Turning Pretty Words Like “Bipartisanship” Into Action

By: Saturday November 10, 2012 9:00 am

With the election over, let the haggling begin. I’m not talking about the back-and-forth over the Fiscal Hillock (h/t Jackdawracy at Calculated Risk). I’m talking about nominations. Judicial nominations in particular.

Consideration of dozens of nominees have been stalled in the Senate, and dozens more vacancies lack nominees. Everyone who follows these things knew that any action this summer, as the election was getting into full swing, was not going to happen. Well, the election is over . . . and still the nominees wait. The judicial emergencies continue, and justice is increasingly delayed for thousands as dockets around the country continue to build.

Both Obama and the GOP need to demonstrate that they can do more than simply talk about working with one another; moving forward on these judicial nominations would be a good place to turn their pretty words into action.

 

Fed, Treasury Refuse to Take Libor Out of TARP Programs

By: Friday October 26, 2012 6:47 am

The Special Inspector General for TARP, Christy Romero, has recommended that the Federal Reserve and the Treasury Department stop using LIBOR, the benchmark interest rate derived in such a slipshod way that it was rigged for years. But the Fed and Treasury aren’t taking Romero up on the request.

Treasury Rumors: Replacements for Geithner on Either Side a Fairly Sorry Lot

By: 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?

Like Federal Programs, New Jersey’s Foreclosure Relief Effort Slow to Pay Out

By: 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.

Over 1 Million Homeowners Bounced From HAMP Since Program Began

By: 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.

Treasury Lowballs Settlement Against Standard Chartered, Despite Large Award to New York Regulator

By: 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.

Another International Bank Cops to Money Laundering Violations With Iran

By: 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.

Erskine Bowles Heaps Praise on Paul Ryan in 2011 Video

By: 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.

Erskine Bowles to Treasury Rumor Picks Up Steam

By: 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.

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