David Cay Johnston has given us another great book full of fascinating accounts of how corporations profit not by delivering a better product or being a more efficient producer but by gaming the system. This is not a pretty picture.
|By: Dean Baker Saturday October 6, 2012 1:59 pm|
|By: David Dayen Monday October 1, 2012 3:23 pm|
The next Administration, whoever it may be, will feature a new direction on policies around economic and finance issues. That’s because, even if Barack Obama wins re-election, Treasury Secretary Timothy Geithner has announced that he would leave his post. So you either get a Romney Presidency and an entirely new direction on these policies, or a second Obama term and a potential new direction. With fiscal issues sure to take prominence in 2013, this is a critical changeover.
So who’s on the Washington short list?
|By: David Dayen Tuesday September 25, 2012 10:24 am|
We can now say with some degree of certainty that foreclosure mitigation plans, as conceived for the crisis years, didn’t work. All we have to do is look at the money allocated for the programs relative to the money paid out.
|By: David Dayen Friday September 14, 2012 6:45 am|
The August housing scorecard is out, and as Arthur Delaney notes it contains a dubious milestone. Over 1 million homeowners have now been kicked out of the HAMP program, either by being turned down for a permanent modification or going into a re-default on their modification once it became permanent. And all 1 million of those borrowers end up in a worse financial situation than when they started out with the program, trapped by their servicer into bad scenarios.
|By: David Dayen Thursday September 13, 2012 7:15 pm|
Several weeks back, Standard Chartered Bank, caught engaging in multiple acts of money laundering, settled with the New York Department of Financial Services for $340 million. At the time I wrote that if the Treasury Department and the other federal regulators cannot get as much from Standard Chartered as the DFS, “it will be completely embarrassing.”
Apparently, Treasury is so in the tank for the banking industry that they have no problem going the embarrassing route.
|By: David Dayen Thursday August 23, 2012 6:00 am|
I think what we’ve learned by now is that every international bank in the world may have violated US anti-money laundering guidelines, specifically when it came to doing business with countries barred by sanctions. Royal Bank of Scotland is only the latest, and you can add it to the growing list of firms we know engaged in this, including Standard Chartered, Wells Fargo, Citi, Deutsche Bank, HSBC, Germany’s Commerzbank, Japan’s Sumitomo Mitsui Financial Group, Holland’s ING Direct and more.
|By: David Dayen Tuesday August 14, 2012 8:25 am|
Here’s a 2011 video of Catfood Commission Chair Erskine Bowlest heaping praising on Paul Ryan’s budget and Ryan’s math skills. This should be career ending.
|By: David Dayen Friday August 10, 2012 2:00 pm|
Ezra Klein, who has impeccable sources inside the Administration, makes a bet that Bowles will succeed Tim Geithner as Treasury Secretary in an Obama second term. And, he would be there specifically to secure a deal along the lines of the grand bargain.
|By: David Dayen Friday August 10, 2012 11:20 am|
The story so far: this week, the DFS cited Standard Chartered with $250 billion in illegal money-laundered transactions with the government of Iran. It’s only the latest in a series of money laundering revelations at the world’s major financial institutions, something that can only be described as epidemic. These have been resolved by global financial regulators by either ignoring it or setting up some predetermined settlement. But Lawsky didn’t get the memo. He filed the complaint and set up a court date for next week with Standard Chartered, with the ultimate goal of taking away their ability to do business in the state.
|By: David Dayen Thursday August 9, 2012 11:25 am|
Last week, when Ed DeMarco rejected principal reductions on Fannie and Freddie loans, Treasury Secretary Timothy Geithner pronounced himself disappointed. Housing advocates called for DeMarco to be fired; I explained why that won’t happen. And here’s another reason, courtesy Joseph Cotterill. The truth is that the Treasury Department has all the tools it needs to [...]