The New York Times’ spin of the tentative settlement of JPMorgan’s latest myriad felonies begins early and runs throughout the article. JPMorgan and Attorney General Eric Holder have reached a common meme on their settlement: the Department of Justice (DOJ) and Holder are stalwarts who have demonstrated their toughness and JPMorgan is a model corporate citizen. The inconvenient facts that the senior officers of JPMorgan, Bear Stearns (Bear), and Washington Mutual’s (WaMu) grew wealthy through the frauds that drove the financial crisis and that JPMorgan’s senior officers will not be prosecuted and will not even have to repay the proceeds of their crimes never appear in the article.
The Fiscal TimesBarclays and JPMorgan: When Big Banks Get Too BigThe Fiscal TimesJPMorgan Chase (JPM) was also a clear winner; while it did take TARP funds, they were rapidly repaid, and the bank also ended up in a dominant position, having picked up B…
By Simon Johnson. This is a long post, about 2500 words. Over the last several weeks on this blog, I have expressed a broad set of concerns about governance arrangements at the Federal Reserve Bank of New York. I have … Continue reading →
Kai Ryssdal: Forty-six years ago Schwartz, and a guy named Milton Friedman, who’d later go on to win the Nobel Prize for economics, wrote a…
Fallout from JP Morgan trading losses, which led to rater Fitch downgrading their debt yesterday, aren’t the only financial worries the banking behemoth is facing.…
Now… Matt Zames… Matt Zames… where have we heard that name before… OH YES: he just happens to be the Chairman of the Treasury Borrowing…
David Rosenberg of Gluskin Sheff joined Consuelo Mack on Wealth Track this weekend to discuss his outlook for the economy. Rosenberg isn’t just bearish. He say the US economy is in a modern day depression similar to what Japan has suffered from f…
Nouriel Roubini was in fine form yesterday, scaring the bejeezus out of his followers on Twitter by saying that several huge financial institutions could collapse in the blink of an eye like MF Global.
These houses of cards, Roubini tweeted, include:…
Fascinating March 30 legal decision out of Alabama, in the case of Phyllis Horace vs. LaSalle Bank National Association et. el.
The judge issued a summary judgment ruling (original motion is here), tossing out the foreclosure action due to lack of tr…
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There’s dumb and then there’s really dumb. Let’s take a short walk back down history lane.
You were sure there was no housing bubble.
Then you were sure it wouldn’t pop.
Then you were sure when the subprime problem hit, tha…
