Derivatives Governing Body Says Greek Debt Swap Not Default Event

By: Friday March 2, 2012 7:35 am

Well that’s one way to solve the nagging problem with the Greek debt restructure triggering credit default swaps: just get the governing body to pretend the whole thing is voluntary. There will be no payouts to investors holding bond insurance contracts on Greek debt, a committee of bankers and investors ruled Thursday. The decision by [...]

Knives Already Out for Waters After Frank Retirement

By: Tuesday November 29, 2011 8:56 am

I looked yesterday at what Barney Frank’s retirement would mean for the all-important House Financial Services Committee. The next in line to represent Democrats as the leader of that committee is Maxine Waters, and I thought there would be significant pushback to her attaining that leadership role. It turns out that I was right. There’s [...]

Dem Senators Raise Issue of Backdoor BofA Bailout

By: Thursday October 27, 2011 10:20 am

Ten Democratic Senators, led by Sherrod Brown (D-OH), have written to financial regulators expressing their opposition to the recent move of Bank of America derivative exposure from Merrill Lynch to their federally insured subsidiary. By putting the derivatives under the FDIC, this puts taxpayers on the hook for potentially massive losses (the notional value of [...]

The Next Bailout: BofA Moves Derivatives Into Insured Institution

By: Tuesday October 18, 2011 1:12 pm

Bank of America announced a way for them to make it look like they made a $6.2 billion profit in the last quarter. The “profit” came mostly from an accounting trick and the sale of their stake in a Chinese bank, part of their downsizing strategy. But they had lower revenue and income in their [...]

One Year After Dodd-Frank, Still Waiting for Financial Regulatory Reform

By: Wednesday July 20, 2011 1:55 pm

The Affordable Care Act turns one year old tomorrow. The biggest impact of that will be that the Consumer Financial Protection Bureau will go into operation at the Federal Reserve. But it’s also a good opportunity to assess the law. Clearly, implementation has been an ordeal where the finance lobby tries to win among regulators [...]

Geithner Pries Away $30 Trillion ForEx Derivative Market from Regulation

By: Saturday April 30, 2011 7:53 am

Zach Carter reports on a blow to efforts to regulate the runaway derivatives market. Just as most derivatives are set to be put onto clearinghouses, Treasury Secretary Timothy Geithner exempted a large group of derivatives, foreign currency swaps, from the regulations. The Treasury Department plans to exempt foreign exchange derivatives from new Wall Street reform [...]

Geithner Poised to Gut New Derivatives Rules with Foreign Exchange Swaps Exemption

By: Monday March 21, 2011 12:12 pm

I’ve said for many months now that Dodd-Frank was not a bill, but a promise to write a bill later. The implementation process lay ahead, and that meant that regulators would have the ability to interpret the will of the Congress. Congress gave them this power very willingly – there are dozens of studies and [...]

Astroforging Returns: Lobbyists Write Fake Letters in Support of Derivatives Rules

By: Friday February 11, 2011 10:48 am

Way back in the day when I was just a mere independent blogger and not THE MEDIA ENTIRE I wrote about the practice lobbyists engaged in on the climate change bill, forging letters to members of Congress and claiming they came from grassroots organizations. I labeled the practice “astroforging.” As U.S. Rep. Tom Perriello was [...]

NAM Provides Issa with List of Regulations They Want Nixed

By: Wednesday January 12, 2011 11:43 am

Last week the news broke that Darrell Issa sent letters to corporations and trade groups asking them what regulations they would like to see curtailed. Much like Spencer Bachus’ now-famous statement that the role of Congress is to “serve the banks,” Issa saw his role as serving corporate America. And now, Brian Beutler reports, corporate [...]

Serving the Banks: A Good Description of Recent Public Policy

By: Monday December 13, 2010 10:49 am

If you want to rally boil down the work of the US government in the 2009-2010 period, it has been to systematically ensure that banks still rule the world. If that’s the prism through which you view their work, you have to conclude that they were wildly successful. Wall Street’s biggest banks, rebounding after a [...]

Regulators Chipping Away at Dodd-Frank

By: Monday November 29, 2010 10:58 am

I’ve been consistently saying that the Dodd-Frank financial regulatory law was not a law, but a promise to write a law later. Hundreds of rules and official studies followed passage in Congress, and we’re just now starting to see the fruits of that. Some of the results have been OK: trading in credit default swaps [...]

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