Sign up for our newsletters    

Sign up for our newsletters   

Baltimore City Paper home page.

Financial Reform Bill is Done

June 25, 2010
By
Financial Reform Bill is Done

As expected, the bill contains no curb on too-big-to-fail institutions.
Read more »

Tags: , , , , , ,
Posted in Crash Course | 1 Comment »

Loophole Nation

June 24, 2010
By
Loophole Nation

Without a loophole to grab hold of, every entrepreneur is threatened.
Read more »

Tags: , , , , , , ,
Posted in Crash Course | 1 Comment »

Fraud at the Bottom

May 14, 2010
By
Fraud at the Bottom

Go with the fraud and make big bux or fight & get fired, earning the right to battle for your job back in court for five or six years, with a less-than-10-percent shot at winning.
Read more »

Tags: , , , , , ,
Posted in Crash Course | 208 Comments »

TBTF Administrator: “There Is No Such Thing as TBTF”

March 4, 2010
By

Somewhere, Rene Magritte is smiling (from the WSJ): Herbert Allison, who oversees the Treasury’s $700 billion financial rescue plan, disagreed with members of a congressional oversight panel that some financial firms benefit from the assumption that the government would step in to prevent their failure. “There is no too big to fail guarantee on...
Read more »

Tags: , ,
Posted in Crash Course | No Comments »

HAFA Loaf

February 12, 2010
By

The housing crisis seems to be entering a new phase, with government programs that had been designed to try to keep people in their homes now being subtly shifted into a program meant to ease them out. One sign was this e-mail that came today with the headline, “Understanding the New Rules of the...
Read more »

Tags: , , ,
Posted in Crash Course | 356 Comments »

Dubai-ous Deals

December 1, 2009
By
Dubai-ous Deals

This makes total sense. Right? The WSJ estimates CitiGroup’s exposure to Dubai World’s defaulted $80 billion (est.) debt at $1.9 billion. The beauty part is Andrew Sorkin’s reminder (in the NYT) that Citi lent $8 billion to the palm-island-building megajoke last Dec. 14, shortly after the U.S. government pumped $45 billion into the ailing...
Read more »

Tags: , , ,
Posted in Crash Course | 349 Comments »

Happy (belated) Gramm Leach Bliley Day

November 13, 2009
By

Yesterday (Nov. 12) was the 10th anniversary of the signing ceremony for the Gramm Leach Bliley Act. Though hailed at the time as a great breakthrough in financial regulatory reform—headlines predicted the coming time of consumer plenty, big savings on mutual funds, insurance premiums and bank fees—it was never anything more than a scheme...
Read more »

Tags: , , ,
Posted in Crash Course | 2 Comments »

Greenspan Changes His Mind

October 15, 2009
By

Alan Greenspan has changed his mind, proving finally that he has one. As Bloomberg reports, Greenspan told the influential crowd at the Council on Foreign Relations yesterday that the too-big-to-fail doctrine must end: “If they’re too big to fail, they’re too big,” Greenspan said today. “In 1911 we broke up Standard Oil—so what happened?...
Read more »

Tags: , , , ,
Posted in Crash Course | No Comments »

More Pay on Wall Street

October 14, 2009
By

The Wall Street Journal crunched some numbers and declared that, even though 10 percent of U.S. citizens are out of work while most of the rest are taking pay cuts, the Gilliganesque bunglers in the financial sector are again partying like its 1999, only more so. According to the Journal: Total compensation and benefits...
Read more »

Tags: , , ,
Posted in Crash Course | No Comments »

CitiGroup Says Goodbye to Its $100 Million Man

October 9, 2009
By

The New York Times says CitiGroup is selling its secretive oil-trading arm, Phibro, to Occidental Petroleum, apparently to avoid bad publicity. Still no one’s questioning the idea that the head guy in a business division that yields $400 million a year is all by himself worth $100 million a year.
Read more »

Tags:
Posted in Crash Course | No Comments »

Where’s Your Money?

August 25, 2009
By

Good news today as Bloomberg News won its federal lawsuit to find out which giant corporations the Federal Reserve lavished big money on, and how much. It’s pretty outrageous that it took a nine-month legal battle to get this basic information, but that’s life in a democracy, right? Of course, in addition to its...
Read more »

Tags: , , , , , ,
Posted in Crash Course | No Comments »

Taylor Bean, TARP, the FDIC and You

August 5, 2009
By

Strange doings over the last few days in Central Florida have put about 10,000 Maryland homeowners in doubt about where to send their mortgage checks. But the real trouble is much bigger than that. Here’s a rundown on who, what, where, how, and maybe why: 1. Because of bad mortgage lending, mostly in Florida,...
Read more »

Tags: , , , ,
Posted in Crash Course | 1 Comment »