In a speech delivered Monday at the Columbus College of Art & Design, Ohio Gov. John Kasich reaffirmed his disdain for the press. “You should know, I don’t read newspapers in the state of Ohio,” he said. “Very rarely do I read a newspaper.”
Democrats are launching fierce negative advertising campaigns against Republicans across the country, noted Sunday’s New York Times, but not all party officials are convinced about the wisdom of taking the low road. And because a number of GOP candidates have entered from fields outside politics, opposition research outfits are More…
Today, the Financial Crisis Inquiry Commission — the bipartisan panel examining the causes of the financial crisis that plunged the country into recession — is up with another round of hearings. The FCIC is due to complete a comprehensive report, à la the Pecora Commission that studied the 1929 More…
Tomorrow, the House Financial Services Committee, headed by Rep. Barney Frank (D-Mass.), will hear testimony regarding the Valukas Report — a lawyer’s examination of the collapse of the investment bank Lehman Brothers, which uncovered fraudulent actions, including the now-infamous “Repo 105” accounting trick.
On Friday, The Wall Street Journal revealed that major Wall Street banks regularly use repurchase-agreement, or repo, transactions to reduce their debt levels and leverage shortly before reporting their quarter-end data. The revelations came after the Valukas Report showed that failed investment bank Lehman Brothers used a type of More…
As it if weren’t enough that Greece and Lehman Brothers were caught shifting their debts off the books with the help of a variety of irregular accounting measures, today’s news is that Bank of America has likely been doing it, too. John Hempton of Bronte Capital More…
The Lehman Brothers bankruptcy examiner’s report is the gift that just keeps on giving to critics of the administration, the bank bailout and the current efforts at financial market reform. Today, Ryan Grim of the Huffington Post reports that Tim Geithner, already under fire for encouraging Goldman More…
The extraordinarily comprehensive bankruptcy examiner’s report on Lehman Brothers is the gift that keeps on giving to financial reform advocates, above and beyond even the revelations that Lehman was cooking its books and no one noticed for years. According to Yves Smith at Naked Capitalism, the report is More…
Although Sen. Chris Dodd (D-Conn.) is getting grief for all that he doesn’t plan on doing with his financial regulation reform bill, one thing that is in the bill is some regulation of over-the-counter derivatives that forces them onto exchanges. While Republicans like Sen. Richard Shelby More…
One of the major components of the post-Enron accounting reforms, and laughable so, was a provision requiring that all CEOs sign off on their company’s financial statements. It was supposed to prevent CEOs from willfully looking the other way while subordinates cooked the company books (i.e., deny them plausible deniability) More…
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