This just in from the Wall Street Journal:
Brian Sack, a top Federal Reserve staffer who played a key role implementing many of the central bank’s policies in the wake of the 2008 financial crisis, will resign from his job later this year.
As head of the Federal Reserve Bank of New York’s markets group, [...]
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 [...]
It was just past 7:00 a.m. on the morning of Saturday, September 13, 2008. Jamie Dimon, CEO of JP Morgan, went into his home library and dialed into a conference call with two dozen members of his management team.
“You are about to experience the most unbelievable week in America ever, [...]
You know when they start talking about a politician’s legacy that he is toast. I think that’s what happens when you think you can run the economy and fail. The lesson being that you can’t successfully “run” the economy from the top down. Ben Bernanke has still not learned that.
Bernanke will probably be fired [...]
“gleaning clues about the thinking of Fed officials during private talks can be … valuable to investors making bets on the direction of the economy … making snippets of information as subtle as head nods and body language extremely valuable”
The Wall Street Journal just broke this story about how big [...]
It was with overt schadenfreude that I read the Wall Street Journal’s report that Tim Geithner may be jumping ship fairly soon. I’m not cheering loudly because his replacement will no doubt be made from the same mold. Replacements mentioned include: Roger C. Altman, former White House chief of staff Erskine Bowles, current White House chief [...]