Regarding the #AskJPM blowup, one article began by asking the right question: "What were they thinking?" The answer is, they weren't thinking; they were all talking to themselves and like-minded executives.
How could anyone five years after the crash have such disgraceful beliefs? It's the predictable outcome of trillions of dollars of no strings bailouts for Wall Street with no accountability for the financial crash and Wall Street's role in causing it.
U.S. taxpayers bailed out AIG and its counterparties. Employees earned huge partial bonuses anyway, and no one went to jail. Now, five years later, AIG's new CEO, Robert Benmosche, is acting like a big smug guy who got away with something, because AIG did.
Too many of the nation's major institutional investors -- who manage the life savings of working Americans and who are major shareholders in the big banks -- have been silent and passive in the wake of the crisis.
The SEC has lost steam in its already very weak push against mortgage lenders and the investment banks that supplied them with money for alleged fraudulent lending.
Commodity market manipulation is fundamentally different and far more dangerous than the garden-variety manipulation of financial markets such as in single stock pump and dump schemes, or even the brazen manipulation of LIBOR. Nobody eats LIBOR.
I often tell people that I've never met a mom who doesn't work. This is my response to those who want to have what I consider the ridiculous convers...
This is little more than a brazen attempt to bully U.S. regulators into delaying and weakening U.S. rules, which, as Senator Elizabeth Warren has pointed out, must not happen.
Anyway, I never gave much thought to Goodfellas being a cinematic template for the kinds of schemes, scams and financial shenanigans pulled off by the Wall Street mob until recently.
I don't care if Greenberg wants to sue God. It is a free country and he can do what he wants. But I do care when someone tries to reverse the consequences of their own bad decisions by using up the resources of my government.
On March 19, Hank Greenberg, AIG's former CEO of 40 years and now head of Starr Companies, sat down with Bloomberg Television anchor Betty Liu at 92Y ...
Why don't more companies embrace trust as a tangible, learnable, and measurable asset? Because it requires four things that don't fit the business world's current obsession with instant gratification -- time, effort, diligence and character.
As a society we are the more than willing victims who love the adrenalin rush that comes with watching the Dow rise, or our home assessments go up, or our portfolios expand but then turn around and blame our predators when we get caught.
It appears that the big government hand that "fed" AIG slipped in a few doses of poison as well as sustenance, and then diverted some of that sustenance to AIG's big bank counterparties. To borrow a Taibbi term of art, sometimes it takes a vampire squid to beat a vampire squid.
The easing of regulations, which permitted financial institutions to become the behemoths they did, is partially responsible for this mess. But I say "partially" because that is only one part of the problem. The other part is the lack of personal accountability on Wall Street.
The Takings Clause made national news last week with the spectacle of AIG playing Hamlet in debating whether "to sue, or not to sue" the federal government over the terms of the company's bailout -- a rather backhanded way of thanking American taxpayers for keeping the company from bankruptcy in 2008.