|
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 [...] |
|
© 2013 The Daily Capitalist - Nothing in this blog should be considered to be investment advice. The opinions expressed herein are those of the author and not necessarily those of The Daily Capitalist. The Daily Capitalist is published by Montecito Analytics, LLC. All Rights Reserved. |
