This article was sent to me by David Stockman, former Reagan Administration head of OMB, capitalist, investor, and writer. As readers know, he has been contributing articles to The Daily Capitalist over the years dealing with what he calls “The Great Deformation”, or the impact of the Fed and crony capitalism [...]
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More good news today: Citigroup Inc. Chief Executive Vikram Pandit abruptly stepped down following a clash with the company’s board over the bank’s strategy and performance, according to people with knowledge of the bank. … The company’s shares fell 89% over Mr. Pandit’s tenure, in part because Citigroup issued billions of shares to repay government [...] “Electric-car-battery manufacturer A123 Systems Inc., the recipient of nearly $250 million in government grants, filed for Chapter 11 bankruptcy protection Tuesday.” See more, here and here. From the WSJ: In a bid to jumpstart the electric-car-battery industry, the U.S. government has provided more than $1.2 billion to battery makers in the past three years. But [...] FORTUNE — Jon Corzine is “weighing whether to start a hedge fund,” according to a NY Times article that also says the former MF Global boss is unlikely to face criminal charges for his role in the brokerage firm’s collapse. Somewhere, the ghost of P.T. Barnum must be smiling. This defies explanation. Maybe he’s trying to [...] PAUL D. RYAN is the most articulate and intellectually imposing Republican of the moment, but that doesn’t alter the fact that this earnest congressman from Wisconsin is preaching the same empty conservative sermon. Thirty years of Republican apostasy — a once grand party’s embrace of the welfare state, the warfare state and the Wall Street-coddling [...] “Dimon, who has been chief executive officer of JPMorgan since 2006, has a reputation as a savvy political player, and the bank’s lobbying expenditures have increased under his leadership.” The American Banker has a long article today (see below) about JPMorgan’s ties to politicians serving on the [...] Whenever I struggle with an issue, such as banking regulation and the JPM situation, I find that the eminent Dr. Frank Shostak has already solved the problem. I’ve been thinking a lot about the current banking system and how it perpetuates Too Big To Fail banks. There is a free market solution to the banking system, actually, a [...] We’ll never be able to stop crony capitalists as long as we continue with our present system. This report of a Wednesday meeting at the NY Fed is not the first one and no doubt will not be the last: Goldman Sachs Group Inc. Chief Executive Lloyd Blankfein, J.P. Morgan Chase & Co. CEO James Dimon, Bank of [...] We are not surprised that nothing has changed in the world of Crony Capitalism. We warned of this in our criticism of Dodd-Frank. We have identified that Wall Street-Washington Financial Complex. We have criticized the Fed for its boom-bust policy. President Obama knew well that nothing would change since he hired Larry Summers and Tim [...] |
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