Financial Crisis Related
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THE GLOBAL FINANCIAL CRISIS
THE GLOBAL FINANCIAL CRISIS
Funding for FRONTLINE is provided through the support of PBS viewers. Additional funding for "The Wall Street Fix" was provided by The Schumann Center for Media and Democracy, The Nathan Cummings Foundation, The Consumer Trusts Fund, Gilliland Family Fund, Paul Newman, Bernard Rapoport, The Brightman Hill Foundation, and Edson W. Spencer.
The Wall Street Fix | FRONTLINE | PBS
Mr. Weill Goes To Washington - The Long Demise Of Glass-Steagall | The Wall Street Fix | FRONTLINE | PBS
At a dinner in Washington in February 1998, Sandy Weill of Travelers invites Citicorp's John Reed to his hotel room at the Park Hyatt and proposes a merger. In March, Weill and Reed meet again, and at the end of two days of talks, Reed tells Weill, "Let's do it, partner!" On April 6, 1998, Weill and Reed announce a $70 billion stock swap merging Travelers (which owned the investment house Salomon Smith Barney) and Citicorp (the parent of Citibank), to create Citigroup Inc., the world's largest financial services company, in what was the biggest corporate merger in history. The transaction would have to work around regulations in the Glass-Steagall and Bank Holding Company acts governing the industry, which were implemented precisely to prevent this type of company: a combination of insurance underwriting, securities underwriting, and commecial banking.
The Wall Street FIX
Cruise to Frugality Island
401K Donors to Wall Street on Cruise Ship "Affluent Society" in Stormy Fiat Currency Waters About this page see: About "Cruise to Frugality Island" . While triumph of financial masturbation over productive economic activities is funny and tragic at the same time, we can do nothing about it. There is an amazing gullibility and ineptitude of both buy side “money managers” in mutual funds and 401K investors who were burned twice in a decade and still are desperately reaching for yield. Like the hero of the story The Roads We Take banker Shark Dodson aptly said " Bolivar cannot carry double. " And it is 401K investors that will be shot.We never had a subprime crisis. What we had was crisis of systemic criminality in our banking, ratings, insurance, investment and financial industries (the banks were at the center of this crime syndicate and they were the largest beneficiaries of the crimes committed) which hacked the financial system in the same way computer hackers hack computers systems. In addition we had a silent coup with banks becoming the most favored and the most protected industry of the Congress.
In Goldman Sachs we trust: classic example of regulatory capture by financial system hackers
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Late-2000s financial crisis - Wikipedia, the free encyclopedia
The late-2000s financial crisis , also known as the Global Financial Crisis (GFC) or the "Great Recession" , is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s. [ 1 ] It resulted in the collapse of large financial institutions, the bailout of banks by national governments and downturns in stock markets around the world. In many areas, the housing market also suffered, resulting in numerous evictions , foreclosures and prolonged unemployment. It contributed to the failure of key businesses, declines in consumer wealth estimated in trillions of U.S. dollars , and a significant decline in economic activity, leading to a severe global economic recession in 2008 . [ 2 ]
Lessons Learned
Goodwin Procter — Financial Crisis Recovery
In response to a petition filed by the Business Roundtable and the U.S. Chamber of Commerce with the U.S. Court of Appeals for the District of Columbia Circuit asking the Court to vacate recent changes to the SEC’s proxy rules designed to facilitate shareholder nomination of directors (as discussed in the September 1, 2010 Goodwin Procter Client Alert and the September 7, 2010 Alert ), the SEC has issued an order staying the effectiveness of newly adopted Rule 14a-11, related amendments to the proxy rules and amendments to Rule 14a-8, pending the Court’s review. The SEC issued an order amending Rule 100 of Regulation FD to remove the exemption for disclosures of material non-public information disclosed to rating agencies. This amendment, which implements section 939B of the Dodd-Frank Wall Street Reform and Consumer Protection Act, became effective without a public comment period on October 4, 2010.How has the financial crisis affected the Fed’s monetary policy? The financial crisis has interfered with the Fed's ability to operate a conventional monetary policy. Lender-of-last-resort measures have been a primary focus. The FOMC has reduced its target for t...
The Financial Crisis Timeline
Foreclosure Fraud – Fighting Foreclosure Fraud by Sharing the Knowledge
Elsewhere: – Clerk of Courts Sharon Bock has drawn a Democratic primary challenge from foreclosure-fighting activist Lisa Epstein, who has attracted a national following for exposing suspicious foreclosure paperwork from lending institutions. Epstein wants the clerk’s office to help crack down on fraud, starting with an audit of real estate documents filed in Palm Beach … Read more Fix income inequality with $10 million loans for everyone! By Sheila Bair Are you concerned about growing income inequality in America? Are you resentful of all that wealth concentrated in the 1 percent?
FCIC
When the financial crisis erupted at the end of September 2008, there was an unusual sense of incredible panic among banking executives and government officials. These two establishment groups are known for their conservative, understated approach and, above all, their stiff upper lip. Yet at the time they appeared to the public running about like headless chickens. It was chaos. A state of complete chaos.
The Largest Heist in History
Derivatives , non-existent gold reserves and impenetrable accounts, have been the stuff of frauds on an almost incomprehensible scale. The activities of Nick Leeson, Toshihide Iguchi, Yasuo Hamanaka, John Rusnak, Jerome Kerviel and the bosses of Enron and Parmalat have made the bank robbing activities of Jesse James and the outlaws of the old Wild West seem like pathetic, kindergarten stuff in comparison. This is a guide with lots of links to information on these and other lesser-known financial scandals. While most of the cases in these pages involve real or suspected criminal activity a few are included simply because the scale of the incompetence or greed makes them scandalous.