BLOG.JMHAMILTONPUBLISHING.COM: Monthly Archives for April 2010

After Speculators, Hedge Funds, and Goldman, Et Al., Took Down the Euro... China May think Twice About Letting Their Currency Float...

Posted by J.M. Hamilton Blog at 4/29/2010 9:24 PM | Add Comment

If Germany Won't Bailout PIIGS.... The E.U. may Jettison PIIGS, so that They Can Monetize Debt...

Posted by J.M. Hamilton Blog at 4/29/2010 9:17 PM | Add Comment

Synthetic Collateralized Debt Obligations = Gambling on Bets Already Made!

Posted by J.M. Hamilton Blog at 4/29/2010 9:16 PM | Add Comment

Oceans Ablaze!

Posted by J.M. Hamilton Blog at 4/29/2010 8:55 PM | Add Comment

“The SEC and the courts will resolve the legal question of whether Goldman’s actions broke the law,” said Senator Carl Levin, a Michigan Democrat. “The question for us is one of ethics and policy.”

Posted by J.M. Hamilton Blog at 4/29/2010 8:46 PM | Add Comment

"In the end, the spirit about compliance is as important, or more so, than words about compliance."

Posted by J.M. Hamilton Blog at 4/29/2010 8:24 PM | Add Comment

“One of the important lessons that I hope will be learned from this entire financial crisis is that the reflexive reaction against transparency, that disclosure will bring terrible things, has not been proven true,” he says.

Posted by J.M. Hamilton Blog at 4/29/2010 8:22 PM | Add Comment

An Opportunity for Republicans?

Posted by J.M. Hamilton Blog at 4/28/2010 9:02 PM | Add Comment

If this Event Doesn't Serve as a Wake Up Call to Get Off the "Oil - Jones" - And Convert Faster to Bio Fuels and Green Tech - Nothing Will...

Posted by J.M. Hamilton Blog at 4/28/2010 9:01 PM | Add Comment

"With stock prices up more 75% from their lows, that prospect seems as good excuse as any to take some profits here."

Posted by J.M. Hamilton Blog at 4/28/2010 9:00 PM | Add Comment

“The bond vigilantes are walking out in Greece, Spain, Portugal, the U.K. and Iceland,” said Roubini.

Posted by J.M. Hamilton Blog at 4/28/2010 8:59 PM | Add Comment

Blackstone’s GSO is marketing a floating-rate fund, the firm’s first product for retail investors, in which 80 percent of its managed assets are senior loans rated below investment grade, according a prospectus.

Posted by J.M. Hamilton Blog at 4/28/2010 8:53 PM | Add Comment

“One of the important lessons that I hope will be learned from this entire financial crisis is that the reflexive reaction against transparency, that disclosure will bring terrible things, has not been proven true,” he says.

Posted by J.M. Hamilton Blog at 4/28/2010 8:46 PM | Add Comment

Will the Real Doctor Evil, Please Step Forward.... ?

Posted by J.M. Hamilton Blog at 4/27/2010 10:15 PM | View Comments (1) | Add Comment

Mr. Blankfein replied, “I think we’re not that smart.” INDEED.

Posted by J.M. Hamilton Blog at 4/27/2010 10:11 PM | Add Comment

While the Dodd Bill Appears to have been Improved Upon, It still does nothing to Break Up TBTF Banks! On this point, the Republicans have it Right. Lets Hope They Do Something About It...

Posted by J.M. Hamilton Blog at 4/27/2010 9:55 PM | Add Comment

Goldman Sachs on Trial in the Public Arena! Mr. Blankfein said: “We have been a client-centered firm for 140 years, and if our clients believe that we don’t deserve their trust we cannot survive.”

Posted by J.M. Hamilton Blog at 4/27/2010 9:49 PM | Add Comment

Senator Judd Gregg: “We shouldn’t put in place a regulatory regime that overly reacts and, as a result, significantly dampens our capacity to have the most vibrant capital and credit markets in the world.”

Posted by J.M. Hamilton Blog at 4/27/2010 9:47 PM | Add Comment

Paper Trail at Goldman...

Posted by J.M. Hamilton Blog at 4/25/2010 9:10 AM | Add Comment

"Buying credit-default swaps is like buying insurance on your neighbor's house because you know he smokes in bed. Traditionally, one can't buy insurance without holding an interest in the thing being insured. The temptation to start a fire (is great)."

