Posts filed under “Legal”

What Did the Repeal of Glass-Steagall Do ?

Here is a question that I have been wrestling with:

What exactly did the repeal of the Glass-Steagall Act accomplish?

Were there positives as well as negatives?

Should the Gramm-Leach-Bliley Act be repealed, and Glass-Steagall reinstated?

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What say ye?

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Category: Bailouts, Credit, Finance, Legal, Regulation

Bush WH Ignored Mortgage Meltdown Warnings

“In hindsight, it was spot on.” -Jeffrey Brown, former top official at the Office of Comptroller of the Currency, one of the first agencies to raise concerns about risky lending. > A brutally damning article about the warnings the Bush administration received and ignored was published this morning by the Associated Press. The AP summed…Read More

Category: Bailouts, Credit, Finance, Legal, Real Estate, Regulation

The Plunge Protection Team ?!?

Definitely check out the cafe post on the Debate on the Existence of Plunge Protection Team Its well worth your time (the video is pretty amusing, too).

Category: Bailouts, Federal Reserve, Legal, Markets, Psychology

‘Maverick’ Is Called On Insider Trading

WSJ’s Ashby Jones talks about the Securities and Exchange Commission filing (civil) insider trading charges against Mark Cuban, owner of Dallas Mavericks. (Nov. 17)

Category: Legal, Video

Cuban Indicted Sued By S.E.C.

WSJ: SEC charges Dallas Mavericks owner and Internet entrepreneur Mark Cuban with insider trading related to sales of Mamma.com, now known as Copernic. The Securities and Exchange Commission filed insider trading charges against Mark Cuban, the outspoken owner of the Dallas Mavericks, for allegedly dumping shares in Mamma.com upon learning it was raising money in…Read More

Category: Legal, Trading

Phil Gramm: A Deregulator Unswayed

“Some people look at subprime lending and see evil. I look at subprime lending and I see the American dream in action. My mother lived it as a result of a finance company making a mortgage loan that a bank would not make.” -former United States senator Phil Gramm > There was a fascinating front…Read More

Category: Bailouts, Credit, Derivatives, Legal, Politics

Personal Bankruptcy Rising

Front page NYT article on the increasing number of personal bankruptcy filings:

The number of personal bankruptcy filings jumped nearly 8 percent in October from September, after marching steadily upward for the last two years, said Mike Bickford, president of Automated Access to Court Electronic Records, a bankruptcy data and management company.

Filings totaled 108,595, surpassing 100,000 for the first time since a law that made it more difficult — and often twice as expensive — to file for bankruptcy took effect in 2005. That translated to an average of 4,936 bankruptcies filed each business day last month, up nearly 34 percent from October 2007.

Let me remind you that this bill was pushed by the credit card industry — mostly based on claims that were factually inaccurate. Now, the same industry weasels who pushed this legislation thru are going back to DC begging for TARP money and a handout.

Question: How long before The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 act — a 1997 credit card industry drafted boondoggle, signed by President Bush — gets revised or even revoked?

The wide-opposed bill — dislike by consumer advocates, legal scholars, retired bankruptcy judges — was passed after the credit card industry spent more than $100 million lobbying for the bill. (See this Bloomberg video on Credit Cards and the TARP)

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Source:
Downturn Drags More Consumers Into Bankruptcy
TARA SIEGEL BERNARD and JENNY ANDERSON
NYT, November 15, 2008

http://www.nytimes.com/2008/11/16/business/16consumer.htm

Read More

Category: Economy, Legal, Wages & Income

Bailout Money Goes Rogue

Yesterday’s Washington Post had a chilling article about the trillion dollars in bailout money. It is, lacking a better word, rogue — there is no real oversight committee or audit rules in place. The key watchdog roles remain unfilled. WaPo: In the six weeks since lawmakers approved the Treasury’s massive bailout of financial firms, the…Read More

Category: Bailouts, Legal, Taxes and Policy

WAPO: Treasury Illegally Repeals Tax Law

Front page article in the Washington Post today, calling attention to a highly questionable aspect of the $750 billion bailout plan: A Quiet Windfall For U.S. Banks. We learn from WaPo that the Treasury Department slipped through a $140 billion tax windfall to US banks — in theory repealing 1986 legislation, passed by Congress and…Read More

Category: Bailouts, Credit, Finance, Legal, Taxes and Policy

Bush’s Push For Deregulation

In the final months of his administration, Pres. Bush and his aides are requesting a series of regulation changes ranging from issues concerning the environment to the economy:

CBS Sunday Morning:


Watch CBS Videos Online

Nov. 1, 2008

Category: Legal, Regulation, Taxes and Policy, Television, Video