Mortgage Bond Ratings Change: “Too little, too late.”
Glad to see someone else is paying attention: New York State Attorney General Andrew Cuomo’s office has issued subpoenas to...
Moodys Warning Labels (sub-prime version)
From Tuesday’s WSJ: "In an acknowledgment that the system it used to rate billions of dollars of mortgage-related securities...
Herb Greenberg Calls Out Larry Kudlow
Following last week’s NYT coverage of the blogger debate on excessive negativity, I was amused when I saw this blog post from my...
Financial Sector: More Damage to Come
Someone needs to inform the SEC that their job is to protect shareholders — not wayward corporate management. For an SEC commission...
Monoline Insurance: There’s a New Sheriff in Town…
The monoline insurers — the firms that issued default insurance on muni bonds that never default — have been buried by more...
NYTimes, Société Générale, & Me
>When it rains, it pours: Last night, I actually spoke with a reporter (novel idea) about a piece he was writing on Société...
Conspiracy theory of the day
Here’s a job listed on Bloomberg for Delta 1 Traders — the exact same position Jérôme Kerviel held at SG. It was posted in...
Quote of the Day: Ackman on MBIA
Bill Ackman asks if Fitch Ratings should really have a Triple AAA rating on MBIA: Does a company deserve your highest Triple A rating...
Monoline Rescue Plan Round Up
Here are some of the stories on the proposed rescue plan of the monoline insurers (AMBAC, FGIC, MBIA) • Banks pressed to bail-out bond...
Fed’s Folly: Fooled by Flawed Futures?
Was it a misunderstanding of their mandate, inexperience, or just plain hubris? Regardless, it took only 2 days to learn just how...