Posts filed under “Legal”

Why Isn’t GM $0.00 ?

Why hasn’t this gone to nothing yet?Can anyone explain this to me?

And what of the nonsense that the price going to $2 meant bankruotcy was going to be avoided? WHo are these Cramer-lovin fools, and how do we make them go away?

Category: Legal, Valuation

More Job Losses = Greater Foreclosures

“We’re about to have a big problem. Foreclosures were bad last year? It’s going to get worse.” -Morris A. Davis, a real estate expert at the University of Wisconsin. > This is a theme I have been hammering on for some time: As more people lose their jobs, we will see increasing foreclosures, adding further…Read More

Category: Credit, Economy, Employment, Legal, Real Estate

SEC: Mozilo to be Charged with Insider-Trading

Now how about this: “The Securities and Exchange Commission staff is readying civil fraud charges against Countrywide Financial Corp. co-founder Angelo Mozilo, in what would be the highest-profile government legal action against a chief executive connected to the financial crisis. The SEC sent a so-called Wells notice to Mr. Mozilo several weeks ago alerting him…Read More

Category: Bailouts, Legal

NY Federal Reserve Chairman Resigns Suddenly

Wow, that has to be a record for shortest tenure ever at the NY Fed. His resignation letter (below), is as Dealbook notes, rather disingenuous: Mr. Friedman was chairman of the New York Fed at the same time he was a member of Goldman’s board. He also had a substantial stake in the firm as…Read More

Category: Corporate Management, Federal Reserve, Legal

Wachovia Compliance Stuck in 20th Century ?

Those of you at Wachovia may have had hard time lately accessing the blog. (You are probably reading this via RSS). Numerous readers from the firm have written in to say they could access The Big Picture but not post comments. Several readers said they can no longer access the site. Apparently, [some offices at]…Read More

Category: Legal, Regulation, Weblogs

Congress Quietly Moves Pecora Commission

Tucked into an anti-fraud bill moving through the House and Senate is a Pecora-style commission with subpoena power.  The negotiations are based on the Senate version of the bill, and the Senate version has the commission in there.  I excerpted the section on the commission, you can see the full bill here:

Comments, thoughts, etc are always welcome, though in this case there’s probably not much I can do from my position.

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Category: Legal, Politics, Think Tank

Bank of America Needs $34 Billion

We got your stress right here: We won’t get the official stress test results until tomorrow, but the dollar amount needed to be raised privately at the House of Lewis is $33.9 billion dollars. Alternatively, BofA could convert Uncle Sam’s non-voting preferred shares. That would give the taxpayer a significant, potentially majority stake in the…Read More

Category: Bailouts, Credit, Investing, Legal

Mortgage Fraud: How the FBI Blew It


Mortgage Fraud Epidemic: How the FBI Blew It and Why There’s No ‘Perp Walks’
Aaron Task
Yahoo Tech TIcker Apr 06, 2009 08:00am

Category: Credit, Legal, Video

Ratings Agencies Abject Failure

“Ratings agencies just abjectly failed in serving the interests of investors.” -SEC Commissioner Kathleen Casey > Nice takedown on the highly conflicted, over rated ratings agencies in Bloomberg yesterday: “Investors, traders and regulators have been questioning whether credit rating companies serve a good purpose ever since Enron Corp. imploded in 2001. Until four days before…Read More

Category: Bailout Nation, Legal, Markets, Regulation

30 Years Later: A Belated Chrysler/GM Bankruptcy

I am in Philadelphia today, speaking at my friend David Kotok’s The Financial System, Banks & Economy: After the Storm…Where Are We Now? conference, and I may just have to throw away my notes and wing it to speak about the Chrysler bankruptcy . . . “President Barack Obama aims to announce [Thrusday] that Chrysler…Read More

Category: Bailouts, Legal, Markets