Posted by J.M. Hamilton Blog at 4/24/2010 9:20 PM | Add Comment

On Goldman: Mr. Galbraith obliged with a juicy quote that to repair the damage wreaked by fraud and fix the economy, "economists should move into the background and criminologists to the forefront."

Posted by J.M. Hamilton Blog at 4/24/2010 9:06 PM | Add Comment

Greek Interest Hits JUNK Status...

Posted by J.M. Hamilton Blog at 4/24/2010 9:49 AM | Add Comment

Sadly, the G-20 Should be Discussing Way to Break Up TBTF Banks... Not for Ways to Dissolve the Banks After the Next Crisis Occurs....

Posted by J.M. Hamilton Blog at 4/24/2010 9:30 AM | Add Comment

“I think people have accepted that regulation is going to happen and that the business will probably be less profitable.”

Posted by J.M. Hamilton Blog at 4/24/2010 9:21 AM | Add Comment

As Long as Rating Agencies Collect Fees or Revenue from the Institutions they Evaluate - There Will Be Moral Hazard!

Posted by J.M. Hamilton Blog at 4/24/2010 9:15 AM | Add Comment

It Appears that Hayek, of the Chicago School, Saw a Place for Government in the Market Place...

Posted by J.M. Hamilton Blog at 4/23/2010 7:35 PM | Add Comment

“They’ve (the Rating Agencies) become so beholden to their top issuers for revenue they have all developed a kind of Stockholm syndrome which they mistakenly tag as Customer Value creation,” the employee wrote.

Posted by J.M. Hamilton Blog at 4/23/2010 9:35 AM | Add Comment

"In Germany, the bailout has proved to be politically unpopular and could face legal challenges before the country’s Constitutional Court."

Posted by J.M. Hamilton Blog at 4/23/2010 9:28 AM | Add Comment

Hopefully Not Too Many "Deals" and "Compromises" will Be Struck in the Passage of Bank Reform... Last Thing America Needs is Watered Down Reform!

Posted by J.M. Hamilton Blog at 4/23/2010 9:22 AM | Add Comment

"A number of companies have recently announced that they will end or curtail their operations in Iran."

Posted by J.M. Hamilton Blog at 4/23/2010 9:19 AM | Add Comment

Prompt Global Strike Weapons - Wave of the Future?

Posted by J.M. Hamilton Blog at 4/23/2010 9:16 AM | Add Comment

European Sovereign Dominoes?

Posted by J.M. Hamilton Blog at 4/22/2010 3:47 PM | Add Comment

The Reactionary Elements of the Republican Party (Is that Redundant?)... Are on the Wrong Side of History! If the Republicans want to contribute to Reform with Real Proposals, by all means Present Them!

Posted by J.M. Hamilton Blog at 4/22/2010 3:18 PM | Add Comment

A Good Start... Lets Hope Substance is Not Sacrificed for Expediency....

Posted by J.M. Hamilton Blog at 4/22/2010 3:08 PM | Add Comment

The Reining in of the Wall Street Banks Will Do More to Foster - and Protect - Free Markets, than all the Deregulation that Proceeded Financial Reform, over the Last Three Decades...

Posted by J.M. Hamilton Blog at 4/22/2010 3:03 PM | Add Comment

"... putting so much testimony on the record voluntarily could give the S.E.C. more ammunition, legal experts said."

Posted by J.M. Hamilton Blog at 4/22/2010 3:01 PM | Add Comment

Tourre Should Not Be Allowed to Testify Before the Senate, IF It Means Immunity from Prosecution, or that His Talking Points cannot be used later by Prosecution...

Posted by J.M. Hamilton Blog at 4/21/2010 2:30 PM | Add Comment

"He (Greenberg) drills down so deep, to the Arctic ice, and yet he tells us he doesn't know the details of what he discussed with Ferguson,'' Ellenhorn said. "It's ridiculous.''

Posted by J.M. Hamilton Blog at 4/21/2010 2:09 PM | Add Comment

In Complaints Similar to the SEC's Allegations Against Goldman, Civil Suits Abound Against Wall Street Banks!

