Black just said Repo 105 was not just fruad, but a felony. It was a deliberate misrepresentation of the company's financial condition that was "material" to investors. more »
The Hill published a truly outrageous op-ed yesterday by a payday lending front group, and the publication didn't bother to tell readers it was providing a platform for a predatory hatchet-woman. more »
The political battle over Wall Street reform is finally being engaged in earnest. Senate Minority Leader Mitch McConnell (R-KY) has formally thrown in his party's lot with the nation's largest banks, and to their credit, Democrats appear to be pushing back, both on politics and policy. more »
There are two types of financial outrages: acts that are outrageously illegal, and acts that are, outrageously, legal. Yesterday's Senate hearing on the rise and fall of Washington Mutual was a rare examination of the former outrage, documenting the pervasive practice of fraud at every level of the now-defunct bank's business. more »
The Financial Crisis Inquiry Commission examine the actions of Fannie Mae and Freddie Mac, the two semiprivate institutions that together are the backbone of mortgage financing. The two agencies are favorite targets of the right, but will there be an equally tough progressive critique of the actions of the actions of the highly paid executives who run these companies? Taxpayers are going to lose a ton of money on Fannie and Freddie, as a result of decisions made during and after the financial crisis, but what other options have policymakers really had?
The Financial Crisis Inquiry Commission hearings continue to be a boring mess, peppered with a few moments of significant insight. Throughout most of yesterday's hearing featuring the nation's top bank regulator, Comptroller of the Currency John Dugan, Commissioners treated their witness as a credible expert, rather than a culpable catalyst of the crash. more »
The Office of the Comptroller of the Currency (OCC) is the top bank regulatory agency in the United States. It oversees the largest banks in the country, and completely failed to regulate them effectively in the years leading up to the Great Financial Crash of 2008. more »
Robert Rubin and Chuck Prince ran the financial giant Citigroup in the years leading up to the Great Financial Crash of 2008. Together, their leadership proved so disastrous that the company was forced to beg for one of the largest bailouts in economic history. more »
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