Gretchen Morgenson
The Big Short is a Great Movie, But...
Submitted by rcwhalen on 01/05/2016 11:00 -0500- Alan Greenspan
- Apple
- Arthur Levitt
- Bear Stearns
- Bond
- CDS
- Commodity Futures Trading Commission
- Corruption
- Countrywide
- Credit Default Swaps
- default
- Federal Reserve
- Gretchen Morgenson
- Housing Market
- Institutional Investors
- Lehman
- Lehman Brothers
- Market Share
- Meltdown
- Michael Lewis
- Morgan Stanley
- Mortgage Loans
- NASDAQ
- New Century
- New York Stock Exchange
- None
- OTC
- OTC Derivatives
- program trading
- Program Trading
- Subprime Mortgages
- Wachovia
- Washington Mutual
Derivatives like credit default swaps turned a mere bubble in the US housing market into a global financial catastrophe...
Too Big to Fail Has NOT Ended … It’s Only Gotten WORSE
Submitted by George Washington on 08/06/2014 23:21 -0500Despite Krugman's “Mission Accomplished” Announcement, the Giant Banks Are Worse Than Ever
"Stress Test" Reviewed: Tim Geithner Is "A Grifter, A Petty Con Artist"
Submitted by Tyler Durden on 06/05/2014 21:35 -0500- AIG
- Alan Greenspan
- Barney Frank
- Citigroup
- Counterparties
- Dean Baker
- Dick Fuld
- Exchange Stabilization Fund
- Fail
- Federal Reserve
- Federal Reserve Bank
- Ford
- Foreclosures
- France
- General Electric
- goldman sachs
- Goldman Sachs
- Gretchen Morgenson
- International Monetary Fund
- Jamie Dimon
- Jeff Immelt
- JPMorgan Chase
- Larry Summers
- Lehman
- Lehman Brothers
- Lloyd Blankfein
- Meltdown
- Mexico
- national security
- New York Fed
- Nomination
- None
- Paul Volcker
- Private Equity
- Robert Rubin
- Shadow Banking
- Sheila Bair
- Simon Johnson
- Steve Friedman
- Stress Test
- TARP
- Tim Geithner
- Timothy Geithner
- Too Big To Fail
Timothy Geithner is likely to go down in American history as one of the most dangerous, destructive cronies to have ever wielded government power. The man is so completely and totally full of shit it’s almost impossible not to notice. The last thing we’d ever want to do in our free time is read a lengthy book filled with Geithner lies and propaganda, so we owe a large debt of gratitude to former Congressional staffer Matt Stoller for doing it for us. Stoller simply tears Geither apart limb from limb, detailing obvious lies about the financial crisis, and even more interestingly, Geithner’s bizarre bio, replete with mysterious and inexplicable promotions into positions of power..."Geithner is at heart a grifter, a petty con artist with the right manners and breeding to lie at the top echelons of American finance..."
A Political History of “Too Big to Fail”
Submitted by rcwhalen on 03/26/2014 08:18 -0500- Bank of New York
- Barry Ritholtz
- Bear Stearns
- Bond
- Citigroup
- Corruption
- Countrywide
- Fail
- Fannie Mae
- Federal Reserve
- Federal Reserve Bank
- Federal Reserve Bank of New York
- Freddie Mac
- General Motors
- Global Economy
- goldman sachs
- Goldman Sachs
- Great Depression
- Gretchen Morgenson
- Housing Market
- Lehman
- Lehman Brothers
- Robert Rubin
- Sheila Bair
- Timothy Geithner
- Wachovia
- Washington Mutual
To really appreciate “too big to fail,” you must first and foremost understand that it is a political concept that springs from a sense of liberal privilege and entitlement.
The Greatest Propaganda Coup Of Our Time?
