the court approved a motion granting what is essentially authorization to continue commingle and use customer funds held at the broker unit.

Jon Corzine's last great act might have been the institutionalization of customer account pilfering.  Indictments anyone?

ALSO: Trustee Giddens Did Not Say a 1.2 Billion Shortfall. But Media Goes Hysterical!

More delays, more fees.  MF Global customers need adequate representation in the creditor committee.

Will the rule of law prevail?

Missing customer funds might be those of MF Global itself.  Also, JPM gets to keep any and all collateral and cash it seized in return for $8 million?

A short time ago, the financial relevance of the UK seemed in jeopardy, but two events announced only yesterday suggest the Square Mile will remain a major player in international trading, at least for the time being.

Is someone big gunning for BAC and/or BNY Mellon?

The big news yesterday was not of the twist type, but of another dance number (or slumber) between Bernanke and Obama.

(But yes, @Nouriel, we need central banks, and moral hazard and FRB did not exist before 1913...Q.E.D., right?)

The ECB's new bond purchases are not being sterilized like last year.  In fact, just the opposite.

Enough with the Keynesian aggregates, already.

All the more relevant today, now that Moody's has downgraded Wells Fargo and Citi on concerns that the Fed will withdraw bailout support.

The push for soft internet censorship, brought to you by your favorite oligarchs.

Put in your time at the Fed, then collect fat bonuses from the company you helped bailout. Nice work if you can get it.