Category Archives: Financial Derivatives

Restoring Economic Facts

Galleon Group LLC co-founder Raj Rajaratnam is guilty on all counts: Although Rajaratnam never testified at his trial, the jurors heard his voice on dozens of tapes, and they did not paint a flattering portrait. The tapes proved that the … Continue reading

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Paving A Highway To Mogadishu

Bad enough that continuing foreclosure turmoil is dragging the housing sector down; now we’re facing a municipal debt crisis: As cities across the nation face increasing budget strains, the vocal group of experts warning about municipal defaults has gained a … Continue reading

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Morning Awful: Who Owns My Mortgage?

In order to create the 2008 financial crisis and credit meltdown, a gigantic machine for making money out of money out of money first had to be invented and constructed, invisible to theĀ  naked eyes of media and government. That … Continue reading

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Foreclosure Fever

The president used his “pocket veto” last Friday to strike down an ugly bill that would have let banks foreclose on homes with out-of-state notaries. This was the banks’ way of trying to deal with all the bad paperwork from … Continue reading

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The Fannie Mae, Freddie Mac Firebreak

Can we just review one important fact about these two institutions before we have a Senate debate on them? They were both privatized in 1968 — a fact central to the story of the meltdown: In the schizoid reality of … Continue reading

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A Thank You Note To Mitch McConnell

Senator, Thank you so much for achieving your 41-vote filibustering minority. You have reminded all of America which side you are on at the very instant the Obama administration has begun an offensive against Wall Street — starting with Goldman … Continue reading

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Trembling Titans Of Wall Street?

It seems the banks are suddenly rethinking their approach to the mortgage crisis. BOA and Citigroup now agree that judges should be able to fix a mortgage in bankruptcy court. Nasiripour reports: In December, the House failed to pass an … Continue reading

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Sachs Socialism, Mind Bullets

Compelled by a headline about Goldman Sachs CEO Lloyd Blankfein saying that he does “God’s work,” I pored through this article from UK TimesOnline and discovered a scheme to horrify the Ayn Rand set: collective rewards! The idea of teamwork … Continue reading

Posted in financial crisis, Financial Derivatives, financial meltdown, Financial Reform, financial regulation, Goldman Sachs | 1 Comment

Imaginary Money

While researching financial reform a while ago, I came across this amazing article from Bloomberg that had me Googling up the intertubes: Aug. 31 (Bloomberg) — Wall Street is suiting up for a battle to protect one of its richest … Continue reading

Posted in Financial Derivatives, Financial Reform | 3 Comments