Today the readers of the NYT were regaled with Warren Buffett's Op-Ed expressing his admiration and appreciation for the great good work performed by our government in rallying to Wall Street's rescue. The Financial Crisis is replete with ironies.
McLean and Nocera don't give us an idea as to where to look for angels. But the book is comprehensive, and I feel certain that all the devils are here.
The shared ignorance of George W. Bush and his last treasury secretary, Henry Paulson, as they presided over the collapse of the U.S. economy is on full display in the former president's newly published memoir.
The more one learns about the political roots of our economic meltdown, the more the Democratic Party stands revealed as an equal partner with the Republicans at the center of corruption.
For a guy who walked into a historic financial meltdown, two costly wars, and a Wall Street- and GOP-ravished economy, President Obama is doing pretty well.
You can see why bailouts fail. Wall Street and lottery winners have a common bond. They have access to easy money without restraints.
For a decade, Wall Street was playing funny money games, and many Americans also felt like they were invited to the celebration. We were living in fantasy land, but the fantasy is over and we woke up to a nightmare.
I've been reading Maria Bartiromo's new book, The Weekend That Changed Wall Street. A better title might have been "The Weekend that Changed the World." It was America's chance to bottom out. We didn't.
It's September 2008. Goldman and AIG are trading in the markets, and Goldman notices that AIG seems to be having very severe liquidity problems.
You have to wonder who the House Committee on Standards of Official Conduct thought it would be fooling when it drafted its Statement of Alleged Violations against Rep. Maxine Waters last month.
Now the dilemma is, without proper clarity, without language and argot that clearly defines what Goldman has brewed in the way of financial engineering for the less wary to gobble up, how will they communicate with their trading desks?
It's hard to believe that after all the speechifying and anguish, proposed "reforms" will not change much. The only hope is on two other fronts: the courts and the streets.
The Fed and Treasury's method of bailing out AIG reveals that a primary goal was to prevent having fraud at the banks exposed. That is a very troubling stance for bank regulators to take.
When we paid $62 billion to AIG "counterparties," we weren't saving the economy, we were paying off the bookies. The money we gave them didn't go toward saving one house or one mortgage -- it went to Wall Street.
What happens if you or I fail to underwrite our underwriters? What if we buy flood insurance from a company that's overcommitted when the flood comes? Too bad for us. Not so bad for Goldman.
Clare Boothe Luce left an amazing legacy...several in fact. But none has been more lasting than her maxim "No good deed goes unpunished". It is a mo...