JPMorgan’s Loser Trade Shows Importance of Volcker Rule

By: Sunday May 13, 2012 10:40 am

The Whale Trade fail shows that all banks are poised on the brink of disaster. When it happens, the government will pay, not the banks. So why shouldn’t Jamie Dimon’s operation try to make money betting with credit default swaps with someone else’s money?

 

Fear of Credit Default Swaps Used to Protect Stupid Banks

By: Monday July 4, 2011 2:55 pm

A pox on every central bank, bank, insurance company, hedge fund and every individual player who is betting on Greece’s financial problems. I hope they all get burned.

NYT: Goldman Senior Execs Oversaw the Mortgage-Based CDOs After Choosing Policy to Short Market

By: Monday April 19, 2010 6:03 am

The New York Times has a potentially explosive story today indicating Goldman Sach’s top executives personally oversaw the mortgage-securities trading unit that created the Abacaus deals and had decided to go short the market. But what did it tell shareholders?

Brooksley Born Raises an Important Question, But Answers are Weak

By: Friday April 9, 2010 3:15 pm

Brooksley Born wants to know the effect of credit default swaps on the housing bubble and the Great Crash. Citibank representatives don’t think there was an effect. Yves Smith disagrees.

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