Posted by J.M. Hamilton Blog at 4/21/2010 2:03 PM | Add Comment

A Great First Step: The Senate Agriculture Committee on Wednesday approved legislation to tighten regulation of derivatives trading.

Posted by J.M. Hamilton Blog at 4/21/2010 1:58 PM | Add Comment

Taxpayer Supported Gambling on Wall Street!

Posted by J.M. Hamilton Blog at 4/21/2010 1:51 PM | Add Comment

“By splitting up these megabanks, we by definition will make them smaller, safer and more manageable,” Senator Edward E. Kaufman Jr.,

Posted by J.M. Hamilton Blog at 4/21/2010 1:48 PM | Add Comment

In the U.K., meantime, Britain’s financial regulator said Goldman Sachs’s London units will be formally investigated for fraud.

Posted by J.M. Hamilton Blog at 4/20/2010 11:50 AM | Add Comment

"Goldman often views its customers as trading counterparties, that is, the traders on the other side of Goldman’s own bets in the markets."

Posted by J.M. Hamilton Blog at 4/20/2010 11:46 AM | Add Comment

"To win its case, the S.E.C. must prove that Goldman was not merely silent about Mr. Paulson’s role but actually gave investors the wrong impression..."

Posted by J.M. Hamilton Blog at 4/20/2010 11:45 AM | Add Comment

"Much of that lobbying has centered on Senator Blanche Lincoln, the Arkansas Democrat who is the committee’s chairwoman and who last week introduced the bill that would prevent banks from trading derivatives directly."

Posted by J.M. Hamilton Blog at 4/20/2010 11:43 AM | Add Comment

“The lynch-mob mentality that is prevailing right now against Goldman is such that you don’t know where this thing could go, so I think the stock is going to be under continuing pressure,” said Michael Holland.

Posted by J.M. Hamilton Blog at 4/19/2010 1:14 PM | Add Comment

“I think everybody a few years ago got caught up in the idea that the markets are self-correcting and self-disciplined, and that the people in Wall Street will do a better job protecting the financial system than the regulators would.”

Posted by J.M. Hamilton Blog at 4/19/2010 1:05 PM | Add Comment

"The British prime minister also asked his nation’s securities regulator to investigate the Wall Street powerhouse because of losses suffered by a major British bank."

Posted by J.M. Hamilton Blog at 4/19/2010 1:03 PM | Add Comment

“We absolutely need to fix certain areas in financial reform,” Mr. Brown said on “Face the Nation” on CBS.

Posted by J.M. Hamilton Blog at 4/19/2010 1:01 PM | Add Comment

"The allegations have left many on Wall Street wondering how far the investigation might spread inside Goldman and perhaps beyond."

Posted by J.M. Hamilton Blog at 4/19/2010 12:59 PM | Add Comment

"Recent public statements made by Mr. Blankfein seem to conflict with the S.E.C. account."

Posted by J.M. Hamilton Blog at 4/17/2010 8:29 PM | Add Comment

Goldman Sachs and Zell...

Posted by J.M. Hamilton Blog at 4/17/2010 8:31 AM | Add Comment

TBTF, BANKS, Have to be Broken Up - Globally!

Posted by J.M. Hamilton Blog at 4/17/2010 3:25 AM | Add Comment

Res Ipsa Loquitur: In a statement, Goldman called the S.E.C. accusations “completely unfounded in law and fact” and said the firm would “vigorously contest them and defend the firm and its reputation.”

Posted by J.M. Hamilton Blog at 4/16/2010 8:39 PM | Add Comment

Coincidence? Probably Not.

Posted by J.M. Hamilton Blog at 4/16/2010 7:39 PM | Add Comment

Might the SEC Staff Up?

Posted by J.M. Hamilton Blog at 4/16/2010 6:29 PM | Add Comment

ABACUS

Posted by J.M. Hamilton Blog at 4/16/2010 6:24 PM | Add Comment

Remember the Name: John Paulson.... Not to be Confused with another Ethically Challenged Gentlemen, Henry Paulson...

Posted by J.M. Hamilton Blog at 4/16/2010 6:18 PM | Add Comment

If I may, one last Political Insight... Obama, if he plays his cards right, should be able to ride the Corpse of Wall Street Banking right into Re-election in 2012!

