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Jill Schlesinger
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Blog Entries by Jill Schlesinger

Memorial Day: Remember Our Fallen

Posted May 31, 2010 | 10:57:47 (EST)

Memorial Day commemorates the men and women who died while serving in the American military and originated in the years following the Civil War. It became an official federal holiday in 1971, although my guess is that most people think of the day more as the unofficial start of summer...

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Yves Smith Doesn't Dislike All Economists, Just Some of Them

Posted May 4, 2010 | 09:46:17 (EST)

I sat down with Yves Smith, author of the new book "Econned" for an amazing analysis from one of the financial industry's greatest critics and fans. Yves wants to clean up the shenanigans in the banking industry so we can return to a more level playing field.

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Obama Financial Regulatory Reform Cheat Sheet

Posted April 22, 2010 | 14:10:38 (EST)

I joined CNN this morning to discuss President Obama's speech about financial regulatory reform. As expected, the President pretty much echoed the main elements of the Senate bill, which Senator Christopher Dodd is spearheading.

...
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Goldman and SEC: Why No Settlement?

Posted April 19, 2010 | 07:34:01 (EST)

I spoke to a bunch of lawyers over the weekend about the SEC charges against Goldman Sachs. I wondered why GS didn't settle this thing. Usually litigators inside Wall Street firms argue that fighting is a losing proposition, due to the negative PR and/or potential liability from a loss....

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SEC Charges Goldman Sachs: Ahab Goes After Moby Dick

Posted April 17, 2010 | 09:40:09 (EST)

From hell's heart I stab at thee; for hate's sake I spit my last breath at thee. - Herman Melville "Moby Dick"
It's not Mary Schapiro's last breath, but she sure did stab at the "Vampire Squid" this morning. The SEC charged Goldman Sachs (press release here)...
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Volcker, Dodd and the Death of Regulatory Reform

Posted February 3, 2010 | 09:06:45 (EST)

Former Federal Reserve Chairman and current Obama financial reform cheerleader Paul Volcker appeared before the Senate Banking Committee to pump up his eponymous "Volcker Rule," which aims to limit the scope of banking activities. Watching yesterday's testimony, I'm left with a sinking feeling that we're watching a slow death...

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Obama Slaps Banks With Volcker Rule

Posted January 21, 2010 | 16:38:19 (EST)

President Obama seems positively peevish in the aftermath of the MA Senate results. As predicted, the wrath of his anger will now be directed towards Wall Street. The timing was great--hours after Goldman announces boffo earnings, the President slaps Wall Street with the "Volcker Rule". Suddenly media outlets...

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Bank Tax, TARP Tax: Obama's "We Want Our Money Back" Fees

Posted January 14, 2010 | 13:45:53 (EST)

I guess "Bank Tax" or "TARP Tax" was out, because the President doesn't want to be known as the guy who taxes too much. Calling it the "We Want Our Money Back Fees" has a certain populist appeal, but President Obama settled on "Financial Crisis Responsibility Fee," which is...

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Bonus Bingo Resumes As Financial Crisis Commission Convenes

Posted January 12, 2010 | 10:36:12 (EST)

If it's January, it's bonus season on Wall Street. It remains to be seen if the public has the energy to spend on the billion-dollar payouts at the nation's largest firms, but we'll likely hear a sober defense from the industry that includes a reminder that banks had...

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December Jobs Report: Santa Brings More Pain

Posted January 8, 2010 | 09:20:00 (EST)

The Bureau of Labor Statistics has spoken on jobs and the word is: not so fast. We wanted so badly to see a plus sign on the job creation front in December, but alas, it was not to be. Santa slashed 85,000 positions, but hark -- there was...

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Dodd Retirement: Just Quit Now

Posted January 7, 2010 | 15:13:23 (EST)

CT Senator Chris Dodd is retiring--good riddance. Oh sure, he's done some good things in his lengthy career, but like so many who hold office for too long, he was corrupted by power.

He was one of the legislators who pounded his fists over the irresponsibility of bankers,...

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Citigroup Suspends Foreclosures: Grinch's Heart Grows Three Sizes!

Posted December 17, 2009 | 10:00:08 (EST)

After a dismal day attempting to raise money for its TARP exit, Citigroup needed a boost. What might shine a brighter light on the fallen financial super market? Maybe an anti-Goldman move--something that would show the public that the bank has a heart after all. Thus was born a...

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Fat Cat Bankers In A Fog

Posted December 15, 2009 | 09:03:35 (EST)

Yesterday's meeting between President Obama and his favorite "fat cat" bankers was one big show. The President was nonplussed that three of the execs couldn't figure out how to actually make it to the meeting in person (any of these masters of the universe ever hear of...

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Fat Cat Bankers Meet President Obama

Posted December 14, 2009 | 11:14:44 (EST)

"I did not run for office to be helping out a bunch of fat cat bankers on Wall Street"

-President Obama on CBS News "60 Minutes"

Fat Cat Wall Street bankers head to the White...

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$200B TARP Money NOT Going To Elin Woods!

Posted December 7, 2009 | 14:03:35 (EST)

Over the weekend, the government found $200 billion in TARP money and Elin Woods discovered a few more paramours were hanging with husband Tiger. (If that $60 million enhancement to the pre-nup is true, it looks like Elin the scorned will be collecting $6.66M per girlfriend!)

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Jobs Report: Patience and Fortitude Required

Posted December 4, 2009 | 09:01:46 (EST)

The BLS November Employment Report is out and the news is better than expected. 11,000 jobs lost (versus estimates of 100,000) and rate dipped to 10% from 10.2% in October. Recovery, here we come, right? Sort of.

For months, the news on jobs has been as follows: less bad=good....

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Mortgage Modification: What's HAMP-ering Progress?

Posted December 1, 2009 | 16:10:11 (EST)

Why aren't banks playing the mortgage modification game? We've been told that lenders prefer to modify and/or restructure loans, rather than enter into the costly and time consuming foreclosure process. At least that was the thought when the government rolled out the Home Affordable Modification Plan ("HAMP").

Despite paying...

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Double Dip Recession?

Posted November 25, 2009 | 07:46:50 (EST)

I always get nervous when three or more people who don't study the economy or financial markets say exactly the same thing. This past weekend, it was a teacher, a lawyer and a doctor, all of whom proclaimed: "we're definitely headed for a double-dip recession!"

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TARP Audit Finds Geithner Gave Away The Farm

Posted November 17, 2009 | 09:25:39 (EST)

Special Inspector General for TARP (aka "SIGTARP") Neil Barofsky said something we've all known for a while: the government gave away the farm when AIG failed.

If you recall, AIG's failure meant that the companies on the other side of all of its contracts (counterparties) were going to be...

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Gasparino: The SEC is "INEPT"

Posted November 16, 2009 | 13:23:18 (EST)

Here's my interview with Charlie Gasparino, author of "The Sellout". In addition to calling the SEC "inept," watch to the end when he describes Wall Street CEO's. Can you guess which of the former Masters of the Universe is: "The Iconoclast," "Nasty," "Nastier," "Smart," "Twerp-ish" "a Man's man" and...

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