Credit Crisis

The Wall Street Journal explains how one of the coziest industry regulators, Mary Schapiro of the SEC, is now trampling the rule of law in order to win political points. […]

As readers know I am somewhat sceptical of the basis of the claims against Goldman Sachs made by the SEC regarding their role as a market maker in a derivatives […]

Larry Ribstein of the University of Illinois seems to think the SEC has Goldman by the you know what according to this piece in Business Week. He called Goldman’s behavior […]

As King Harvest has said repeatedly, here and here, for example, at the heart of the credit crisis are various forms of fictitious capital, most notoriously “synthetic” securities like those […]

The Greek Tsunami?

With a tsunami its not the first wave that counts, it’s when the water recedes and then ever so slowly a second wave approaches that the alarm bell should sound. […]

I promised a solid critique of VoBama’s reform measures announced recently as the Obama team desperately seeks something, anything, that helps make them look like they know what they are […]

Should we blame Richard Nixon for the financial crisis?

Here’s an interesting idea: we can blame Tricky Dick Nixon for the financial crisis. Well, that’s one way to get at the historic roots of the credit market and banking […]

GM Bankruptcy and Labor: From Sit Down Strikes to Credit Default Swaps

The United Auto Workers gave organized labor a beachhead in the American economy with the great sit down strikes of 1937. Some seven decades later organized capital is looking to […]

Despite widespread reports that the United Auto Workers union will emerge as the controlling shareholder of a restructured Chrysler, that is not formally true. But a closer look suggests that […]

A very nicely written excerpt from FT writer Gillian Tett’s new book Fool’s Gold on the origins of the credit crisis appears in the weekend edition of the FT. You […]