December 2009
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Derivatives Overhaul Has Failed - WSJ.com →
continuum:
Lobbying by Wall Street has blunted efforts to step up regulation on derivatives trading by carving out exceptions or leaving the status quo in place.
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“When I buy an audiobook on CD, it’s mine. The license agreement, such as it is,...”
– Cory Doctorow (via azspot)
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“Then there are the politicians. Even now, it’s hard to get Democrats, President...”
– Paul Krugman (via azspot) (via robot-heart-politics)
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“…I think it’s fair to say that since 1980, and it really started in the...”
– John Perkins (via azspot)
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“Why should Iceland suddenly be so seemingly essential to global finance? Or: Why...”
– Some thoughts on Meltdown Iceland and Iceland in general | Investoralist
Trying to diagnose Iceland is wrongheaded. Iceland isn’t suffering because of some deep inherent flaw; Iceland is suffering because it bought in to a vision of finance-as-economy that was simply an illusion. Iceland was...
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“How did the shareholders let them get away with this? They were sitting on the...”
– Martin Taylor, chairman in Syngenta and former chief executive of Barclays, FT.com / Comment / Opinion - Innumerate bankers were ripe for a reckoning
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“What were the sources of this imaginary wealth? First, spreads on credit that...”
– Martin Taylor, chairman in Syngenta and former chief executive of Barclays, FT.com / Comment / Opinion - Innumerate bankers were ripe for a reckoning
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“Upon reflection, this move by Goldman could represent a fantastic opportunity,...”
– Yves Smith in Goldman Threatens to “Move” 20% of UK Staff to Spain to Escape Bonus Supertax « naked capitalism
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“So we now have an official demonstration of what we all knew to be true:...”
– Yves Smith in Goldman Threatens to “Move” 20% of UK Staff to Spain to Escape Bonus Supertax « naked capitalism
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“The Washington Post is reporting that the federal government has quietly decided...”
– Edward Harrison in U.S. forfeiting billions in future taxes to let Citi repay TARP - Credit Writedowns
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“General Motors announced today that it will be shutting down its Saab brand,...”
– Daniel Costello in Morning Report: GM Says Saab Is Done; Google Buying Yelp - Planet Money Blog : NPR
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“Residential delinquencies are up 1.2% just in the last quarter, and now stand at...”
– John Mauldin in The Age of Deleveraging - Credit Writedowns
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“Perhaps A.I.G.’s employees would also be judged not guilty. But we would like to...”
– Eliot Spitzer, Frank Partnoy and William Black in Op-Ed Contributors - Show Us the E-Mail - NYTimes.com
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“Goldman could move a relatively large number of people if it wants to. Given how...”
– Goldman Sachs threatens Spanish move - The Independent (via dan-e)
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“City people have always been paid well relative to others, but megabonuses are...”
– Martin Taylor, chairman in Syngenta and former chief executive of Barclays, FT.com / Comment / Opinion - Innumerate bankers were ripe for a reckoning
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“One of the enduring themes of the popular media is that deregulation of banks...”
– Beware the Treasury - Banking Complex - Fundmastery Blog - MarketWatch (via nonolet)
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“Moody’s downgraded a third of the entire stock of Spanish mortgage bonds...”
– Ambrose Evans-Pritchard in Moody’s ‘axe blow’ to rating on Spanish debts - Telegraph
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“Citi is diluting the hell out of it shareholders, as well as all of the other...”
– Reggie Middleton in Can I have a loan and an equity investment to allow me to boost my bonuses to about $20 million? | zero hedge
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So Much For The Taxpayer Profit In Citi: Treasury... →
crazynutjob:
This is the story of the evening. Citi shares are (obviously) down to the offering price in after hours trading. This could have gone a little smoother.
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“There are two ways that industrialized nations have achieved universal health...”
– Without A Public Option, The Individual Mandate Is Unacceptable For Moral, Political, And Policy Reasons (via azspot)
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Detroit's Unemployment Rate Is Nearly 50% →
nonolet:
unsolicitedanalysis:
(via soupsoup)
This is how areas of the country will collapse. Detroit will provide a blueprint for the imminent decay of entire swaths of suburbia. It teaches us key, counterintuitive concepts:
1.) The value of land can, in fact, approach zero
2.) Labor has no intrinsic value absent the support of industry.
3.) Debt-sustained industries are high risks...
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“Diamond seemed to dislike the term “socially useless” to describe recent...”
– Wall Street’s Fraud and Solutions for Systemic Peril (via nonolet)
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“If the climate was a bank, they would have already saved it.”
