BBC News asks independent trader Alessio Rastani "what would keep investors happy, make them feel more confident?
" and gets a surprisingly honest answer: "Personally, it doesn't matter. See, I'm a trader. I don't really care about that kind of stuff. If I see an opportunity to make money, I go with that. So, for most traders, we don't really care that much about how they're going to fix the economy, about how they're going to fix the whole situation; our job is to make money from it. And, personally, I've been dreaming of this moment for three years. I have a confession which is I go to bed every night and dream of another recession, I dream of another moment like this." [SLYT]
posted by finite
on Sep 26, 2011 -
Wajahat Ali, a solo practitioner from California, takes on Wells Fargo in an attempt to get his clients' home loan modified. Lots of ball dropping and passing of the buck ensues. He describes
the Kafka-esque nature of the experience.
posted by reenum
on Jun 20, 2010 -
Six Simple Ways to Fix Wall Street.
"Elements of our Six Simple Steps are in the pending legislation. If they're part of what's adopted, we may get true and lasting reform. If they're not, it won't be long before Wall Street is back to business -- and bailouts -- as usual."
posted by storybored
on May 14, 2010 -
Good morning, ladies and gentlemen. In a few hours, I will destroy the Greek economy. Unless, that is, you give me the sum of...one trillion dollars
(SLNYT, but with this much money I can afford to look frumpy)
posted by anigbrowl
on May 10, 2010 -
There have been a lot of descriptions of our new president, but being in "full commanding denial" is a new and, sadly, insightful one. Clusterf*ck Nation's Jim Kunstler observes that the bailout "is predicated on the idea that the mechanisms of wealth production -- even of illusory wealth, such as the fortunes created by trading securitized unpayable debt -- can keep chugging along, spinning off limitless additional suburban villas, chain stores, car trips, and deep-fried snacks."
For a different view, the folks over at the excellent Baseline Scenario have been doing some interesting thinking about The Cultural Costs of Bailout Nation
. For an even bigger big picture view, Dmitry Orlov's original analysis of the USSR vs. USA collapse in Superpower Collapse Best Practices
seems to be even more resonant in his recent appearances
. Maybe it's time to give Full Commanding Denial another chance ....
posted by Adamchik
on Mar 25, 2009 -
Matt Taibbifilter: Among other things, the GAO report noted that the entire OTS had only one insurance specialist on staff — and this despite the fact that it was the primary regulator for the world's largest insurer! This week's MeFi stories
have generally failed to explain the reasoning that caused the recession, even though Jon Stewart
was basically on the mark. Now, Rolling Stone
's only reporter lays it all out The Big Takeover
, a typical combination of zealous snark and the overlooked, damning facts needed to clear up a ridiculously complicated story.
posted by shii
on Mar 20, 2009 -
The savings and loan’s decision not to settle the lawsuit made no economic sense for a solvent institution, but it made perfect sense if their principle objective was to maintain the false appearance of solvency for as long as possible. The savings and loan was undoubtedly inflating all of their assets, including my homely little lawsuit, to postpone the inevitable.
What reminded me of that incident from my late, unlamented law practice was the persistent failure of financial institutions to modify mortgages voluntarily. It makes perfect economic sense for a safe and sound institution to avoid the ruinous costs of foreclosure by agreeing to reduce the principal and monthly payment for homeowners who can pay a mortgage, but not the one they’ve got. But according to the National Association of Consumer Bankruptcy Attorneys, fewer than ten percent of mortgage modifications in November reduced the principal. About half added late payments and penalties to the principal, and either increased monthly payments or added payments at the back end of the mortgage. If a borrower was in default already, what’s the chance the borrower can make a higher monthly payment?
, US Congressman for the Thirteenth District
of North Carolina
advances a possible motivation for the apparently illogical behavior of US banks.
posted by orthogonality
on Feb 5, 2009 -
Congress must back sex!
According to Larry, "Americans can do without cars and such", but it can't do without sex...and for an extra $5 billion US, he will help Americans do who ever, I mean what ever it takes to get people using porn. However, maybe, just maybe that the decline in sales is due to the free porn access on the net. Another article about it here
posted by Prunedish
on Jan 8, 2009 -
After an historic near
, a federal bailout to the tune of $85,000,000,000
, a second
federal bailout to the tune of $37,800,000,000
and one hell of a party (p
), the news
on A.I.G. just keeps getting better. Now: Fed arbitrage
! Paying down
a 9% taxpayer loan with a 2% taxpayer loan? Genius
posted by jckll
on Oct 31, 2008 -
More subprime collateral damage. Iceland's now getting a $5B bailout
from Russia. What does Russia want in return
? Access to shipping lanes? The old US base? via
posted by blahblah
on Oct 7, 2008 -
Last month (Sept. 16, 2008) the American taxpayers bailed out
insurance giant American International Group
(AIG) to the tune of $85 billion dollars. So, asked "what ya' goin' do now after the bailout?" top executives said "party it up at the St. Regis Resort Monarch Beach
(Dana Point, CA) for a week (September 22 - 30, 2008). Total costs? Invoice: $443,343.71
. "$200,000 dollars for hotel rooms. Almost $150,000 for catered banquets. AIG spent $23,000 at the hotel spa and another $1,400 at the salon
Rep. Elijah Cummings (D-MD): "They were getting manicures, facials, pedicures and massages while American people were footing the bill. And they spent another $10,000 dollars for I don’t know what this is, leisure dining. Bars
posted by ericb
on Oct 7, 2008 -