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Rumblings of Bankster Accountability
I don’t disagree with Adam Levitin at all about the foreclosure crisis and the deliberate backing away from any accountability for the banks. Clearly this accountability crisis is at the forefront of...
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The Madoff Interview: The Banks “Had to Know”
Diana Henriques snagged the first interview with Bernie Madoff since his arrest in late 2008. And while he maintained that his family knew nothing about his Ponzi scheme, he asserted that banks and...
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Citi Knew About Madoff Fraud, Tried to Pass Off Exposure in 2008
We have already heard about JPMorgan’s travails with Bernie Madoff’s Ponzi scheme. A recent report identified JPMorgan as complicit in the Madoff scheme, and potentially liable in a civil lawsuit....
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IL-Sen: Giannoulias Supports Brown-Kaufman, Higher Capital Requirements
Last week, Kentucky Senate candidate Jack Conway told me that he supported breaking up the big banks as an extension of financial reform. He stressed that the largest half-dozen firms only grew since...
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Dodd-Frank Leads to Goldman Spinning Off Trading Division?
I’m sympathetic to Matt Taibbi’s argument that Wall Street made out like bandits in the Dodd-Frank financial reform law. I’ve tried to explain as honestly as I possibly could how the law isn’t a...
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New Basel Standards Slash Capital Requirements for US Banks
Two top international banking supervisors put out the utterly mundane statement that raising capital requirements for banks would not crash or even touch the global economy to any degree. It would not...
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This Week in FinReg Implementation
Damian Paletta offers a preview of the high-stakes debate in Basel, Switzerland, over new global banking rules that will set the amount of capital firms must hold in reserve, and the amount of dollars...
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Optimism on Basel III, Capital Requirements?
Felix Salmon reassesses the Basel III process on international bank standards, and actually finds reason for optimism: I very much hope that Die Zeit is right about the Basel III capital requirements:...
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Basel III Accord Reached: Capital Requirements Set at Minimum 7%
Reuters reported about an hour ago that negotiators had reached a deal on the Basel III reforms for international banking, and that on the key question of capital requirements, the range would fall in...
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Biggest Banks Already Qualify Under Basel III Reforms
Since the deal on the Basel accords, I hadn’t seen a whole lot of criticism of the plan, which the consensus opinion finds stronger than expected. But the counterpoints have begun to trickle in. Naked...
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US Banks Must Raise $100 Billion in Capital to Comply with Basel III...
Banks may be reaping record profits thanks to years of favorable emergency lending programs, but there are lots of dangers on the horizon for them. For one, there’s the possibility that investors may...
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Citi Magically Changes Assets to Avoid Capital Requirements
Felix Salmon brings us the news of how Citigroup is skirting its capital requirement: At issue is a pool of $12.7 billion in assets, which is housed at Citi’s “bad bank”, Citi Holdings. In 2008, Citi...
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Dimon: Regulating Financial Firms So They Don’t Cause Massive Crises...
Time to pile on to the Jamie Dimon persecution complex. Dimon, the CEO of JPMorganChase, told the Financial Times that new global rules on capital requirements are “un-American.” The Basel III capital...
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