Posts filed under “Legal”
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)
Downturn Drags More Consumers Into Bankruptcy
TARA SIEGEL BERNARD and JENNY ANDERSON
NYT, November 15, 2008
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
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
Joe Kernan on CNBC continues to get this not just a little bit wrong, but terribly, horribly, mind numbingly wrong. His favorite NYT article comes form 1999 (he referenced it again this morning). This piece has become a right wing meme: Fannie Mae Eases Credit To Aid Mortgage Lending. The article discusses a 24 bank,…Read More
“Blaming fair-value accounting for the credit crisis is a lot like going to a doctor for a diagnosis and then blaming him for telling you that you are sick.”
analyst Dane Mott, JPMorgan Chase & Co., Bloomberg
“Suspending the mark-to-market prices is the most irresponsible thing to do. Accounting does not make corporate earnings or balance sheets more volatile. Accounting just increases the transparency of volatility in earnings.”
Diane Garnick, Invesco Ltd., Bloomberg