Submitted by Tyler Durden on 03/01/2014 21:55 -0500- Bank of America
- Bank of America
- Bank Run
- Bear Stearns
- Ben Bernanke
- Ben Bernanke
- Commercial Paper
- Commercial Real Estate
- Corporate America
- Countrywide
- CRAP
- Credit Default Swaps
- Crude
- Dean Baker
- default
- Dennis Kucinich
- Discount Window
- Fail
- Federal Reserve
- Financial Crisis Inquiry Commission
- Free Money
- goldman sachs
- Goldman Sachs
- Great Depression
- Gretchen Morgenson
- Hank Paulson
- Hank Paulson
- Henry Paulson
- Kucinich
- LBO
- Lehman
- Lehman Brothers
- Meltdown
- New York Times
- Nouriel
- Nouriel Roubini
- Real estate
- Recession
- St Louis Fed
- St. Louis Fed
- Student Loans
- TARP
- Testimony
- Timothy Geithner
- Ukraine
- Unemployment
There’s good propaganda and bad propaganda. Bad propaganda is generally crude, amateurish Judy Miller “mobile weapons lab-type” nonsense that figures that people are so stupid they’ll believe anything that appears in “the paper of record.” Good propaganda, on the other hand, uses factual, sometimes documented material in a coordinated campaign with the other major media to cobble-together a narrative that is credible, but false. The so called Fed’s transcripts, which were released last week, fall into the latter category... But while the conversations between the members are accurately recorded, they don’t tell the gist of the story or provide the context that’s needed to grasp the bigger picture. Instead, they’re used to portray the members of the Fed as affable, well-meaning bunglers who did the best they could in ‘very trying circumstances’. While this is effective propaganda, it’s basically a lie, mainly because it diverts attention from the Fed’s role in crashing the financial system, preventing the remedies that were needed from being implemented (nationalizing the giant Wall Street banks), and coercing Congress into approving gigantic, economy-killing bailouts which shifted trillions of dollars to insolvent financial institutions that should have been euthanized. What I’m saying is that the Fed’s transcripts are, perhaps, the greatest propaganda coup of our time.
Zombie Dance Party: Its Only a Monopoly, But I Like It
Submitted by rcwhalen on 02/24/2014 12:05 -0500- Arthur Levitt
- Bear Stearns
- Bond
- Capital Formation
- Citibank
- Commercial Paper
- Convexity
- Creditors
- Fannie Mae
- Federal Deficit
- fixed
- Ford
- Freddie Mac
- General Electric
- General Motors
- Ginnie Mae
- Global Economy
- GMAC
- Great Depression
- Gretchen Morgenson
- Indiana
- Insider Trading
- Janet Yellen
- Lehman
- Lehman Brothers
- Negative Convexity
- New York Times
- Quantitative Easing
- Real estate
- REITs
- Transparency
- Volatility
When Arthur Levitt's SEC adopted Rule 2a-7 in 1998, it handed the TBTF banks and GSEs a mortgage monopoly on a silver platter.
Don't Cry for the Shareholders of Fannie Mae and Freddie Mac
Submitted by rcwhalen on 02/17/2014 10:20 -0500Is the Treasury's rescue of Fannie Mae and Freddie Mac unfair to private shareholders? Yup. And they deserve it.
2012 Year In Review - Free Markets, Rule of Law, And Other Urban Legends
Submitted by Tyler Durden on 12/22/2012 11:52 -0500- AIG
- Alan Greenspan
- Albert Edwards
- Annaly Capital
- Apple
- Argus Research
- B+
- Backwardation
- Baltic Dry
- Bank of America
- Bank of America
- Bank of England
- Bank of Japan
- Barack Obama
- Barclays
- BATS
- Behavioral Economics
- Ben Bernanke
- Ben Bernanke
- Berkshire Hathaway
- Bill Gates
- Bill Gross
- BIS
- BLS
- Blythe Masters
- Bob Janjuah
- Bond
- Bridgewater
- Bureau of Labor Statistics
- Carry Trade
- Cash For Clunkers
- Cato Institute
- Central Banks
- Charlie Munger
- China
- Chris Martenson
- Chris Whalen
- Citibank
- Citigroup
- Commodity Futures Trading Commission
- Comptroller of the Currency
- Corruption
- Credit Crisis
- Credit Default Swaps
- Creditors
- Cronyism
