Tonight provides yet another example of a blogger who brought an important stories to light not being credited by the MSM, in this case, a harsh preliminary ruling against JP Morgan in a dispute involving its client Televisa. I was going to post on Felix Salmon’s story, which discussed some extraordinarily dishonest conduct by JP […]
Read more...One of the things that has annoyed me is that the few times I’ve broken stories (this blog is mainly in the business of commentary and analysis, not reporting), I’ve had it picked up by the MSM and not been attributed as the party that broke the story. This kind of “bloggers as second class […]
Read more...The latest “Goldman [appears to be] behaving badly” incident reflects either uncommon boneheadedness (the only question is whether by an employee or the firm itself) or a very clever ruse to further discredit the reputation-challenged bank. Well-known British film director/producer/screenwriter Richard Curtis (Four Weddings and a Funeral, for instance) and actor Bill Nightly started a […]
Read more...One of the things that has been driving me crazy about MSM coverage of the latest public demands for tougher reforms of Wall Street is that they typically engage in subtle or not-so-subtle demonization of the critics. It is a blatant effort to put the shoe on the wrong foot. No, it isn’t that the […]
Read more...Time Magazine still gets first prize for shameless pandering to the interests of the elites (in my childhood, it was called the Establishment) with its designation of Bernanke as “Person of the Year” and the fawning accompanying story. But the FT has a piece tonight that is almost as bad, because unlike Time, the FT […]
Read more...Yves here. Several readers wrote, appalled by a Time Magazine article defending Timothy Geithner. Marshall Auerback took it upon himself to examine the quality of its reasoning. By Marshall Auerback, a fund manager and investment strategist who writes for New Deal 2.0. It was only a matter of time before someone emerged to defend Tim […]
Read more...Normally, I would not have paid much attention to the Wall Street Journal article today on Citigroup’s GTS, or Global Transactions Services, unit. But what was disturbing was that the normally-astute Columbia Journalism Review’s blog was taken in by a pretty questionable argument that was presented as fact in the piece. GTS is a big […]
Read more...Wow, has someone declared “Forced Out CEO Tries to Salvage His Reputation Month” when I wasn’t paying attention? Or was I just not on the distribution list? Last week, we had Sandy Weill telling us how the Frankenstein of the Citigroup he created was really a fine business; the only mistake he made was pushing […]
Read more...Dear readers, as much as the fact set in the headline sounds bad, we need to parse things a bit to calibrate properly. IMHO, the fact that the Fed used an attorney that also served Goldman is symptomatic of how concentrated the high end of finance has become and how incestuous all the relationships are […]
Read more...I should not be surprised to see that Robert Rubin, having been one of the single most destructive forces over the last two decades (Greenspan gets more heat because he was more visible, but Rubin has long had enormous sway) continues to have influence, not simply through his large network of well placed proteges (Larry […]
Read more...Reader Crocodile Chuck pointed out a set of articles at the New York Times that illustrates how skewed priorities in America have become. They also reveal how little public ire there is in the face of large-scale abuses that affect the average Joe. If corporate prerogatives cannot be reined in when personal safety is at […]
Read more...Sandy Weill, former chief poohbah of Citigroup, tells us that he had nothing to do with the implosion of the sprawling behemoth. Everything he did was right, it was his successor, Chuck Prince, who screwed up (well maybe he was an itty bitty bit responsible by virtue of recommending Prince). Oh, and it’s Jamie Dimon […]
Read more...Are we going to finally start seeing some pointed mainstream media coverage of the Administration’s limp wristed, industry-favoring financial “reform” plans? While it has been woefully slow in coming, the answer appears to be yes. One has to wonder whether the more skeptical coverage follows the increasing evidence that things may not be working out […]
Read more...McClatchy has a breathless piece up on CDOs and other “exotic” transactions that Goldman did in the Caymans (hat tip reader John D). The problem is that the author got his hands on some very solid information (prospectuses of 40 deals) but the story itself is a bit of muddle. While it has some helpful […]
Read more...By Thomas Adams, at Paykin Krieg and Adams, LLP, and a former managing director at Ambac and FGIC. In my view, Goldman, and a host of other clever bankers, are deliberately obscuring one of the most important points about modeling, CDOs and sophisticated investors. One of their defenses against the tremendous losses these products delivered […]
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