Posts filed under “Legal”

History Lesson: Madoff tops charts; skeptics ask how

>

Go to NakedShorts and read the entire 2001 article of the various ways some people challenged the Madoff story:

>

If it sounds too good to be true…

>

UPDATE: Paul points to this Barrons story from 2001

Don’t Ask, Don’t Tell
Barron’s MAY 7, 2001

http://online.barrons.com/article/SB989019667829349012.html

>

Category: Legal, Regulation

More CRA Idiocy

Howard Husock has an exercise in cognitive dissonance in today’s NYT Op-Ed pages titled Housing Goals We Can’t Afford, and it begins: “The national wave of home foreclosures, many concentrated in lower-income and minority neighborhoods, has created a strong temptation to find the villains responsible.” What can you say about an Op-Ed whose very first…Read More

Category: Bailouts, Data Analysis, Legal, Politics, Psychology, Regulation

SEC’s Chair’s Bailout Bull$%&t

In what I can only type with a combination of disgust and astonishment, SEC Chairman Christopher Cox blames the current crisis on the “boom-and-bust cycles” of markets. “Financial markets, of course, are not perfect. In particular, they are susceptible to boom-and-bust cycles. Cycles of this sort have been a hardy perennial over the past 400…Read More

Category: Bailouts, Legal, Markets, Regulation

Getting Mortgage Fraud Down to an Art

Astounding: Orson Benn, once a vice president at the nation’s largest subprime lender, spent three years during the height of the housing boom tutoring Florida mortgage brokers in the art of fraud. From his office in New York, he taught them how to doctor credit reports, coached them to inflate income on loan applications, and…Read More

Category: Bailouts, Legal, Real Estate

Video: Mortgage Racket as Art

Orson Benn’s network of mortgage brokers wrote thousands of subprime loans in Miami-Dade which have gone into foreclosure.

via the Miami Herald

Category: Legal, Real Estate, Video

Minimum Pricing Battle

These Minimum Advertised Prices — floors under which retailers cannot drop a product price — always struck me as anti-competitive, and well, just wrong. The Supreme Court has been all over the map with them. Why not simply let retailers and manufacturers compete in the marketplace? “A group of major discounters, including eBay Inc. and…Read More

Category: Consumer Spending, Legal, Retail

Chrysler Hires Bankruptcy Firm

Chrysler has hired bankruptcy firm Jones-Day, sources say. WSJ: Chrysler several weeks ago hired the prominent law firm of Jones Day as bankruptcy counsel, suggesting the auto maker is preparing for imminent financial failure should its efforts to obtain federal rescue funds fall short. Gee, I wonder if that will put any pressure on Congress…Read More

Category: Bailouts, Legal, Markets

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? > ~~~ What say ye? >

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