Posted by J.M. Hamilton Blog at 4/16/2010 6:09 PM | Add Comment

PINATA TIME... FOR GOLDMAN! Get the Rope...

Posted by J.M. Hamilton Blog at 4/16/2010 6:03 PM | Add Comment

Easy Money Appears to be Driving the Latest Bubble.... It sure Isn't Business Fundamentals...

Posted by J.M. Hamilton Blog at 4/15/2010 9:21 PM | Add Comment

China Corners "Rare Earth" Metals Market...

Posted by J.M. Hamilton Blog at 4/15/2010 9:17 PM | Add Comment

Retro Blog: Private Equity

Posted by J.M. Hamilton Blog at 4/15/2010 9:06 PM | Add Comment

A Short Story in Fiction: The Recovery!

Posted by J.M. Hamilton Blog at 4/14/2010 8:35 PM | Add Comment

Now, more than ever, the GOP needs to actively participate in the Writing and Implementation Process of Bank Regulatory Reform.

Posted by J.M. Hamilton Blog at 4/14/2010 8:14 PM | Add Comment

Banks Fail to Recognize Their Own Contribution to the Housing Crisis: That of Poor Underwriting Standards. At the same time, the Banks Have been in Receipt of Massive Corp Welfare, Most Homeowners Have Not!

Posted by J.M. Hamilton Blog at 4/14/2010 8:13 PM | Add Comment

Drawn by the prospect of hefty profits from even the smallest of loans, a raft of banks and financial institutions now dominate the field, with some charging interest rates of 100 percent or more.

Posted by J.M. Hamilton Blog at 4/14/2010 8:11 PM | Add Comment

“It’s a riverboat gamble with very little upside.”

Posted by J.M. Hamilton Blog at 4/14/2010 8:09 PM | Add Comment

The 84-year-old Greenberg is trying to rehabilitate his reputation and settle lawsuits over the transaction and his ouster from AIG in March 2005.

Posted by J.M. Hamilton Blog at 4/14/2010 8:08 PM | Add Comment

He predicted that without action by Congress, “we’ll see millions and millions of dollars in corporate money funneled into these campaigns through dummy corporations and front companies.”

Posted by J.M. Hamilton Blog at 4/13/2010 8:28 PM | Add Comment

The Revolving Door Between Congress and Wall Street....

Posted by J.M. Hamilton Blog at 4/13/2010 8:27 PM | Add Comment

Four Republican senators — Scott Brown of Massachusetts, George V. Voinovich of Ohio and Susan Collins and Olympia J. Snowe of Maine — joined Democrats to overcome the legislative standoff that had resulted from Mr. Coburn’s objections last month.

Posted by J.M. Hamilton Blog at 4/13/2010 8:26 PM | Add Comment

Germany, long the financier of the European Union, has made it clear that it will no longer pay for the mistakes and frauds of others.

Posted by J.M. Hamilton Blog at 4/13/2010 8:24 PM | Add Comment

Mr. Hu made no specific commitment to backing measures that the United States considers severe enough to force a change in direction in Iran’s nuclear program.

Posted by J.M. Hamilton Blog at 4/13/2010 8:23 PM | Add Comment

Entities like Hudson Castle are part of a vast financial system that operates in the shadows of Wall Street, largely beyond the reach of banking regulators.

Posted by J.M. Hamilton Blog at 4/13/2010 8:21 PM | Add Comment

Inflation, at least in the Short to Intermediate Run, Should be Held in Check by High Unemployment, Stagnating Labor Costs, Rising Productivity, and Depressed Housing Prices.... Declining M3 is also a Sign that Inflation Shouldn't take off Any Time Soon.

Posted by J.M. Hamilton Blog at 4/13/2010 5:08 AM | Add Comment

It's the Politics, Stupid!

Posted by J.M. Hamilton Blog at 4/12/2010 8:55 PM | Add Comment

When A Country Begins to Crawl Out of the Economic Abyss.... Making the Call on when the Depression Officially Ends is, Well, Political!!!!

Posted by J.M. Hamilton Blog at 4/12/2010 8:48 PM | Add Comment

Exchange Rate is But One Avenue in Dealing with China... Another Answer is to Insist that Chinese Products, Sold in the U.S., are Mfged Here in the U.S....

