Archive for the ‘Finance’ Category

Quick Hit: “Dimon or Rust?”

Dimon’s JP Morgan announces $2 billion in trading losses!

An outspoken opponent of the Volcker Rule and other banking and financial regulations, Jaime Dimon, CEO of the nation’s biggest bank, discloses the huge losses and proves the need for more comprehensive banking oversight.

Touted as the brilliant banking executive who avoided the ravages of the financial crisis, has Dimon now become the poster boy for stronger regulation?

The scandalous nature of this trading loss, which may grow to over $4 billion, has undeniably tarnished Dimon’s star.

But this isn’t the first scandal at JP Morgan!

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Posted in Banking, Finance, Quick Hits, Too Big to Bail | Comments Off

“Saving Us From the Bottom”

This article has been posted on The Huffington Post. Click on the link to read it on Huff Post.

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It’s time for a radical new approach!

We’ve tried trickle-down and it hasn’t worked! All that’s trickled down is crap.

So as we near, bounce along, or bounce off the bottom in our financial recovery, let’s start thinking outside the pox.

Yes, supply side economics has been a pox on this country, on the world — a pox on capitalism with a predatory financial system and unfiltered greed becoming a malignant cancer.

What caused this insidious and unrelenting disease? How do we reverse it?

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Posted in Economy, Election 2012, Finance, HuffPost Articles | Comments Off

“The Banksters: An Oscar Winning Performance”

Oscar Winning “Inside Job” exposed the criminals of the banking crisis!

As a result of the hard-hitting documentary, the criminals have been rounded up, tried, convicted, and incarcerated in maximum level confinement.

Their families are outraged, claiming they are being treated like caged animals; treated like Bradley Manning—isolated and stripped of their rights and visitation privileges. They are calling for fair and humane treatment, including access to their overpaid attorneys.

What?

There are no banksters in prison?

No one has been convicted?

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Posted in Banking, Economy, Finance, Politics, Too Big to Bail | 1 Comment »

“The Next Looming Bank Crisis: De-leveraging!”

This new article has been posted on The Huffington Post today, Wednesday, December 1st. Click on the link to see the article on The Huffington Post.

Big Banks have another major crisis growing beneath the surface!

Banks are again on the verge of a damaging financial crisis and will plead for help from taxpayers despite it being the product of their own greed. Financial institutions are horrible corporate citizens.

As if the Big Banks, after being saved by the taxpayers, The Federal Reserve, and FASB (Financial Accounting Standards Board), didn’t have enough to worry about with the ongoing foreclosure nightmare possibly costing over a hundred billion dollars, another problem is brewing that is not being talked about.

De-leveraging!

Huge banks still have huge problems masked by TARP, The Fed’s quantitative easing, FASB’s change of Mark to Market accounting, and changes as a result of FinReg passed by Congress.

Bank’s problems include: questionable foreclosure procedures, defaulting mortgages, the repurchase of toxic assets, investors demanding recourse for fraudulent securitized instruments, a potential change in FASB rules forcing aggressive markdowns, and exposure to the European crisis.

Each element, on its own, could change the landscape of banking and plunge us into another financial crisis. The convergence of any two, especially with the uncertainty of the foreclosure mess, could destroy the banking system.

Is the banking system really that fragile?

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Posted in Banking, Economy, Finance, HuffPost Articles, Predictions, Too Big to Bail | Comments Off

Quick Hit: “Reconsillyation?”

Can we expect good  financial legislation out of this Conference?

Members of the House of Representatives and the Senate are meeting to hammer out a financial regulation bill that will be legislation for the ages!

It’s doubtful given the make up of the selectees forming the committee.

The obvious deficiencies in the conferees from the Senate are well documented in the recent article, “Are You Shitting Me?

It’s a little more difficult to judge the predisposition of the House representatives involved in this process. There are more conferees from the House and they represent smaller, more local segments of the country.

But, if John Boehner’s smoke screen and Ed Royce’s opening statement are any indication of the direction the Republican’s are going we can’t expect much help ‘for the people’ from them.

Reforming Fannie Mae and Freddie Mac will be necessary as we exit this recession. The problems at the mortgage giants are enormous and must be approached in the near future as a pressing and separate issue. But, Boehner, Royce and Republican’s use them as a diversion from their complicity in the financial meltdown.

If Fannie and Freddie are a separate issue, why do they keep pushing to include them in this financial regulation bill that they already claim is too many pages?

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Posted in Congress, Economy, Finance, Politics | Comments Off

“Are You Shitting Me?”

Senators who are ‘for the people’ overlooked in the financial reform process!

One look at the make-up of the Senate Conferees selected to work with the House to combine the two versions of financial reform into powerful, effective legislation, and we can kiss that notion good-bye!

There is little desire on the part of those chosen to help ‘the people,’ as evidenced by: their positions on many of the issues that are, or could be, part of the original bill, their votes in the past, and their campaign finance histories’.

Of the 12 members selected by the Senate, not a single powerful voice ‘for the people’ is a member of the conferencing process. Many of these Senators are outright or tacitly responsible for most of our financial problems.

What can we expect out of a group like this?

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Posted in Banking, Economy, Finance, Politics, Too Big to Bail | 1 Comment »

“A Half-Fast Bill and Premature Evacuation!”

Powerful Financial Regulation would be good for all Americans!

The Senate passed their version of financial regulation, (S.3217) ‘The Restoring American Financial Stability Act of 2010.’ It now moves to conference to be melded with the House Bill, (HR4173) officially called ‘The Wall Street Reform and Consumer Protection Act of 2009,’ which passed the House 223-202.

Majority Leader, Harry Reid, with the help of Democrats and a few Republicans, in a moment of premature evacuation brought a half-fast piece of legislation to the floor without addressing or revisiting some of the most important amendments up for consideration.

Despite passing with a vote of 59 to 39, the Bill is weak and falls far short of its potential of fixing a messed up banking system, economy, the gambling on derivatives, and the Federal Reserve. Several amendments were added to strengthen the bill, but some of the most important failed to pass or were not brought up for vote. And there is little hope that it will get fixed in Conference.

Conferencing of the Bill will be conducted by Senators Shelby, Chambliss, Lincoln and Representative Barney Frank and a few others. But is it salvageable?

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Posted in Finance, Wall Street | 5 Comments »