See this video ofthe deposition of GMAC’s famed robo signer, Jeffrey Stephan, who estimates that he signs 10,000 documents a month. If nothing else, you need to watch from 5:00 to the end of the first segment. Hat tip reader Barbara W, from 4closureFraud.org. I wish the sound quality were better; you can also read […]
Read more...A Sunday change of pace at the suggestion of reader Cullpepper. Enjoy!
Read more...The London sponsored bike hire scheme provides an ongoing media opportunity for one of the UK’s less well liked banks. Not everyone thinks the PR should go unchallenged. Shot in Smithfield yesterday, hat tip Richard Smith:
Read more...Thought I’d make a very crude effort to assess how much interest there is in strategic default, via looking at how often it comes up in Google searches versus other hot topics. Be sure to look at the left scale. Not surprisingly, strategic defaults is a new subject of interest: Some old and new pet […]
Read more...If only it was that easy. First sentence: “Pick up a piece of text and start reading and it usually becomes clear pretty quickly whether you’re reading a nonfictional news story or a fictional novel.” They lost me right there. Hat tip to Alea.
Read more...It was hard to miss the Chinese central bank’s announcement last weekend that it was implementing a ore “flexible” policy toward managing its currency. Numerous Western officials and analysts declared the statement to be a major move, signaling China’s willingness to allow the renminbi to appreciate to a meaningful degree. We, by contrast, called it […]
Read more...Hat tip Francois T:
Read more...I must confess that I am only now reading John Brook’s classic Once in Golconda, which is a history of Wall Street from the 1920 to 1938. It’s a heady mix of lush and leisurely narrative with keen attention to financial tradecraft. Of course, any tale that involves market manipulation, no matter how far in […]
Read more...By L. Randall Wray, a Professor of Economics at the University of Missouri-Kansas City who writes at New Economic Perspectives WASHINGTON, 7 NOVEMBER 2017*. Yesterday Speaker of the House Dennis Kucinich was sworn in as President, replacing President Jeb Bush, who had fled to Riyadh, Saudi Arabia, aboard Air Force One seeking asylum in his […]
Read more...An article at the Independent, “Goldman packs a punch: Sherwood and Van Praag take their corners“: Wonder when we’ll see the first display ad along these lines….
Read more...No joke, that is the headline of a bona fide e-mail from the Treasury. Whoever wrote this press release seems to have an insufficient appreciation of irony. The first paragraph: To mark the 40th anniversary of Earth Day, the U.S. Department of the Treasury today announced that beginning July 31, 2010 the main Treasury building […]
Read more...Have fun and compare the readership of other bloggers (hat tip Richard Smith)! Although I do consider “celebrity twitterers” to be an oxymoron…..
Read more...We know that JPMorgan is not substantially increasing lending anytime soon. And we also know that banks are recapitalizing courtesy of a steep yield curve and near zero rates, what I would call free money. What I didn’t know is how free these funds truly were. An investor friend pointed out something curious buried deep […]
Read more...It seems the wheels are coming off the European experiment. Yesterday, we had a huge meltdown in Greek bonds. Media reports suggest that a recent article in German daily Frankfurter Rundschau are what triggered the latest selloffs in Greek sovereign debt (See the Telegraph’s account here; hat tip Swedish Lex). This article leaked portions of […]
Read more...A post by Edward Harrison. Earlier today, I had a brief e-mail exchange with Marshall Auerback in which I said that I had basically thrown in the towel on US (and global) policy makers. Early on in this crisis, I had advocated a number of policy paths which I think would have been infinitely superior […]
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