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Publishers / The Big Picture

Did Facebook Executives Privately Tell Institutional Investors to Lower Their Estimates on the IPO?

by Washingtons Blog on May 22, 2012 • No Comments
Did Facebook Feed Inside Information to the Big Boys … While Leaving the Individual Investor In the Dark? Reader McFid – who has been a breach of fiduciary duty expert since 2003 – sent me the following article: Today, The Daily Beast reports that certain underwriters may have lowered their revenue projections prior to the...
naked capitalism / Publishers

Occupy Wall Street Alternative Banking Group Files Amicus Brief on Side of Judge Rakoff in SEC v. Citigroup

by Yves Smith on May 22, 2012 • No Comments
Below you'll find the amicus brief filed by the Alternative Banking Group on May 21 in support of Judge Jed Rakoff's ruling questioning a proposed $285 million settlement in the SEC v. Citigroup Capital Markets (ruing here, summary and discussion here).
Publishers / The Big Picture

Open Thread: Facebook’s Pricing, Privacy & Future

by Barry Ritholtz on May 17, 2012 • No Comments
Are you sick to death of Facebook hype yet? Me too! I haven’t heard much about their privacy issues in the mad run up to IPO. (I wonder why that is?) No matter how many times I shut off notifications, raise privacy settings, and remove alerts, Facebook continues to send me email. It seems every...
Publishers / The Big Picture

Chris Whalen & Jeff Madrick Debate JP Morgan’s Losses

by Barry Ritholtz on May 17, 2012 • No Comments
Last week JP Morgan Chase acknowledged a trading loss of at least $2 billion, fueling calls by some observers for more regulation of financial institutions. Chris Whalen, a Senior Managing Director at Tangent Capital Partner, tells Bloomberg Law’s Lee Pacchia that it was actually too much regulation that led to the loss. Jeff Madrick, a...
naked capitalism / Publishers

Michael Crimmins: Why the Cops Should be Knocking on Jamie Dimon’s Door Soon

by Yves Smith on May 16, 2012 • No Comments
By Michael Crimmins, who has worked on risk management and Sarbanes Oxley compliance for major banks The scandal surrounding JP Morgan's losses in its Chief Investment Office is not going away, and for good reason. Its trading book continues to lose money at an astounding rate. The most recent report estimates that the losses have...
naked capitalism / Publishers

Brett Scott: The Safe Deposit Box – Creating a Financial Wikileaks

by Yves Smith on May 16, 2012 • No Comments
By Brett Scott, who operates as a consultant bridging the gap between finance and those involved in socio-environmental justice and international development. He has also written for the Guardian, the Ecologist, New Internationalist and Open Democracy. Brett blogs at www.suitpossum.blogspot.com and tweets as @Suitpossum. He is a fellow of the
naked capitalism / Publishers

Mirabile Dictu! The SEC Finally Investigates Magnetar

by Yves Smith on May 16, 2012 • No Comments
More than four years after Serena Ng and Carrick Mollencamp of the Wall Street Journal first took notice of the highly destructive ways of the Chicago hedge fund Magnetar, which created a series of toxic CDOs, the SEC finally appears to be taking a serious look at some of their deals.
naked capitalism / Publishers

So Much for Schneiderman Being Tough on Wall Street

by Yves Smith on May 16, 2012 • No Comments
As regular readers no doubt recall, Eric Schneiderman abandoned the dissident state attorney general effort to get a better mortgage settlement, assuring the Administration a win on this sellout to the banks. The bright shiny prize Schneiderman got in return for his betrayal was serving as one of five co-chairmen on a Federal mortgage task...
Publishers / The Big Picture

America’s First Patents

by Barry Ritholtz on May 10, 2012 • No Comments
Michael Risch Villanova University School of Law Florida Law Review, Vol. 64, 2012   Abstract: Courts and commentators vigorously debate early American patent history because of a spotty documentary record. To fill these gaps, scholars have examined the adoption of the Intellectual Property Clause of the Constitution, correspondence, dictionaries, and British and colonial case law....
Publishers / The Big Picture

The Fraud Recipe for CEO’s, Why Banks Hate Free Markets and Love Crony Capitalism, and the Dysmal Legacy of Mainstream Economists

by Guest Author on May 10, 2012 • No Comments
Bill Black: The Fraud Recipe for CEO’s, Why Banks Hate Free Markets and Love Crony Capitalism, and the Dysmal Legacy of Mainstream Economists   The selected notes below are from William K. Black’s presentation at the Modern Monetary Theory Summit in Rimini, Italy, in Febuary of this year.  The audio is embedded in this post following...
naked capitalism / Publishers

Watching Icon of the Left Eric Schneiderman Morph into Administration Water Boy Tom Miller

by Yves Smith on May 9, 2012 • No Comments
Bear with me while I tell you a story from the 1980s.
naked capitalism / Publishers

The Bankruptcy “Reforms” of 2005: Creation of a New Debtor’s Prison?

by Yves Smith on May 8, 2012 • No Comments
An article by law professor Linda Coco, "Debtor’s Prison in the Neoliberal State: 'Debtfare' and the Cultural Logics of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005," (hat tip Michael Hudson) is a an informative, if disheartening, overview of the significance of the bankruptcy law reforms implemented in 2005. One might cynically observe...

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