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 [...]
Jon S. Corzine, MF Global Holding Ltd. (MFGLQ)’s chief executive officer, gave “direct instructions” to transfer $200 million from a customer fund account to meet an overdraft in one of the brokerage’s JPMorgan Chase & Co. (JPM) accounts in London, according to an e-mail sent by a firm executive.
Edith O’Brien, a treasurer for the firm, said in [...]
JP Morgan Chase has filed a motion to get in front of the line to recover assets from bankrupt MF Global. At issue are the account holders who had cash in “segregated” accounts, of which $1.2B of this cash is now missing. One article covering this is here.
Tactically, this may be a brilliant move. Our justice [...]
Shaky home equity lines of credit (HELOC) loans are overwhelming major banks’ Tier 1 capital which means they need more capital to meet Basel III requirements. B of A, Wells Fargo, Citigroup, and JPMorgan Chase together have about 40% of all home equity loans.
B of A estimates that only about $5 billion, or [...]