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« May 2009 | Main | July 2009 »
Madoff Learns His FateJune 29, 2009 @ 09:49 AM | By Greg MacSweeney
Prosecutors want convicted fraudster Bernard Madoff to receive the maximum sentence allowed by law which is 150 years in prison. Meanwhile his lawyers are asking for a mere 12 years. It’s not as if Madoff has been a cooperative fraudster. After all he hasn’t given investigators many details of his scheme or told of who else knew about the massive fraud.
Visit msnbc.com for Breaking News, World News, and News about the Economy
SIFMA Spending Big to Help Financial Industry Revamp Image
June 26, 2009 @ 09:23 AM | By Greg MacSweeney
The financial services industry hopes to quell criticism with an aggressive retooling of its damaged image. SIFMA, the Securities Industry and Financial Markets Association, is spending $85,000 per month to change the public’s perception of banking. Marketplace’s Ashley Milne-Tyte reports.
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Obama to Review Every American; 70% of All Praise is Sarcastic
June 26, 2009 @ 07:38 AM | By Penny Crosman
This week, according to the Onion News Network, President Obama began holding job performance reviews with every American in an effort to improve national productivity and a UCLA study found that 70% of all praise is sarcastic. In technology news, Apple announced that the iPhone now makes phone calls.
Obama to Hold Job Performance Review with Every American
According to a report from the Onion, the President's latest financial stimulus efforts include personal advice to each citizen on work habits and belt-tightening as well as giant inspirational posters.
Obama To Hold Job Performance Review With Every American Worker
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Market Crises Could Be Avoided Through Simplicity, Better Data
June 24, 2009 @ 10:32 AM | By Penny Crosman
Rick Bookstaber, author of the book A Demon of Our Own Design and a former managing director in charge of firm-wide risk management at Salomon Brothers and a designer of derivatives, proprietary trader and market risk manager at Morgan Stanley, first designing and marketing derivative instruments, then as a proprietary trader, made provocative statements about the state of the markets at the SIFMA show yesterday afternoon.
continued...Comment on this blog entry
How Much for Lunch with Warren Buffet?
June 22, 2009 @ 08:47 AM | By Greg MacSweeney
How much would you pay to have lunch with "The Oracle of Omaha," Warren Buffett? Tess Vigeland from American Public Media Marketplace talks to Mohnish Pabrai, who two years ago was the winning bidder in the mogul's annual charity auction. Pabrai, a money manager who runs a value fund, paid around $650,000. Here is Pabrai's account of his three-hour lunch meeting with Buffet.
E.U. Drafts New Regulatory System
June 19, 2009 @ 10:11 AM | By Greg MacSweeney
E.U. leaders are backing a draft for a new regulatory system which includes a systemic risk board to spot credit problems before they become a danger to the financial system. Britain fought to retain total control over its financial oversight, but that may now be diluted in the regulatory draft. The draft also includes an upbeat note on financial recovery. Stephen Beard reports for American Public Media’s Marketplace.
TGIF: While Discussing Financial Regs, Obama Slaughters Fly
June 18, 2009 @ 05:56 PM | By Penny Crosman
During a CNBC interview about his new proposal for financial regulation, President Barack Obama made major national news when he efficiently yet violently squashed a fly. This version of the footage has been dubbed with ninja-movie style dialogue.
continued...The Most Sweeping Changes to Financial Regulation Since the 1930s
June 17, 2009 @ 10:52 AM | By Greg MacSweeney
President Obama is focusing on the next step to fix the financial system: proposing new regulations that are intended to help consumers and put limits on bankers. MSNBC’s Steve Liesman goes over some of the changes, as does CBS News’ Chip Reid in the following videos. Also, new financial regulations will create a new financial consumer protection agency, require banks to carry more capital on their books, regulate derivatives and more, reports American Public Media Marketplace’s Steve Henn in the following audio clip.
Visit msnbc.com for Breaking News, World News, and News about the Economy
Exploring What Really Broke Bank of America
June 16, 2009 @ 08:47 AM | By Greg MacSweeney
A new Frontline documentary titled "Breaking the Bank" is airing tonight that tells the tale of Bank of America's rise to its ill-fated takeover of Merrill Lynch. Also, American Public Media’s Bill Radke gets the bigger picture from "Breaking the Bank" producer Mike Kirk in the following Marketplace audio clip.
The Man Who Knew About Madoff Before Anyone Else
June 15, 2009 @ 06:34 AM | By Greg MacSweeney
Harry Markopolos repeatedly told the Securities and Exchange Commission that Bernie Madoff's investment fund was a fraud. He was ignored, and investors lost billions of dollars. It didn’t take for Markopolos to figure out that Madoff was a fraud, he says in the following video. It took him five minutes to figure out he was a fraud and four hours to mathematically prove it. Markopolos sent five separate reports to the SEC starting in 2000. All of the reports were ignored. Steve Kroft from CBS’s 60 Minutes reports.
