A new lawsuit against JPMorgan Chase is being met with both optimism and skepticism. But, ironically, investigators have finally broken their silence on criminal indictments for bankers... to protect its chief executive.
To my knowledge, no one has taken a look at the symptomatology leading up to the 2008 crash from the perspective of Wall Street's prevailing corporate culture, with the insights only these two authors can provide.
As Republicans gather in Tampa this week, they've got a bit of a problem: figuring out how to wine, dine, and celebrate their sugar daddies in style without ripping back the veil of secrecy they've drawn over their super-wealthy backers.
In the name of progress, enabling technologies have been allowed to corrupt the legitimate purpose of equity trading. Unfortunately, our financial system no longer distinguishes between means and ends.
Given the massive bailouts the industry scored in 2008-9, and how easy policy-makers have been on them, the arrogance and hubris of talking about Soviet style government is pretty amazing. But then that fits quite well with Romney and Ryan, too.
While the repeal of Glass-Steagall was certainly a part of making our system fragile to the point where it is at today, thinking that a simple solution like breaking up the banks will be the panacea that we seek is incredibly naïve.
In spite of attempts to get to the bottom of the causes of the crisis and propose appropriate remedies, many recommendations that have been proposed have been stalled by both political leaders who can't seem to agree on the appropriate level of regulation.
Today, Federal Reserve Chairman Ben Bernanke will be testifying before a House Financial Services Committee. Would it not be timely if he were asked about the role the Fed plays in facilitating the bank holding companies to hold sway in the oil market?
Questions swirl around the character and timing of Dimon's disclosures to shareholders. His public estimates of losses have been a fraction of reality, and it raises the issue of whether he has materially misled stockholders.