The Same Financial Crisis: Stocks Falling Due to Same Mortgage Problems from 2008

By: Thursday August 11, 2011 7:01 am

I guess news outlets are still pushing the line that the S&P debt downgrade is what has driven the stock market volatility over the past week or so. They have to neglect that the market was falling before the downgrade to come up with this rationale, but no matter, I guess. In planet reality, there [...]

Delaware AG Biden Joins Schneiderman, Intervening in Proposed BofA Settlement

By: Monday August 8, 2011 8:10 am

Bank of America was just getting over having the New York Attorney General step in on their settlement with Countrywide investors over mortgage bonds, when Delaware’s AG decided to join in. Delaware Attorney General Beau Biden also intends to intervene in the Bank of America case, Ian McConnel, a deputy attorney general at the office, [...]

The Goldman Sachs $2.9 Billion Heist of the Federal Treasury

By: Thursday January 27, 2011 10:29 am

A lot of people are talking about this report about how Goldman Sachs got an additional, undisclosed $2.9 billion from AIG that it promptly deposited into its own account. This is significant because previously, Goldman’s line was that they took billions in counterparty payments from AIG on behalf of its clients. But this reveals something [...]

The TARP Slate Pitches Don’t Work

By: Friday October 1, 2010 7:39 am

Here we go again. It seems that every couple weeks, somebody else writes a counter-intuitive, made-for-Slate story about how TARP is actually a great success coming in under cost, and how it might actually turn a profit. Jackie Calmes does the honors today. Even as voters rage and candidates put up ads against government bailouts, [...]

AIG “Deal” Another Loss for the Taxpayer

By: Thursday September 30, 2010 12:03 pm

AIG and the government have settled on a plan that will allow Treasury to sell its stake in the company. Here are the main details: Under the plan, the Treasury Department will, for a time, own 92.1 percent of A.I.G. before it begins to sell its shares. Because A.I.G. turned out to need a bigger [...]

The Error of Revisionism on TARP

By: Friday September 17, 2010 9:03 am

I can hardly believe the hand-wringing over the relative success of TARP, popularly known as the bank bailout. It’s based on a fiction that the only problem anyone had with it was that it gave a lot of money to the banks without the expectation of getting it back. Now that the money specifically handed [...]

AIG Throws a $4 Billion Coin to Government, Still Has Fountain of Debt

By: Tuesday August 24, 2010 10:44 am

Good news everyone! We’re getting our money back from AIG! That’s right, the company who received at least $180 billion dollars in bailout money is finally ready to return it! And they’ve done so, to the tune of… $4 billion dollars. Cue the Sad Tuba. “This is continuing tangible evidence of AIG’s progress in repaying [...]

Obama Will Nominate a Spate of New Financial Regulators in the Coming Months

By: Tuesday August 10, 2010 10:37 am

Katrina vandenHeuvel caused a stir last night by tweeting that the White House would choose Elizabeth Warren to run the Consumer Financial Protection Bureau. This would have been big news if Robert Gibbs didn’t pick today to go kamikaze on the “professional left.” Marcy is absolutely right that the nomination would only be the first [...]

Cassano: NY Fed Negotiated Bad Deal with AIG Counter-Parties

By: Thursday July 1, 2010 9:58 am

Nobody knows more about bad deals than Joseph Cassano, the head of the disastrous AIG Financial Products division. I wanted to loop back to his testimony before the Financial Crisis Inquiry Commission, because he made a statement about some other bad deals about which he had some intimate knowledge: AIG’s former derivatives chief said Wednesday [...]

AIG’s Joseph Cassano Testifies Before FCIC Today

By: Wednesday June 30, 2010 6:15 am

If Joseph Cassano, the head of AIG’s disastrous Financial Products unit, has granted an interview since the insurance giant melted down, I certainly don’t remember it. That’s what makes today’s Financial Crisis Inquiry Commission hearing so interesting. The theme is the derivatives market, and there will be a particular emphasis on AIG and Goldman Sachs, [...]

A Loophole for Insurance Companies Like AIG – Completely Sensible!

By: Tuesday June 22, 2010 1:12 pm

Ryan Grim has the latest from the FinReg negotiations: The insurance industry is poised to rip a gaping loophole in financial reform’s investor protections, working to insert a provision in the conference committee report that was passed by neither the House nor the Senate. The measure would exempt securities products created by insurance companies from [...]

Follow FDL News Desk
TODAY’S TOP POSTS
Advertisement

Close