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Economist's View: links for 2009-10-31
naked capitalism: Guest Post: Galbraith Says Administration’s Sole Goal is to Restore System of 5 or 10 Years Ago, But Confidence Won’t be Restored Unless Fraud Which Caused the Crash is Investigated
The Baseline Scenario: CEO Statements That Should Make You Worry
Reactions
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Citigroup #citibank being rescued for 4th time by US Gov. . Let it die already? http://tinyurl.com/yep8jzf 12 days ago |
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Can C carry its own weight? C under sea and near death: http://www.nytimes.com/2009/11/01/business/economy/01citi.html 17 days ago |
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Is Citigroup (and Citibank) next to tank? http://tinyurl.com/yep8jzf #p2 #economy 18 days ago |
links for 2009-10-31
Economist's View —
... Can Citigroup Carry Its Own Weight? - NYTimes.com
Did the Lehman Failure Do It? - Arnold Kling ...
Guest Post: Galbraith Says Administration’s Sole Goal is to Restore System of 5 or 10 Years Ago, But Confidence Won’t be Restored Unless Fraud Which Caused the Crash is Investigated
naked capitalism —
As I have repeatedly written, the largest U.S. banks have repeatedly gone bankrupt due to wild speculation which was blessed by the Fed, and then the government covered up their bankruptcy.
Indeed, the New York Times writes today about one of the too big to fails:
Over the past 80 years, the United States government has engineered not one, not two, not three, but at least four rescues of the institution now known as Citigroup.
But prominent economist James Galbraith recently told Bill Moyers:
JAMES ...
CEO Statements That Should Make You Worry
The Baseline Scenario —
... That’s Vikram Pandit on his company, Citigroup, as reported in The New York Times. What does it mean? Your guess is as good as mine. ...
Can Citigroup Carry Its Own Weight?
DealBook —
... . In previous instances, the bank came back from the crisis and prospered. Will Citigroup rise again from its recent near-death experience? The New York Times’s Andrew Martin and Gretchen Morgenson examine the question on an in-depth look at the course of the world’s largest bank. Read More »
Opening Bell: 11.02.09
Dealbreaker —
... to $244.2 billion in the year since Lehman Brothers Holdings Inc. filed for bankruptcy, the biggest such stockpile of any U.S. bank.
Delaware Beats Switzerland As Most Secretive Financial Center (Reuters)
"While the U.S. has been jumping up and down and saying 'Aha, bad, wicked Swiss banks,' the U.S. is doing exactly the same things as far as non-resident bank account holders," said Sarah Lewis, executive director of Tax Justice Network, based in the U.K.
Can Citigroup Carry Its Own Weight? (NYT)
Vikram Pandit says yes. And more of this ...
Monday morning links
The Mess That Greenspan Made —
TOP STORIES CIT Files for Bankruptcy - Reuters Can Citigroup Carry Its Own Weight? - NY Times Federal regulators close 9 banks, mostly in West - AP World Risks Depression if Stimulus Is Pulled: Economist - CNBC Stiglitz: U.S. Paying for Failure to Nationalize Banks - Bloomberg The Newest Abnormal - Noland, Prudent Bear The Nanny State - The Burning Platform Be Prepared for the Worst - Forbes ...
Afternoon Reads
The Big Picture —
Most linkfests involve me discussing what I have read. Today, I am posting a list of what I would be reading, if I was doing my normal commute, time in the office, etc.
• Jittery Companies Stash Cash (WSJ)
• Please Listen to Sheila Bair (Dealbook)
• The Easy Money’s Been Made (Barron’s)
• Can Citigroup Carry Its Own Weight? (Sunday NYT)
• Goldman Looks to Buy Fannie Tax Credits (WSJ)
• Left/Right Politics gets interesting:
-The GOP Establishment ...
Systemic Risk is All About Innovation and Incentives: Ed Kane
The Big Picture —
... As IRA co-founder Chris Whalen told Gretchen Morgenson of the New York Times on Sunday regarding C: “They are hoping that a combination of bank assistance and maximizing revenue and buying time will let them survive. When I look at the whole picture, Citigroup is in the process of resolution. I continue to believe the equity is worth zero and that the company will have to go to bondholders for some kind of money to make the bank stable.” ...
