Like everyone else but two members of the House, Paul Ryan voted for the STOCK Act, a watered-down version of a bill that would ban insider trading among members of Congress. Before he did that, however, Ryan spent 2008 wheeling and dealing his bank stock portfolio to match his knowledge gained as a member of Congress during the financial crisis.
|By: David Dayen Monday August 13, 2012 12:45 pm|
|By: David Dayen Thursday August 2, 2012 1:43 pm|
In another example of why normal Americans just shouldn’t play the casino that has become the stock market, a runaway trade bot threw the NYSE into turmoil yesterday.
|By: masaccio Wednesday May 9, 2012 4:35 pm|
A New York Times article discusses the disappearance of retail investors and the steady decline in trading volumes since the Great Crash. They blame the usual uncertainty. But investors know the game is rigged by those sucking most of the rewards out of investing. The small investors don’t stand a chance, and they know it.
|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: David Dayen Monday March 5, 2012 9:28 am|
BP settled with 120,000 victims of the oil disaster in the Gulf coast for a sum of $7.8 billion, all of which will come from the already allocated $20 billion oil spill fund. This result works well for BP, which can now get back to the business of exploiting world resources for profit. Meanwhile, after the moratorium there’s now a resurgence in offshore drilling worldwide; in the Gulf, it’s about to surpass pre-disaster levels.
|By: David Dayen Friday January 13, 2012 5:12 pm|
At Bank of America, the situation is dire. We’ve been expecting a possible crackup of the big bank, which made some of the worst purchases in business history in acquiring Countrywide and Merrill Lynch. Now, Yves Smith notes that BofA may have to pull out of key areas of the country in order to survive
|By: David Dayen Wednesday November 30, 2011 9:10 am|
One of the ways in which the big banks were bailed out was through an artificially high credit rating based on the assumption that they would always get bailed out if they got into trouble. This was a major advantage for them over their competitors. Now S&P Rating Services is downgrading major banks.
|By: David Dayen Monday November 21, 2011 9:15 am|
I tweeted last night, “When bad news from Europe tomorrow makes stocks tank, and the idiots in DC blame it on Super Committee fail, could someone correct them?” Apparently, no one told the AP or Washington Post, who insist the Super Committee Fail is driving down the stock markets.
|By: David Dayen Tuesday November 1, 2011 9:25 am|
Jon Corzine’s investment company, MF Global, filed for bankruptcy after it was reported the firm was missing hundreds of millions in investor funds. It’s not clear where the money went, but the fund had invested heavily in European debt.
|By: David Dayen Tuesday August 30, 2011 12:15 pm|
Every quarterly earnings statement and public comment from banks in the post-bubble period contains some discussion of a reserve fund for mortgage losses and liabilities. They always attach a dollar amount to it. If BofA knew about an AIG lawsuit seven months ago that would reshape the extent of their mortgage liabilities, and chose not to reveal that information, that’s a serious error. Is it criminal? Hard to say. The SEC has requested more disclosure on these matters. But if I were a BofA shareholder, I’d be mighty unhappy today.