We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.–That to secure these rights, Governments … Continue reading →
ECB QE, in concert with its negative deposit policy rate, has set off a number of nested disequilibrium dynamics that may unwittingly introduce a material increase in systemic risk.
It’s plain to any sentient observer that both this Administration, and any others you care to name, have habitually targeted certain crimes and criminals and let others off the hook.
As financial regulators we have been warning since 1984 that accounting control fraud is optimized by modern executive compensation. Modern executive compensation is so perverse that it creates overwhelming incentives to engage in fraud and the means of committing the fraud that makes it far more difficult to prosecute. The CEO is able to convert the firm’s assets to his own benefit through seemingly normal corporate mechanisms. CEOs also use executive and professional compensation to generate “Gresham’s” dynamics and incentivize fraud by employees, officers, and professionals.
Wall Street’s full depravity was put on display in Joseph Fichera’s November 6, 2014 op ed in the New York Times.
Kilkenomics, being a festival of economists and comedians, has long reflected the economic consensus that austerity in response to a Great Recession is economic malpractice akin to bleeding a patient to make him healthy.
By “misbehavior” he means “criminality” and “fraud.” Two sentences later he calls an obvious (massive) fraud “misconduct.” The next sentence calls it “misconduct” and says it “never seems to abate” despite prior settlements. While he is describing frauds throughout, Henning never uses the word “fraud.”
Curry is an abject failure who should be cashiered immediately. No one had to order him to fail or intimidate him into failure. He represents anti-regulation as usual.
Paul Krugman’s admirers would never list modesty as one of his characteristics.
In Fiddler on the Roof, Perchik and Teyve have this exchange:
Perchik: Money is the world’s curse.
Tevye: May the Lord smite me with it! And may I never recover!