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Insurer American International Group Inc. said Wednesday it purchased $16 billion of complex financial instruments in an effort to further reduce its exposure to insurance guarantees written against them.
We desperately need to bring back regulation of the finanacial industry. This is not socialism, or over-reaction.
US Banks headed for Massive Trouble!The significance of the holding is that if MERS has no standing to foreclose, then nobody has standing to foreclose – on 60 million mortgages. That is the number of American mortgages currently reported to be held by MERS. Over half of all new U.S.
Take out the key terms that are used to keep us fighting - Left, Right, Repub, Demo, and see a non-partisan breakdown of what's happened over the past 10 years to sell the US to a foreign power - even if you don't understand high finance or government processes - read the bullet …
The Looting of America: How Wall Street Fleeced Millions from Wisconsin Schools This lengthy article describes how one municipal entity became victimized by its willingness to believe that it could leverage a profit by borrowing huge sums of money and investing it in contrived and dangerous derivative schemes.
Financial weapons of mass destruction was coined by Warren Buffet to describe the $60 trillion Credit Default Swap market and their effect on our economy.
"...the equivalent of three levels of dog @!$%# "...The End of Wall Street's BoomA superb piece by someone who saw it coming 2 decades ago. Michael Lewis was somone who was at the nexus of the game a long time ago, and has managed to find another group of people for whom this crisis was vindication of what the corruption of free enterprise can lead to.
Bailout Fever Meets with ResistanceBailout fever is no longer the style as the Senate Banking Committee, notably Republicans, are rising up against the prospect of moral hazard.
The continual government backing of insurance giant AIG has caused a minor media sensation as talking heads blather back and forth on the ethics of government involvement in the financial sector.
A Lethal EquationRecipe for Disaster: The Formula That Killed Wall Street At the heart of it all was Li's formula. When you talk to market participants, they use words like beautiful, simple, and, most commonly, tractable.
To this Sonoma County CA cowpoke, there doesn't seem to be all that much difference between a horse thief and today's Wall Street whiz kid who leverages his nation and her people into bankruptcy. But the path to justice in these two areas is quite different.
Based on nearing's seed on $1.144 Quadrillion in Derivatives, I've made an online slide show with music for folks to see the size of US debt against the Derivative Debt. Now being Featured on slideshare.net's homepage.
Timeline: Global credit crunch A year ago, few people had heard of the term credit crunch, but the phrase has now entered dictionaries.
The End of Wall Street's Boom as Told by Michael LewisVery thorough article about how the Wall Street system unraveled and who saw it coming a couple of years ago.
Global bailout package nears $2 trillionWith financial institutions falling prey one after another to the global credit crisis, the bailout packages announced by various governments across the globe are inching towards two trillion-dollar mark Rising Tide
This is a story of deregulation. It's also a story of how our government was an enabler in the mess that is the Great 2008 Wall Street Bailout. (I refuse to use the new MSM moniker, "rescue".)
I have been following and writing about the credit crises for some time. Watching the stock prices of the financial companies plummet over the past few months has been painful if you own any of them.
The Federal Reserve is Your Worst EnemyIn my opinion anyway. Mike Whitney agrees with me. I think most of the world is on my side too.
Here's a Financial Literacy Quiz for CongressCaroline Baum writes: The U.S. government is making a push to improve financial literacy in this country. Whether you're investing your 401(k) retirement account, buying a home or choosing the right mortgage, a working knowledge of economics and finance has become a necessity.
The Week in Crime: Wall Street Miscreants Thrown a Lifeline; Wall Street Crime Fighter Thrown a Land MineAmericans learned two new truths last week from the Bush Administration's version of Life's Little Instruction Book: if you're a Wall Street miscreant you're thrown a lifeline; if you're a Wall Street crime fighter you're thrown a land mine.
Merrill Lynch to shut down subprime lending unitI know a handful of people here and they have been mooting this as being a real possibility since the start of the year. Time to update those CVs now I guess guys...Michael, you still owe me those drinks and I don't give a %#$! if your sorry ass is out on the street...;-P
Planemakers look to Asia but credit crisis loomsBoth Boeing and Airbus are banking on Asian/Middle Eastern growth to sustain them over the next 25 years, but in the shorter term the credit crunch is beginning to worry them, as the airlines are finding it tougher to borrow.
Vegas foreclosures exceed salesWell, it had to happen someplace sooner or later--why not Vegas?
The 12 Steps Towards Oblivion: America's economy risks the mother of all meltdownsA very scary but quite logical take where the US housing market fall may lead us: the false wealth generated by the property sector has come to symbolise the vulnerability of our economy, and this analysis provides a step by step scenario as to how something much worse than a rec …
U.S. Credit Markets Collapsing: Bond Insurers on the brinkBon insurance is a topic that sounds as boring as it probably is, but it represents a critical pillar in the US economy, as it gives safety to lenders...or at leats, it used to.
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