As dramatic as this headline sounds, there is much less here than meets the eye. In addition, either the article that discussed this development is confused, or the underlying legal pressure is not well framed. First, let’s get to the report, which certainly sounds serious. BusinessWeek reports that PIMCO, BlackRock, and the New York Fed […]
Read more...Well, at least we are number one as of yesterday, when Richard Smith noticed our rating, and today among business blogs. Don’t know how long this will last. But look how we beat blogs with a lot more people as dedicated contributors! And if you look at the Technorati ratings for business blogs + news […]
Read more...‘Ten years’ to solve nature loss BBC Bacteria ‘R’ Us Miller-McCune Epitaph For An Administration Paul Krugman China Plans to Reduce Its Exports of Minerals New York Times. So now it’s official. But the actual reductions now appear to be far more significant than those announced as coming into effect next year. Beyond Being #2 […]
Read more...Yves here. This post cites a number of recent Western commentaries on China’s currency policies; I suggest, for one stop shopping, you read Martin Wolf comment, “Why America is going to win the global currency battle.” There are several points in the argument below that are curious, to say the least. One is the notion […]
Read more...The comment by Joseph Stiglitz in the Financial Times lambasting the Fed’s expected move to quantitative easing is certain to have no impact on the central bank’s course of action. His article nevertheless is proof that this idea is not as well received as the officialdom would like you to believe. It isn’t merely Stiglitz’s […]
Read more...By George Washington Bank of America alleged in a court filing this June: It appears as though many loans and other mortgage-related assets have been double and even triple-pledged to various constituencies . Boa Answer to Freddie Objection in Re Taylor Bean & Whitaker Mortgage Corp. April Charney – a consumer lawyer with Jacksonville Area […]
Read more...By Satyajit Das a risk consultant and the author of the Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives During the European debt crisis, in a matter of days, the dollar strengthened by around 10%. The weakness of the Euro and resultant appreciation of the Renminbi by over 14% reduced […]
Read more...CNN reports that Bank of America is resuming foreclosures in 23 states (hat tip reader Glen S): Bank of America reviewed 102,000 foreclosures in the 23 states where a court must sign off on the proceedings, and it is now restarting the process on those cases, the company said Monday. The company said the first […]
Read more...By Dr. Pitchfork, an iconoclast who writes at Daily Bail. The little-known story behind the House’s initial rejection of TARP from Bill Isaac’s new book Senseless Panic. — Bill Isaac was Chairman of the FDIC from 1981-1985 during one of the most tumultuous decades in American banking. He oversaw the banking system during the Latin […]
Read more...‘Fractal’ mathematician Benoit Mandelbrot dies aged 85 BBC How (not) to communicate new scientific information: a memoir of the famous brindley lecture Laurence Klotz, BJU International (hat tip Richard Smith) Budapest Experiences A New Wave of Hate Der Spiegel (hat tip reader Paul S) Commentary: Mortgages Lost in the Cloud BusinessWeek Few silver linings when […]
Read more...By MBSGuy, a securitization expert In comments to my post yesterday, “So Why Did the Mortgage Servicers Use ‘Robo Signers’?“, reader Justica pointed out another element of servicer misbehavior, namely, investor lack of confidence in the reports, and therefore the disbursements, that servicers are giving them. From “Investors Grumble Over Flawed Remittances” at Asset-Backed Alert: […]
Read more...The Wall Street Journal has a report on Goldman’s new efforts to rebuild its damaged brand. The problem, of course, is that this is certain to be just that, a branding/marketing exercise, not an plan to make fundamental changes. And why should it be? Goldman, even with the heat it received and the fines it […]
Read more...Bloomberg reported on a rather peculiar announcement from the Chinese officialdom, which comes off as a rather lame rationalization of its ban on rare earths exports. If you are late to this cause celebre, rare earths confusingly really aren’t rare, but they are found only in fairly low concentrations and are nasty to mine. They […]
Read more...By reader Jackrabbit, hoisted from comments on “Tim Geithner’s Magical Mystery Tour Of TARP Propaganda Has Little Use For Truth“: 1. If you don’t say “no” it isn’t rape TARP was presented as the ONLY way to avert a melt down. The rapist used a gun. A more thoughtful approach would have at least extracted […]
Read more...Apologies for the thin links. I have to be on a plane at what is an ungodly early hour for me. So I hope readers will provide additional links in comments for the benefit of all. When in Doubt, Shout Paul Kedrosky One nation, under fraud Joseph Tauke, The Daily Caller. A lively, non-technical piece […]
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