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nytimes.com - 1/4/2009

Op-Ed Contributors: How to Repair a Broken Financial World

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There are obvious changes in the financial system to be made, to prevent some version of what has happened from happening all over again. >

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nytimes.com - 1/4/2009

Op-Ed Contributors: The End of the Financial World as We Know It

— nytimes.com — We have a brief chance to cure ourselves. But first we need to ask: of what? > (more) Op-Ed Contributors: The End of the Financial World as We ...

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Comments vote downundo vote up The Big Picture found this 1/4/2009found this

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online.wsj.com - 1/10/2009

Citigroup Takes First Step Toward Breakup

— online.wsj.com — Citigroup Inc., under pressure from the federal government, took a big step toward breaking up the financial supermarket, entering discussions to spin-off its Smith Barney brokerage unit into a joint venture with rival Morgan Stanley, according to ... (more) Citigroup Takes First Step Toward Breakup

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Comments vote downundo vote up naked capitalism found this 1/10/2009found this

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online.wsj.com - 1/9/2009

Rubin to Leave Citigroup; Smith Barney on Block

— online.wsj.com — Robert Rubin, the former Treasury secretary who has been sharply criticized over his role in the financial turmoil at Citigroup Inc., is leaving the bank. Mr. Rubin is senior counselor and a director at the New York company, which has suffered $20 ... (more) Rubin to Leave Citigroup; Smith Barney on Block

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Comments vote downundo vote up Dealbreaker found this 1/9/2009found this

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links for 2009-01-04
Economist's View — How to Repair a Broken Financial World - NYTimes.com The End of the Financial World as We Know It - NYTimes.com Obama Considers Major Expansion in Aid to Jobless - NYTimes.com The cat-and-mouse between governments and banks - voxeu.org Protecting poor children in the US - voxeu.org Supervising the credit giants with progressive capital ratios - voxeu.org Fed's Bullard: Regional Feds Active in Discount Window Lending - RTE ...

The End of the Financial World As We Know It (and I feel fine)
The Big Picture — ... McCain was calling for Pitt’s resignation.” Pitt, not surprisingly, demoralized the agency. To investor advocacy groups, having Pitt as SEC chief was like putting Osama bin Laden in charge of Homeland Security. > Source: The End of the Financial World As We Know It MICHAEL LEWIS and DAVID EINHORN NYT, January 3, 2009 http://www.nytimes.com/2009/01/04/opinion/04lewiseinhorn.html How to Repair a Broken Financial World MICHAEL LEWIS and DAVID EINHORN ...

Fixing the Financial System
gary-weiss.com — ... . Indeed, Lewis and Einhorn note that "The task [the SEC] has performed most diligently during this crisis has been to question, intimidate and impose rules on short-sellers — the only market players who have a financial incentive to expose fraud and abuse." The prescriptive part of their piece, broken out separately here , makes several excellent recommendations, among them that the government simply nationalize banks that are otherwise "too big to fail." Their two final observations are less ambitious: Close the revolving door between the S.E.C. and Wall Street. At every ...

How to Repair a Broken Financial World
The Big Picture — ... losses, resolve their troubled assets and then begin to make new loans, something they won’t be able to do until they’re confident in their own balance sheets. But as it happened, the banks took the taxpayer money and just sat on it. > Source: The End of the Financial World As We Know It MICHAEL LEWIS and DAVID EINHORN NYT, January 3, 2009 http://www.nytimes.com/2009/01/04/opinion/04lewiseinhorn.html How to Repair a Broken Financial World MICHAEL LEWIS and DAVID EINHORN ...

Lewis and Einhorn in the NYT
CrossingWallStreet.com — ... and here) in the New York Times. For the most part, I think they describe the problems fairly well. My issue is that I’m not entirely satisfied when a highly complex issue is reduced to the long-term good being sacrificed for short-term gain. Whenever I hear problems put in a neat package like that, I’m suspicious. It’s like hearing that a problem is due to “a lack of communication.” Call me skeptical. The more I look at the credit mess, the more bewildering I find it. ...