The Trump administration tax windfall has released billions of dollars into the economy. This windfall has caused more than a few major companies to announce that at least some of this tax money will be used to build much-needed infrastructure, increase employee wages and allow for employee bonuses. Overall it looks as if the economy… [Read More]
The Epic Story of Fannie and Freddie: Is There an End in Sight?
Congress has long debated replacing Fannie and Freddie, who were at ground zero of the 2008 crisis as federally charted privately owned companies. They’d been given directives by Congress to make housing affordable, which pretty much meant: fulfill the American dream by having a chicken in every pot, a car in every driveway and a… [Read More]
Citigroup: The Poster Child of Bad Mortgages!
This past Sunday the PBS documentary produced by WNET, New York, about Sherry Hunt, one of my former chief underwriters (Sherry blew the whistle on Citigroup four years after I was thrown out for warning about their bad mortgages), and myself aired on KERA Channel 13, Dallas PBS. The documentary, entitled “The Whistleblower,” is the first episode in… [Read More]
The House the Revolving Door Built
Last week, U.S. Attorney General Jeff Sessions named Geoffrey S. Berman as interim U.S. Attorney for the Southern District of New York. Mr. Berman’s appointment was reportedly supported by President Trump’s son-in-law Jared Kushner. This high profile office is responsible for Wall Street enforcement and has traditionally been one of the most aggressive pursuers of… [Read More]
Wall Street, The Fed and Ethics!
Ray Dalia, Founder of Bridgewater Associates said: ”You’re going to be wrong a fair amount of times; so the issue is, how do you be wrong well?” Reading about Randal Quarles, the Federal Reserve’s first-ever vice chair of supervision recusing himself from matters related to Wells Fargo, I asked myself that question, “how do you… [Read More]
A Fairy Tale According to Former DOJ Prosecutor Nicolas Burton
A recent Washington Post article title recently caught my eye: Five Myths About White Collar Crime. As I read the article, all I could think of was that this is a fairy tale by Grimm. Surely no one would believe such dribble! Then I realized yes they would, they have and they will continue to do so unless… [Read More]
If You Can’t Trust the Intelligence Community, Who Can You Trust?
There are disturbing issues going on at the Intelligence Community Inspector General’s Office, the office which serves as the Intelligence Community central watchdog. Created in 2010, its job is to investigate waste, fraud, abuse and illegalities within the 16 agencies it monitors; communicate with, reach out to and give an additional layer of protection to… [Read More]
Busting the Financial Regulations Myth! Anat Admati’s Take
The caption of the photo of a founding father facing the New York Stock Exchange caught and held me. It stated, “It takes a willful blindness to liken financial crises to natural disasters.” I was hooked. Wall Street, our government and politicians have repeatedly, willfully and wrongfully branded the 2008 financial crisis a natural disaster,… [Read More]
Ethics: The Road to Profits
A firm’s culture can predict how much market value that firm will create for stakeholders. Researchers have found that companies with ethical cultures significantly outperform other companies in stock value. In fact, researchers have shown that a firm’s culture is the strongest predictor of how much market value that firm will create for shareholders’ investments. A… [Read More]
Do We Have Government by Goldman?
As a headline of an article by The Intercept suggests? A funny thing happened on the road to the White House. A President who had railed against Goldman Sachs and other TBTF and proclaimed, “For too long, a small group in our nation’s capital has reaped the rewards of government while the people have borne… [Read More]
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