Those Who Helped Break the Economy Cannot Fix It
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/Over a decade after the beginning of the Great Financial Crisis, the global economy has still not found its footing and moved... Read More
How Safe are Tim Geithner’s Central Counter-parties?
The Office of Financial Research recently published a working paper on the question of how safe are the derivative clearinghouses that regulators set... Read More
Wall Street’s latest opaque product: nonlinear finance
In its ongoing quest to sell opaque securities that investors cannot assess the risk of, Wall Street has rolled out ‘nonlinear finance‘.... Read More
Secret to How Wall Street Makes Money Revealed
In 2010, I wrote a Fortune column explaining how Wall Street made money on subprime mortgage-backed securities by exploiting its access to... Read More
Obama offers honest explanation for saving bankers
In one of his first speeches since leaving the White House, Barack Obama offered up an honest explanation for why bankers were... Read More
Regulation dependent financial systems are crisis prone
In a recent interview, Paul Volcker was asked Has Wall Street always been trying to wiggle out of regulations? His response highlights... Read More
Deutsche Bank’s hollow apology
Shortly after settling with and agreeing to pay a several billion dollar fine to the US for its pre-2008 handling of mortgage-backed... Read More
Yes, Wall Street turns good people bad
In her excellent review of Maureen O’Hara’s new book, Gillian White shows why restoring transparency and the Transparency Label Initiative are so... Read More
Goldman using opacity to screw its clients shows why Transparency Label Initiative needed
To great fanfare, Obama’s Justice Department announced a $5 billion settlement with Goldman Sachs over how it sold mortgage-backed securities in the... Read More
How many ways did bankers manipulate Libor?
The Libor interest rate manipulation trial has been fascinating for the sheer number of ways bankers manipulated the price of money for... Read More
Another day, another opaque market rigged by bankers
It seems like only yesterday and the large banks were paying fines for rigging the price of money (Libor), the foreign exchange... Read More
Wall Street’s bad behavior to continue until transparency restored
In Transparency Games, I discuss a survey by the law firm of Labaton Sucharow. It found the more Wall Street bankers are... Read More
Bankers, fines and the NE Patriots
There are lessons to be learned from the NFL and its attempt to “fine” the New England Patriots for cheating by under... Read More
Bernanke has his Colonel Jessep moment
The splash page for Ben Bernanke’s new book, The Courage to Act, unmistakably parallels a wonderful scene from the movie A Few Good Men.... Read More
Can bankers behave? Behind a veil of opacity, no
In an article in The Atlantic, William Cohan looks at a study conducted by three economists at the University of Zurich. The study... Read More