TGIF: Daily Show Asks, Is the Economic Crisis Fixed?
June 12, 2009 @ 07:33 AM | By Penny Crosman
Jon Stewart looks at how the government has handled the AIG crisis and executive pay.
| The Daily Show With Jon Stewart | Mon - Thurs 11p / 10c | |||
| F#@ked or Fixed - Economic Crisis | ||||
| ||||
Independent Research Runs Out of Funds
June 11, 2009 @ 10:06 PM | By Greg MacSweeney
It seems like yesterday that the stock research scandal threatened to destroy much of Wall Street. Six years ago, we discovered that research analysts at some of the big brokerages weren't being completely forthright with their stock recommendations. If only our current financial crisis was so easy to solve.
Fallout from the Wall Street stock-research scandal resulted in firms having to pay more than $450 million to fund independent market research. Six years later, some $70 million remains of the original fund. But that money will soon dry up as a judge has ordered that the remaining funds be turned over to the Treasury Department.
So now, investors who valued independent research may be left without any alternatives except for brokers research. Although today's research analysts are removed from the banking operations, many are wondering what will happen to the independent research industry, which was heralded only a few years ago as a savior to Wall Street and the investor. Amy Scott reports for American Public Media's Marketplace.
Can Credit Markets Thaw Without Toxic Assets Buyout?
June 11, 2009 @ 09:39 AM | By Greg MacSweeney
With banks raising capital, is there still a need for a government-orchestrated effort to get toxic assets off bank books? WSJ economics editor David Wessel explains that while it is possible for a recovery to happen without removing the bad assets from the banks’ balance sheets, the toxic assets remain a distraction. So the big question still remains: Do we need a "bad" bank to take these assets away from the “good” banks?
Peter L. Bernstein Dies, Proponent of Efficient Market Theory
June 09, 2009 @ 08:55 AM | By Greg MacSweeney
Peter L. Bernstein, the author of Against the Gods: The Remarkable Story of Risk and other books, died on June 5th at the age of 90. In this McKinsey Quarterly video from January 2008, the well-known author discusses the meaning of risk and explains why sophisticated mathematical models to control it sometimes go awry.
Ultimately, Peter L. Bernstein will be remembered for his development and refinement of efficient market theory, which helped him bring investing theory -- more than simply picking stocks -- to the general public. Bernstein, it seems, advocated increased regulatory oversight to strengthen the foundation of the markets, while also believing that the wealth and opportunity created by a free market were worth the risk. He also was a Keynesian and he argued that the health of the market economy required public spending on various projects.
Overreaching Derivatives Regulation Worries Dealers
June 05, 2009 @ 07:36 AM | By Greg MacSweeney
The regulator of the futures trading industry is proposing new rules for trading financial contracts known as derivatives. John Dimsdale reports that big wheelers and dealers are now fretting about overreaching regulation in this American Public Media audio clip.
Is the Credit Crunch Finally Abating?
June 05, 2009 @ 07:27 AM | By Greg MacSweeney
Last September, Standard & Poor’s Market, Credit and Risk Strategies Group launched the Credit Crunch Checklist, designed to help investors know when the credit freeze started to thaw. Michael Thompson, head of the group at S&P, says “We are in a lot better shape than we were in September.” The Credit Crunch Checklist looks at a four things, including the prices of homes, inventory of home sales, the spread between the 3-month LIBOR and Fed Funds Rate and the price of crude oil. On three of the four criteria, the Credit Crunch Checklist “has seen major improvements,” said Thompson in this MSNBC" Squawk on the Street" video.
Visit msnbc.com for Breaking News, World News, and News about the Economy
TGIF: Microwave Facts
June 04, 2009 @ 06:27 PM | By Penny Crosman
Office workers discuss what can and can't go into the microwave.
Commentary: One Financial Regulator to Rule Them All
June 04, 2009 @ 08:22 AM | By Greg MacSweeney
Who should regulate our financial system? American Public Media Marketplace’s Commentator Robert Reich, argues there should be one financial regulator to prevent the kind of fiscal meltdown that sent the U.S. into this recession.
China Is Investing Even More in Morgan Stanley
June 03, 2009 @ 12:25 PM | By Greg MacSweeney
Morgan Stanley is raising capital through a new stock offering, and China is getting in on the deal. In fact, China's getting in on a lot of deals lately and is upping its stake in Morgan Stanley. Scott Tong from American Public Media looks into why.
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