Money and Finance
- Where Is Dick Fuld Now? Finding Lehman Brothers' Last Ceo
Found via the Corner of Berkshire & Fairfax. Five years after the fall, Lehman Brothers no longer evokes the intense public anger it did in the weeks after the crash, when Fuld was hauled before Congress and made to answer for the firm’s demise....
- Robert G. Wilmers' 2011 Letter To Shareholders
Thanks to Lincoln for pointing this out. Warren Buffett often recommends Wilmers’ letters (as well as Jamie Dimon’s). The letter is on pages 7-23 of the PDF linked to below, or there is an abridged version HERE. As relatively good a year 2011 was...
- Is The Sec Fighting Last Year's War?
Thanks to Max for passing this along. Richard Bookstaber, veteran Wall Street risk manager and hedge fund manager, made a splash on the eve of the financial meltdown with the publication of Demon of Our Own Design, a book that warned the markets had grown...
- Greg Mankiw: How To Recapitalize The Financial System
There is broad agreement among economists that what the financial system needs right now is not only an injection of liquidity but also a recapitalization. The essence of the current financial crisis is that many firms bet that housing prices would not...
- July Progress
I started tracking my monthly passive financial inflow just last month. My June passive income was $261.00 This month I bought shares of DRI, MCD and GSK. I again received more than $100 in dividends! Total of $122.68 My dividend paying stocks were:...
Money and Finance
Where Bank Regulators Go to Get Rich – By William D. Cohan
Mary Schapiro, the former chairman of the Securities and Exchange Commission, must take us for fools.
No need to worry about her and the so-called revolving door between government and Wall Street, she told the Wall Street Journal on April 2, after announcing she would be joining the Promontory Financial Group LLC as a managing director in its Washington office, in charge of its governance and markets practice. “In my case, there’s no revolving door,” she said. “I won’t ever be going back to government.”
Oh well, then, I guess that makes it OK that four months after leaving the SEC, Schapiro is joining a firm stuffed to the gills with former government financial-services regulators peddling their knowledge of Washington’s regulatory thicket to the banks and financial-services companies they once oversaw. (Schapiro, remember, also had a swell incoming trip through the revolving door: She previously ran the Financial Industry Regulatory Authority, Wall Street’s self-appointed watchdog, which paid her a bonus of almost $9 million after she left to go to the SEC in 2009.)
Promontory, founded in 2001 by Eugene Ludwig, a former comptroller of the currency, has become a sort of mini-version of Fannie Mae in its heyday. Back then, the mortgage giant was the ultimate revolving door between Washington and the private sector, paying retired politicians huge salaries to lobby their former colleagues. We all know how that turned out.
- Where Is Dick Fuld Now? Finding Lehman Brothers' Last Ceo
Found via the Corner of Berkshire & Fairfax. Five years after the fall, Lehman Brothers no longer evokes the intense public anger it did in the weeks after the crash, when Fuld was hauled before Congress and made to answer for the firm’s demise....
- Robert G. Wilmers' 2011 Letter To Shareholders
Thanks to Lincoln for pointing this out. Warren Buffett often recommends Wilmers’ letters (as well as Jamie Dimon’s). The letter is on pages 7-23 of the PDF linked to below, or there is an abridged version HERE. As relatively good a year 2011 was...
- Is The Sec Fighting Last Year's War?
Thanks to Max for passing this along. Richard Bookstaber, veteran Wall Street risk manager and hedge fund manager, made a splash on the eve of the financial meltdown with the publication of Demon of Our Own Design, a book that warned the markets had grown...
- Greg Mankiw: How To Recapitalize The Financial System
There is broad agreement among economists that what the financial system needs right now is not only an injection of liquidity but also a recapitalization. The essence of the current financial crisis is that many firms bet that housing prices would not...
- July Progress
I started tracking my monthly passive financial inflow just last month. My June passive income was $261.00 This month I bought shares of DRI, MCD and GSK. I again received more than $100 in dividends! Total of $122.68 My dividend paying stocks were:...