Sometime in July, when they announce their earnings, we’ll find out just how much JP Morgan Chase lost on the whale trade deal – the speculation has been anywhere from $2 billion to $7 billion. But neither JPMorgan Chase nor any major US bank is insulated from a risk that is gradually growing. Simon Johnson notes today at Bloomberg that US banks have no real buffer to protect themselves from a crisis in the Eurozone
|By: David Dayen Monday June 25, 2012 1:40 pm|
|By: David Dayen Tuesday March 20, 2012 11:00 am|
Today the Senate will vote on the JOBS Act, part of a deal on judicial confirmations that allows the House-passed bill to come to the floor. The Senate will vote on a substitute amendment which could upend the entire bill. And let’s hope so! As Simon Johnson points out, the JOBS Act is a simply terrible idea which strips investor protections and deregulates the a part of the financial sector.
|By: Peterr Saturday February 4, 2012 9:00 am|
The NYT discovers what FDL readers have known for quite some time: the SEC is a doormat outside the banks and financial institutions of Wall Street.
But it’s not just people outside the SEC who see this. The Partnership for Public Service took data from annual OPM employee surveys of government workers and discovered that in 2011, the SEC ranked at or near the bottom in the “large agency” category, dragged down by abysmal ratings for the employees’ views of the effectiveness of the leaders and the leaders’ strategic management.
Whether seen from the inside or the outside, the conclusion is the same: the SEC is failing at its mission. For the banks, this is a feature, not a bug.
|By: David Dayen Monday January 23, 2012 8:50 am|
We may be getting close to a settlement betweent some state AGs and the mortgage bankers on foreclosure and related mortgage practices. Late on Friday I spoke with Simon Johnson, the former chief economist of the IMF and a professor at MIT, who also writes the Baseline Scenario blog with James Kwak. Johnson has been skeptical of the foreclosure fraud settlement.
|By: masaccio Sunday November 20, 2011 10:40 am|
When people believe things that are obviously untrue, and obviously not in their best financial interests, it means that Oligarchy has asserted control of the market in ideas.
|By: masaccio Sunday October 9, 2011 12:10 pm|
An introduction to the theory of oligarchy in practice today.
|By: dakine01 Thursday June 23, 2011 4:15 pm|
Ho hum. Here we are once again. The weekly report of Initial Unemployment Claims is out, jobless claims for last week are up “more than expected,” the figures from last week’s report have been revised upwards again, economists are surprised and water is wet.
|By: Bill Egnor Wednesday June 22, 2011 11:30 am|
What the Hell is Sen. Kent Conrad smoking? And why it is that he won’t share (c’mon, Senator, don’t bogart that doobie!)? In today’s Washington Post Sen. Conrad enables the hostage taking of the Republican Party by saying that he does not think that the two trillion in budget cuts that the Administration is talking about is enough.
|By: Glenn Greenwald Saturday May 21, 2011 1:59 pm|
Bill Moyers easily ranks as one of America’s greatest journalists. For decades, he has covered vital stories most others ignored, fearlessly defying orthodoxies and amplifying viewpoints that were excluded in most establishment venues. His coverage of the 2008 financial crisis provided the earliest look at how reckless and criminal was Wall Street’s conduct and how steadfast was the resolve of the subservient political class to shield it from accountability. His commentary on how the media suppresses dissenting views that fall outside of the bipartisan consensus — as exemplified by this recent interview with Tavis Smiley — makes him one of the most astute media critics in the nation. And his 2007 examination of the media’s role in selling the Iraq War — “Buying the War” — was the first and still-best examination of that largely ignored topic.
|By: Blue Texan Wednesday December 8, 2010 4:41 am|
It appears the Democrats in Congress are tired of playing along with Obama’s view of “bipartisan.”