Facebook IPO Difficulties Reminder of the Insanity of the JOBS Act

By: Wednesday May 23, 2012 10:56 am

Facebook has bounced back a bit today on its initial stock offering, but it’s still way down from the IPO price. And the company – and those that helped bring it to NASDAQ – have much bigger problems: Morgan Stanley (MS) defended its role in Facebook Inc. (FB)’s initial public offering after a Massachusetts regulator [...]

Nevada AG Masto Gets Up to $57,000 Per Homeowner in Morgan Stanley Settlement

By: Wednesday September 28, 2011 2:22 pm

Nevada Attorney General Catherine Cortez Masto just reached a settlement with investment bank Morgan Stanley for up to $40 million, over deceptive practices in mortgage lending and securitization. This may seem like a small number, but Morgan Stanley was not a big player in Nevada, and the case itself involves just a small slice of [...]

Investor Class Already Looking for Handouts to Purchase GSE-Owned Properties

By: Thursday August 11, 2011 7:33 am

Marcy Wheeler has some important thoughts about the government’s proposal to convert GSE-owned properties into rental units, and the potential for abuse on the part of a new generation of slumlords. Call me crazy, but it seems the only reason such a program would be lucrative would be because it allowed one investor to corner [...]

Initial Fed Audit Shows Web of Conflict of Interest

By: Friday July 22, 2011 10:34 am

Matt Stoller, who worked on Capitol Hill from 2009-10, writes that the Dodd-Frank Act made no structural changes to the banking system, and that his main focus, the audit the Fed amendment, merely allowed “for the beginning of a real debate over our monetary system.” We don’t really have real debates on much of anything [...]

Major Lawsuit Against Morgan Stanley over Securitization of Second Liens

By: Wednesday December 8, 2010 9:16 am

Barry Ritholtz links to a complaint from MBIA, the insurance company, against Morgan Stanley over second lien securitization. MBIA is suing over breach of contract on a securitization known as MSM 2007-9SL, a pool of 5,000 second-lien loans. “Based on demonstrably false written representations during the pre-deal negotiations, Morgan Stanley fraudulently induced MBIA to issue [...]

Letter Opposing Social Security Benefit Cuts Up to 55 House Members, More Fireworks Planned

By: Monday September 20, 2010 2:04 pm

Brian Beutler notes that Raul Grijalva’s letter opposing any benefit cuts to Social Security has the support of 55 House Democrats, with more expected before tomorrow’s circulation deadline. But this could just be a first step. I reported earlier this month that other options beyond a letter have been under discussion in the caucus: An [...]

Was TARP Bailout Necessary?

By: Monday July 5, 2010 11:45 am

Economist Dean Baker, writing today in TARP Martyrs: The Post Mourns Politicians Who Lost for Helping the Banks, contends that the late-2008 TARP Wall Street bank bailout was not necessary. First, he addresses risks to the commercial paper market, The most immediate threat to the system, which Fed Chairman Ben Bernanke and others highlighted, was [...]

Top Banking CEOs Skip Obama Meeting

By: Monday December 14, 2009 10:20 am

The President met with leaders in the financial services industry, but three top bank CEOs decided not to show up and participated instead by phone. Three top bankers invited to the White House on Monday will not be able to attend in person because their flight was delayed due to bad weather but will participate [...]

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