Goldman Sachs sent out a press release to announce it came to its senses and exercised “restraint” with its 2009 bonus pool. The so-called commercial bank “limited” its $16.2 billion bonus pool to 35.8% of revenue, down from 48% in 2008. Excuse me while I reach for my airsick bag.
This fake mea culpa should in [...]
The Wall Street Journal reports today that large banks have resumed lending money to hedge funds and other institutional investors. A closer look at this at this development reveals painful conflicts and new depths of fraud perpetrated against taxpayers.
The Wall Street lending machine, also known as the prime brokerage business, exists because commercial banks that [...]
What price, stability?
The Merrill Lynch MOVE index of Treasury Bill volatility. Click to enlarge.
From the NY Times today we read of a new Bill to regulate the Markets.Today the House of Representatives passed legislation aimed at curbing the worst excesses of Wall Street. The bill would “…create a new consumer financial-protection agency to squelch unfair and abusive practices; and for the first time, regulate over-the-counter derivatives markets. The [...]
David Michael from Eugene, Oregon writes on the NYTimes’ boards today in response to Friedman’s latest column:
After having built a large home in Oregon during our “raising kids” days that cost over half a million, I find it ironic that my wife and I now live in a 200 foot square box that moves around [...]