Investors have been all but ignoring a fairly miserable earnings season as hopes proliferate that it's only a blip on the profit radar.» Read More
This probably is not the sort of league table anyone hoped to top.
The FCIC today released its official report on the financial crisis, along with two dissenting reports. Together they run 633 pages, including the footnotes but not including the index.
Did NYC just buy an $115,000 marketing campaign?
If you follow the blogosphere, you’ve probably already heard some of the buzz about Rachel Sterne, the newly minted Chief Digital Officer (CDO) for the City of New York.
From the straight ahead article on WNYC.org “The Woman Upgrading Bloomberg’s Government: Rachel Sterne ” to the slightly more spicy article on The Observer, “Everybody Calm Down About Rachel Sterne, For Chrissakes ” \), people—or at least the press--seem duly interested in the first paid CDO for a major city.
Another important insight from Peter Wallison’s must-read dissent from the FCIC report released today is that government policies created an artificial demand for risky mortgages—leading to a severe underpricing of risk.
Here’s how it worked. Beginning in the early 1990s, government regulations made FHA, Fannie and Freddie, mortgage banks and commercial banks of all kinds into highly motivated buyers of risky mortgages. What happened next was disaster.
Peter Wallison more or less demolishes the conventional wisdom —and now the official Federal Crisis Inquiry Commission view—when it comes to the collapse of Fannie Mae and Freddie Mac.
Over at Barry Ritholtz’s “The Big Picture,” Bill Black has been publishing a series of posts on how mortgage lending should be regulated. Black, who is the author of “The Best Way to Rob A Bank Is to Own One,” does an admirable job at pointing out how pervasive fraud arises and undermines market discipline.
Unfortunately, his proposals for changing the mortgage lending system to counter fraud just won’t work.
Wall Street pretty much shrugged off the blizzard.
If you set your alarm an hour early, put on a pair of gloves—and sucked up the pain—you probably made it in to work just fine. That seems to be the consensus opinion of those who didn't use the weather as an excuse to sleep in an extra hour.
When I asked BlackRock if they had any special operating procedures in place, due to the storm, a spokesperson said: "Nope: We're here!"
Hedge funds have seen the worst start to the year since the financial crisis, as returns in January and March were both in the red.
The Fed indicated to Citi that it would get more time to fix "stress test" planning problems before rejecting its capital plan.
Goldman Sachs reported quarterly earnings and revenue that topped analysts' expectations on Thursday.