This morning, The Wall Street Journal breaks the unfortunate if unsurprising news that big Wall Street banks routinely lower their debt levels shortly before reporting their quarterly statements, making the banks seem less leveraged than they are.
A total of 18 banks, including Bank of America, Goldman Sachs and Citigroup, More…
Well, we knew that SEC employees weren’t policing the Lehman Brothers or sharing information on its collapse with the Fed and they weren’t getting Goldman to disclose how much money Tim Geithner got AIG to pay them from the U.S. Treasury in a timely fashion, and More…
Anyone who has seen the seminal Schoolhouse Rock video “How a Bill Becomes a Law” likely thinks that, when a bill is signed into law, the government can begin enforcing it. Anyone who’s worked in Washington, including former Fed chairman and Obama economic adviser Paul Volcker, 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…
The papers yesterday screamed the news as the two stories broke almost simultaneously. In one plot, the internal watchdog at the Securities and Exchange Commission found that SEC regulators had bungled numerous opportunities to catch Bernie Madoff as he engineered what became a $65 billion Ponzi scheme, leaving More…
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