The Madoff Case: A Timeline Wall Street Journal March 6, 2009 Dec. 11, 2008 — Mr. Madoff is arrested and charged with criminal securities fraud. A criminal complaint filed against him in Manhattan states that he confessed to his two sons, both employees at his firm, Bernard L. Madoff Investment Securities LLC, that he had […]
In my last post, I mentioned selise’s deregulation timeline. Because of an excessive [ly delightful] Saturday afternoon nap, I gave it a more definitive late night read. After months of trying to get up to speed on all this deregulation and derivative trading, I think I finally found a resource that has collected the facts […]
[If you too become obsessed with Deregulation, selise has the definitive timeline] Which Idiot Decided to Repeal Glass-Steagall? Oxdown Gazette [FDL] By: selise February 22, 2009 From Stiglitz’s 2003 book, The Roaring Nineties: For more than half a century, commercial banking, which takes deposits from households and firm and makes conventional loans, had been separated […]
Top U.S., European Banks Got $50 Billion in AIG Aid Wall Street Journal By SERENA NG and CARRICK MOLLENKAMP The beneficiaries of the government’s bailout of American International Group Inc. include at least two dozen U.S. and foreign financial institutions that have been paid roughly $50 billion since the Federal Reserve first extended aid to […]
Bleak House Talking Points Memo By Josh Marshall March 7, 2009 In Washington over the last two months, the debate was over whether the Stimulus Bill was too large. But the math – that is to say, expected fall in aggregate demand compared with offsetting stimulus spending – suggested a completely different problem. Namely, that […]
George W. Bush’s Disposable Constitution By Scott Horton Yesterday the Obama Administration released a series of nine previously secret legal opinions crafted by the Office of Legal Counsel to enhance the presidential powers of George W. Bush. Perhaps the most astonishing of these memos was one crafted by University of California at Berkeley law professor […]
Gingrich talks openly about running in 2012 WASHINGTON (CNN) – Newt Gingrich is talking out loud about a possible run for the White House in 2012. “Calista and I will look seriously, and we’ll probably get our family totally engaged, including our two grandchildren, probably in January 2011, and we’ll look seriously at whether or not […]
The Art of Looting and Tunneling the left coaster by eriposte As the search for AIG’s counterparties continues, it’s worth remembering what AIG and the rest of the Too Big to FailTM gang did in the last few years. For that we turn to the abstract (emphasis mine) of the 1994 paper by George Akerlof […]
Well, February Unemployment comes in at 8.1%. Maybe the derivitive [rate of change] is slowing down… Looks like bad news to me…
Senators Ask Who Got Money From A.I.G. New York Times By MARY WILLIAMS WALSH March 5, 2009 Trying to draw a line in the sand, a Senate panel told the vice chairman of the Federal Reserve to identify all the parties made whole by the bailout of the American International Group or forget about coming […]