For public interest advocates fighting the David vs. Goliath battle to win meaningful reform of the financial system, there was a certain satisfaction in watching Jamie Dimon eat humble pie last week as he announced that JPMorgan has lost a little over $2 billion trading credit derivatives. After all, no...
(17) Comments | Posted March 6, 2012 | 5:01 PM
Imagine what Charles Mackay, the author of 1841's Extraordinary Popular Delusions and the Madness of Crowds, would think of Congress's latest "jobs bill" and, in particular, its proposal to "crowd fund" enterprises through the Internet. If we picture the mania associated with the South Sea Company, Mississippi Company and Dutch...
(0) Comments | Posted February 22, 2012 | 12:18 PM
When President Obama announced his proposal last week to provide a desperately needed funding boost for the Commodity Futures Trading Commission (CFTC) and to pay for $117 million of that funding through user fees, the securities industry issued a predictable and predictably hypocritical statement of opposition. "We do...
(3) Comments | Posted January 26, 2012 | 9:10 AM
In a little noticed vote, the Commodity Futures Trading Commission (CFTC) reversed course last week on a rule that had the potential to save cities and school districts across the country billions in excess costs on the swaps they purchase to hedge their interest rate and other risks....
(0) Comments | Posted February 1, 2011 | 9:00 AM
When the Financial Crisis Inquiry Commission was established in May of 2009, the hope was that a bipartisan group of financial experts could arrive at an explanation of the causes of the financial crisis that would rise above the partisan bickering prevalent at the time. Last week, the FCIC
(7) Comments | Posted December 8, 2010 | 10:43 AM
There is widespread agreement that regulators who failed to use their existing authority to rein in abusive and risky practices are partially to blame for the recent near collapse of the global financial system. In many cases an unwillingness to regulate was the primary cause. Think Alan Greenspan and...
(1) Comments | Posted November 23, 2010 | 11:01 AM
If doing the same thing repeatedly and expecting a different result is the definition of insanity, then post-election pronouncements from Republican leaders regarding financial regulatory reform are nothing short of insane.
In the wake of this month's elections, newly empowered Republicans in Congress have raced to declare their intent...
(0) Comments | Posted September 16, 2010 | 1:23 PM
Do you know whether the person you rely on for advice about investments is a broker or an investment adviser? Do you know if he or she is legally required to act in your best interest when recommending securities? If you are like the vast majority of Americans, you have...
(0) Comments | Posted August 30, 2010 | 3:05 PM
At the end of the day Monday, the comment period officially closes on the Securities and Exchange Commission's (SEC) study of the standard that should apply to brokers when they give investment advice and recommend securities. Yet as of last Monday, with only one week remaining on...

(7) Comments | Posted May 14, 2012 | 10:30 PM