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Wall Street’s Shadow Market October 6, 2008
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US Economy Collapsing October 5, 2008
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New:
Why Won't The Bail Out Work? .
"Regulators say they made fateful mistakes - MarketWatch JJ: They admit their incompetence. What, now, is their punishment?"
Greenspan 'shocked' that banks couldn't police each other. October 23, 2008
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PS:"Executives at American International Group Inc. (
AIG) hid the full range of its risky financial products from auditors as losses mounted, according to documents released Tuesday by a congressional panel examining the chain of events that forced the government to bail out the conglomerate.
The panel sharply criticized AIG's former top executives, who cast blame on each other for the company's financial woes.
"You have cost my constituents and the taxpayers of this country $85 billion and run into the ground one of the most respected insurance companies in the history of our country," said Rep. Carolyn Maloney, D-N.Y. "You were just gambling billions, possibly trillions of dollars.""
Congress scolds former AIG executives over crisis, October 7, 2008 (
trillions, not millions, indeed)
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Did somebody not tell you so?.How the markets really work (from 2007)
"How did these comedians see it coming when financial reporters did not?"
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Shocking Video Unearthed - Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis (
from late 2004)
"Why should we have confidence in you as regulators?", "You are trying to fix something that is not broken", ...
eh?
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See
The Subprime Primer (PowerPoint) in a previous posting
here.
March 11, 2008And back in 1997:"In 1997, Brooksley Born warned in congressional testimony that unregulated trading in derivatives could "threaten our regulated markets or, indeed, our economy without any federal agency knowing about it." Born called for greater transparency -- disclosure of trades and reserves as a buffer against losses.
Instead of heeding this oracle's warnings, Greenspan, Rubin & Summers rushed to silence her. As the Times story reveals, Born's wise warnings "incited fierce opposition" from Greenspan and Rubin who "concluded that merely discussing new rules threatened the derivatives market."
The Woman Who Could Have Prevented This Financial Mess Was Silenced by Greenspan, Rubin and Summers October 11, 2008
If you think you lost money September 21, 2008 "A chart on Sunday showing the change in the value of shares that chief executives held in their financial companies from January 2007 through Friday erroneously included one former executive. Henry M. Paulson Jr., who was chief executive of Goldman Sachs and is now the Treasury secretary, sold his holdings in Goldman upon joining the Bush administration in 2006 — a point The Times correctly reported on Saturday. Mr. Paulson did not hold $523.5 million worth of the company’s stock as of Friday." What a relief!