- Dallas Fed
- David Einhorn
- David Rosenberg
- Davos
- Dean Baker
- default
- Demographics
- Department of Justice
- Deutsche Bank
- Drug Money
- Egan-Jones
- Egan-Jones
- Elizabeth Warren
- Eric Sprott
- ETC
- European Central Bank
- European Union
- Fail
- FBI
- Federal Deposit Insurance Corporation
- Federal Reserve
- Federal Reserve Bank
- FINRA
- Fisher
- fixed
- Florida
- FOIA
- Ford
- Foreclosures
- France
- Freedom of Information Act
- General Electric
- George Soros
- Germany
- Glass Steagall
- Global Economy
- Global Warming
- Gluskin Sheff
- Gold Bugs
- goldman sachs
- Goldman Sachs
- Government Stimulus
- Great Depression
- Greece
- Gretchen Morgenson
- Gross Domestic Product
- Hayman Capital
- HFT
- High Frequency Trading
- High Frequency Trading
- Housing Bubble
- Illinois
- India
- Insider Trading
- International Monetary Fund
- Iran
- Ireland
- Italy
- Jamie Dimon
- Japan
- Jeremy Grantham
- Jim Chanos
- Jim Cramer
- Jim Rickards
- Jim Rogers
- Joe Saluzzi
- John Hussman
- John Maynard Keynes
- John Paulson
- John Williams
- Jon Stewart
- Krugman
- Kyle Bass
- Kyle Bass
- Lehman
- LIBOR
- Louis Bacon
- LTRO
- Main Street
- Marc Faber
- Market Timing
- Maynard Keynes
- Meredith Whitney
- Merrill
- Merrill Lynch
- Mervyn King
- MF Global
- Milton Friedman
- Monetary Policy
- Monetization
- Morgan Stanley
- NASDAQ
- Nassim Taleb
- National Debt
- Natural Gas
- Neil Barofsky
- Netherlands
- New York Times
- Nikkei
- Nobel Laureate
- Nomura
- None
- Obama Administration
- Office of the Comptroller of the Currency
- Ohio
- Paul Krugman
- Pension Crisis
- Personal Consumption
- Personal Income
- PIMCO
- Portugal
- Precious Metals
- President Obama
- Quantitative Easing
- Racketeering
- Ray Dalio
- Real estate
- Reality
- recovery
- Reuters
- Risk Management
- Robert Benmosche
- Robert Reich
- Robert Rubin
- Rogue Trader
- Rosenberg
- Savings Rate
- Securities and Exchange Commission
- Sergey Aleynikov
- Sheila Bair
- SIFMA
- Simon Johnson
- Smart Money
- South Park
- Sovereign Debt
- Sovereigns
- Spencer Bachus
- SPY
- Standard Chartered
- Stephen Roach
- Steve Jobs
- Student Loans
- SWIFT
- Switzerland
- TARP
- TARP.Bailout
- Technical Analysis
- The Economist
- The Onion
- Themis Trading
- Too Big To Fail
- Total Mess
- TrimTabs
- Turkey
- Unemployment
- Unemployment Benefits
- US Bancorp
- Vladimir Putin
- Volatility
- Warren Buffett
- Warsh
- White House
Presenting Dave Collum's now ubiquitous and all-encompassing annual review of markets and much, much more. From Baptists, Bankers, and Bootleggers to Capitalism, Corporate Debt, Government Corruption, and the Constitution, Dave provides a one-stop-shop summary of everything relevant this year (and how it will affect next year and beyond).
Guest Post: Janet Tavakoli: Understanding Derivatives and Their Risks
Submitted by Tyler Durden on 09/15/2012 18:31 -0500
Global financial markets are awash in hundreds of trillions of dollars worth of derivatives. By some estimates, the total amount exceeds one quadrillion. Derivatives played a central role in the 2008 credit crisis, as they had a brutal multiplying effect on the magnitude of the carnage. As a bad asset was written down, oftentimes there were derivative contracts written against it that resulted in total losses 10x greater than the initial write-down. But what exactly are derivatives? How do they work? And have we learned to treat these "weapons of mass financial destruction" (as Warren Buffet colorfully coined them) any more carefully in the aftermath of the global financial crisis? Not really, claims Janet Tavakoli, the danger behind derivatives doesn't lie in their existence, she stresses, but when abused, derivatives can create massive damages. So at the root of the "derivatives problem" is control fraud - the rampant unchecked criminal action by influential players on Wall Street.
