[2008-2010] Meltdown & Bailout (and related affairs)
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[2008] Bringing Down Bear Stearns | Politics | Vanity Fair
O n Monday, March 10, Wall Street was tense, as it had been for months.
T o this day, the willingness of a Wall Street investment bank to pay me hundreds of thousands of dollars to dispense investment advice to grownups remains a mystery to me.
[2008] The End Of Wall Streets Boom - News Markets - Portfolio.com
[2009] The Quiet Coup - Magazine - The Atlantic
O ne thing you learn rather quickly when working at the International Monetary Fund is that no one is ever very happy to see you. Typically, your “clients” come in only after private capital has abandoned them, after regional trading-bloc partners have been unable to throw a strong enough lifeline, after last-ditch attempts to borrow from powerful friends like China or the European Union have fallen through. You’re never at the top of anyone’s dance card. The reason, of course, is that the IMF specializes in telling its clients what they don’t want to hear.
Source of Payments for Distributions--This diagram is extremely complex and shows that the miscellaneous proceeds specified in the security instrument (and in the SEC Filings) should be applied to the sums secured by the obligation upon the event of a loss in value of the property, whether or not then due, with the remainder, if any, returned to the borrower. This document combines UCC 3-602(a), UCC 9-315, UCC 9-336, UCC 2-609, and UCC 3-501 together with NY Code Section 4545 and the SEC Filings to show that the miscellaneous proceeds can be applied to the borrowers obligation. The following flow chart reverse engineers the mortgage on the Ekstrom family residence.
[2010] Just When You Thought You Knew Something About Mortgage Securitizations | zero hedge
Edstrom_MortgageSecuritization_POSTER_17_x_22_v4_1.jpg (JPEG Image, 1237x1600 pixels) - Scaled (40%)
Senior partner Sidney Weinberg in 1957. From The New York Times/Redux. As the firm grew, it developed a unique culture, characterized by impossibly hard work, loyalty, secrecy, and a lack of flashiness.
[2010] Bethany McLean on Goldman Sachs (January 2010) | Business | Vanity Fair
[2010] The Blundering Herd | Business | Vanity Fair
Excerpted from All the Devils Are Here , by Bethany McLean and Joe Nocera, to be published this month by Portfolio, a member of Penguin Group (USA) Inc.; © 2010 by the authors. I n the years leading up to the financial crisis of 2008, there was no more infectious disease on Wall Street than Goldman envy. Goldman Sachs, perhaps the most storied name in all of American finance, had gone public only in 1999, the last of the big firms to do so. After the I.P.O., Goldman’s mind-boggling profits were on full display.[2010] Jamie Dimon - America’s Least-Hated Banker - NYTimes.com
Prudent as they were, his precautions were not enough. Over the last two years, JPMorgan Chase suffered an astonishing $51 billion in faulty mortgages, unpaid credit cards and other bad loans.
A few months ago, I came across an announcement that Citigroup, the parent company of Citibank, was to be honored, along with its chief executive, Vikram Pandit, for “Advancing the Field of Asset Building in America.” This seemed akin to, say, saluting BP for services to the environment or praising Facebook for its commitment to privacy.
[2010] Wall Street, investment bankers, and social good : The New Yorker
Mark Zandi's op-ed in the NYT last week ... mentioned that "successful small-business owners, who power the nation’s job-creation machinery, make up one-third of these high-income taxpayers." This reminded me of an argument that people like myself often make to defend giving money to lower-income people as a form of stimulus, which is that lower- and middle-class people tend to have a higher marginal propensity to consume than upper-income people.
[2010] Do the rich spend less of new income than the poor?
The foreclosure crisis