– Hugo Chavez at Copenhagen via COP This! (via somethingchanged) (via recro)
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“It’s terribly negative. Management has shown that it is willing to take any...”
– Richard Bove, an analyst at Rochdale Securities, quoted by Jeff Zeleny and Eric Dash in Wells Fargo to Repay U.S., a Coda to the Bailout Era - NYTimes.com
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“The executives who run large banks are aware that the insolvency of any single...”
– Simon Johnson in Measuring The Fiscal Costs Of Not Fixing The Financial System « The Baseline Scenario
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“I support restrictions on the form of compensation in financial institutions,...”
– James Kwak in Why Did Bank of America Pay Back the Money? « The Baseline Scenario
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“At both Bear Stearns and Lehman, both the CEO and the 2-5 executive group...”
– Lucian A. Bebchuk, Alma Cohen, and Holger Spamann in The Wages of Failure: Executive Compensation at Bear Stearns and Lehman 2000-2008 (PDF)
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“Although the financial deterioration in 2007 led Bear Stearns to stop paying...”
– Lucian A. Bebchuk, Alma Cohen, and Holger Spamann in The Wages of Failure: Executive Compensation at Bear Stearns and Lehman 2000-2008 (PDF)
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“The case can made that financial innovation of the OTC derivatives variety,...”
– Yves Smith in Volcker: Little Evidence Financial Innovation Has Helped Economy « naked capitalism
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“The trendy W Hotel in Manhattan’s Union Square was auctioned off yesterday...”
– Caitlin Kenney in Dubai World Crisis Hits Union Square - Planet Money Blog : NPR
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“One such deal was called Davis Square Funding VI. That CDO, assembled by Goldman...”
– Serena Ng and Carrick Mollenkamp in Goldman Sachs Had Bigger Role in AIG - WSJ.com
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“Financial services in the United States had increased its share of value added...”
– Paul Volcker, a former chairman of the US Federal Reserve, quoted by Patrick Hosking and Suzy Jagger in ‘Wake up, gentlemen’, world’s top bankers warned by former Fed chairman Volcker - Times Online
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“What we’ve just seen, hidden in the euphemism here, is a confession that drug...”
– Charlie’s Diary: What are the long-term consequences …? (via nonolet)
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“We find that the top-five executive teams of these firms cashed out large...”
– Lucian A. Bebchuk, Alma Cohen, and Holger Spamann in The Wages of Failure: Executive Compensation at Bear Stearns and Lehman 2000-2008 (PDF)
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“I wish someone would give me one shred of neutral evidence that financial...”
– Paul Volcker, a former chairman of the US Federal Reserve, quoted by Patrick Hosking and Suzy Jagger in ‘Wake up, gentlemen’, world’s top bankers warned by former Fed chairman Volcker - Times Online
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“Once a CDO debt pool is assembled, it is sliced into layers based on risk and...”
– Serena Ng and Carrick Mollenkamp in Goldman Sachs Had Bigger Role in AIG - WSJ.com
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“Has there been one financial leader to say this is really excessive? Wake up,...”
– Paul Volcker, a former chairman of the US Federal Reserve, quoted by Patrick Hosking and Suzy Jagger in ‘Wake up, gentlemen’, world’s top bankers warned by former Fed chairman Volcker - Times Online
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Drug money saved banks in global crisis, claims... →
ourtropes:
“Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were ‘the only liquid investment capital’ available to some banks on the brink of collapse last year. He said that a majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result.”
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President Obama Calls JP Morgan (NYSE: JPM),... →
(via dan-e)
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“So the old system of inefficient bureaucracies and artificially high prices has...”
– Matt Taibbi (via azspot)
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“Too many wrongly characterize the debate as “security versus privacy.” The real...”
– Bruce Schneier’s reaction to Eric Schmidt (via foomandoonian) (via idiosyncratic-routine)
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“Figures are difficult to come by (disclosure to the public of KIAs strategy or...”
– Citigroup: KIA’d | zero hedge
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“A future in which privacy would face constant assault was so alien to the...”
– Bruce Schneier (via azspot)
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“The Anti-Counterfeiting Trade Agreement (ACTA) is a broad intergovernmental...”
– Beginning of the open letter signed by a worldwide coalition of Non-Governmental Organizations, consumer unions, and online service providers associations, in ACTA: A Global Threat to Freedoms (Open Letter) | La Quadrature du Net
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“A major component of risk management in options trading is making sure that the...”
– My List of Easy Options Investing With Options (via nonolet)