Proof Positive that Government's "Homeowner Relief" Programs Are Disguised Bank Bailouts ... Not Even AIMED at Helping Homeowner
Submitted by George Washington on 08/16/2012 18:02 -0500Government Was Just Trying to "Foam the Runway" to Help Giant Banks
David Kotok: LIBOR, the Fed and the TED
Submitted by rcwhalen on 07/09/2012 09:54 -0500- Alan Greenspan
- Bank of America
- Bank of America
- Bank of England
- Bank of New York
- Barclays
- Bear Stearns
- Ben Bernanke
- Ben Bernanke
- Capital Markets
- Citigroup
- Countrywide
- Credit Suisse
- Deutsche Bank
- Dick Bove
- Federal Reserve
- Federal Reserve Bank
- Federal Reserve Bank of New York
- Financial Services Authority
- goldman sachs
- Goldman Sachs
- Gretchen Morgenson
- Lehman
- Lehman Brothers
- LIBOR
- Market Share
- Merrill
- Merrill Lynch
- MF Global
- Morgan Stanley
- Nomura
- RBC Capital Markets
- RBS
- Rochdale
- Royal Bank of Scotland
- Securities Industry and Financial Markets Association
- SIFMA
- TED Spread
Fed Chairman Bernanke should be impeached if he does not restore Fed surveillance over primary dealers immediately.
Apocalypse Europe: The Smell Of Draghi's Eau De Napalm
Submitted by Tyler Durden on 06/05/2012 14:50 -0500
As we look forward to tomorrow's scorched-earth policy-fest from Draghi-et-al., Jefferies' David Zervos, in his typically understated manner, notes "I love the smell of napalm in the morning. We are back in the kill zone - Apocalypse Europe." There will be no more strategizing, no more war games, no more speeches imploring the politicians to act. This is the real deal - a full scale European led global financial crisis that requires immediate and aggressive response from the only entities with the authority to act in the world financial "theatre". We should all keep in mind that the Europeans have not been able to generate an effective response to their debt/deflation crisis as of yet, and of course it is having global consequences. This is why we are here again looking into the deflationary abyss. The ECB was only set up with a price stability mandate, and its leaders are hence much more constrained than Federal Reserve officials. Simply put, the European armies were not set up with effective weapons.
The IRA | It's All About the Fraud: Madoff, MF Global & Antonin Scalia
Submitted by rcwhalen on 05/13/2012 19:14 -0500- Antonin Scalia
- BAC
- Bank of America
- Bank of America
- Bankruptcy Code
- Bloomberg News
- Bond
- Counterparties
- Countrywide
- Creditors
- default
- Fail
- FINRA
- Great Depression
- Gretchen Morgenson
- Lehman
- Lehman Brothers
- MF Global
- New York Times
- President Obama
- Real estate
- recovery
- Risk Management
- Securities Fraud
- TARP
- White House
Gretchen Morgenson: Wall Street Really Does Enjoy A Different Set of Rules Than The Rest of Us
Submitted by Tyler Durden on 03/24/2012 09:08 -0500
Gretchen Morgenson has earned a Pulitzer-winning career from exposing abuse and conflicts of interest on Wall Street. In this interview, she confirms that there is indeed a second set of rules that our elite financial institutions enjoy, largely unfettered by the constraints that apply to the rest of us. Consequences for failure and fraud are very different under this second set of rules - in fact, they're practically rewarded. Accountability, by all prudent measures, has become non-existent. The extraordinary measures the country deployed to deal with the great contraction in 2008 only served to exacerbate these imbalances. What's sorely needed now is a national dialogue on whether we're willing to allow this to continue. What benefits are we receiving by enabling these elite to enjoy such different standards? What type of system and rules might work better for our interests? Sadly, beyond the disorganized OWS outrage that has waned in visibility, there is no real cogent, organized public debate focused on this right now. A big reason is that Washington is actively avoiding such a dialogue. It was fundamentally complicit in creating the underlying factors resulting in the '08 collapse and it doesn't want brighter light helping the public understand that more clearly.