Posted by J.M. Hamilton Blog at 4/12/2010 8:45 PM | Add Comment

Regulators Failed to Manage the Last Crisis and The Dodd Bill, Merely Shuffles the Regulatory Deck, and Leaves America Dependant Upon the Regulators, Yet Again.

Posted by J.M. Hamilton Blog at 4/12/2010 8:42 PM | Add Comment

E.U. "Talk and Walk" on Greece, Finally, Backed by Money.... Next Up: Portugal, Ireland, Italy and Spain...

Posted by J.M. Hamilton Blog at 4/12/2010 8:39 PM | Add Comment

Tea Party Targets Republican Establishment Candidate, In Favor of a More Libertarian Bent Candidate...

Posted by J.M. Hamilton Blog at 4/11/2010 10:14 AM | Add Comment

If Banks Eschew Consumer and/or Small Business Debt/Credit, in Favor of Sovereign Debt and/or Riskier Issues of Corporate Debt (Hedged by CDS), A Reverse Multiplier Effect of Tightening Consumer and/or Small Business Credit…. Could Slow Down the Economy!

Posted by J.M. Hamilton Blog at 4/11/2010 10:13 AM | Add Comment

Tragedy and Irony in Poland…

Posted by J.M. Hamilton Blog at 4/11/2010 10:13 AM | Add Comment

Top Ten Reasons Not to Invest in Wall Street Banks….

Posted by J.M. Hamilton Blog at 4/10/2010 3:38 PM | Add Comment

Team Usury Sprucing Up Quarterly Statements by Temporarily Off-Loading Debt in Repurchase Agreements... Apparently, REPO 105 or REPO 105- Like Transactions are all too Common. No Surprise!

Posted by J.M. Hamilton Blog at 4/10/2010 3:11 PM | Add Comment

Eventually, we will be asking how to save the government....

Posted by J.M. Hamilton Blog at 4/10/2010 10:59 AM | Add Comment

History Repeats: Who Would Win? President Jackson or the Bank? And Who Will Win Today? President Obama or the Banks? Or Will Washington Even Engage the Banks? Judging from the Dodd Bill, Not.

Posted by J.M. Hamilton Blog at 4/10/2010 9:51 AM | Add Comment

Retro Blog: History Repeats Itself, As America Fails to Learn from Japan!

Posted by J.M. Hamilton Blog at 4/9/2010 10:07 PM | Add Comment

Treadmill to Hell

Posted by J.M. Hamilton Blog at 4/9/2010 10:04 PM | Add Comment

The March trade gap may not be sustained as exports pick up pace.

Posted by J.M. Hamilton Blog at 4/9/2010 10:02 PM | Add Comment

JUNK Remains Hot... For Now...

Posted by J.M. Hamilton Blog at 4/9/2010 10:01 PM | Add Comment

Since the middle of 2008, a total of 225 billion Swiss francs have left the bank... UBS...

Posted by J.M. Hamilton Blog at 4/9/2010 10:00 PM | Add Comment

While the market has improved in the past few weeks, private equity-backed IPOs have lagged overall IPO performance in the United States...

Posted by J.M. Hamilton Blog at 4/9/2010 9:59 PM | Add Comment

Greek citizens are staging what amounts to a run on their own banks... And, the continued shuttering of the securitization markets.

Posted by J.M. Hamilton Blog at 4/8/2010 9:34 PM | Add Comment

Debt Securitization - No Longer Off Balance Sheet: "...the implementation of FAS 166 and 167 will create some noise in the quarter, as the large-cap banks will make a one-time 'true-up' to the reserve for off-balance-sheet assets."

Posted by J.M. Hamilton Blog at 4/8/2010 9:31 PM | Add Comment

Strong corporate-debt-origination levels were more than offset by a significant sequential decline in equity originations and completed merger and acquisition (M&A) volumes.

Posted by J.M. Hamilton Blog at 4/8/2010 9:30 PM | Add Comment

"In contrast, Mr. Rubin raced out of the hearing room."

Posted by J.M. Hamilton Blog at 4/8/2010 9:29 PM | Add Comment

Germany Looking Past Greece and Sees Moral Hazard, as Other PIIGS Will Be Looking for Greek Style Assistance...

Posted by J.M. Hamilton Blog at 4/8/2010 9:26 PM | Add Comment

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