Manufacturing and corporate profits are both in recession mode, even though the rest of the U.S. economy continues to limp along.» Read More
A government shutdown looms.
Here's a dirty secret. Even if the government does "shut down,"
members of Congress still get their paychecks. They are giving themselves a paid vacation.
In the center of the fiscal fight is the Tea Party, which has told Speaker Boehner they are not willing to bend on their principals. I caught up with Tea Party Godfather Dick Armey on this budget battle, For the first time he publicly gives his opinions on House Budget Chairman Paul Ryan's \(R-WI\) budget and a government shut down.
Attorney Matthew Kluger and trader Garrett Bauer allegedly began their insider trading scheme in 1994, when Kluger was still in law school. (Wall Street Journal). The third member of their alleged scheme, who hasn't been charged, was a mortgage broker. 'Nuff said.
Up to 18 British banks could see their senior debt ratings cut several notches. (Reuters via CNBC) The real scandal here is that anyone still listens to ratings agencies.
Frank Quattrone is back. (New York Times) Do you seriously doubt there's a tech bubble again?
The European Central Bank raised interest rates by 25 basis points to 1.25 percent. (Reuters) The BERNANK, however, is still stuck down at zero.
Here's what the world's most famous "rough trader"— Nick Leeson—has to say about the rate hike. (Business Insider). "Not the death knell some are predicting."
Goldman's attempt to launch an exchange for unregistered securities largely failed. (Wall Street Journal) Not enough trading.
When New York City couldn’t find investors for its debt in the 1970's, the best and the brightest all urged a bailout. David Rockefeller, the head of Chase Manhattan Bank \(one of the largest holders of NYC debt\), warned that if New York City defaulted, the entire financial system would come crashing down. Others said it would mean capitalism had failed.
Well, New York did default.
The Federal Reserve said it auctioned off 42 mortgage-backed bonds it acquired as part of the rescue of American International Group. The bonds had a face value of $1.326 billion.
Kevin Ospina is not letting inflation fears get in the way of his spending habits.
The 28-year old business analyst, who was unemployed for seven months last year, started a new job last September.
The official line out of Portugal Wednesday was that the country can meet all its financing needs and is not asking for any aid from the European Union.
The results of Wednesday’s auction of Portuguese debt left many wondering how long that stance would continue.
This is a hilarious conversation that took place between trader Garrett Bauer and the middleman who allegedly helped him insider trade.
During a phone conversation about how to cover up their actions, the middleman suggests actually washing the money.
Bauer is skeptical, but ultimately, they go for it.
When Greg Lippman, the former Deutsche Bank executive who helped birth credit default swaps on mortgage-backed securities, was asked who was selling hedge fund investors insurance on lousy subprime loans, he answered concisely: Dusseldorf.
“Stupid Germans,” Lippman said. “They take the ratings agencies seriously. They believe in the rules.”
Markets seem to be be moving higher and shirking off bad news no matter what, strategist Michael Farr says.
Barclays was hit by a $108.5 million fine on Thursday as it allegedly worked with super-rich clients in a way that could have facilitated financial crime.
A class action lawsuit accuses banks of conspiring to limit competition in the $320 trillion market for interest rate swaps.