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Inside the topsy turvy world of Goldman Sachs

In Blog by Ian Fraser0 Comments

5 August 2010 I just found Antonio Garcia-Martinez’s blog which encapsulates the corrosive culture at New York-based investment bank Goldman Sachs. In 2005 Garcia-Martinez was studying for a physics PhD at the University of California, Berkeley, when he was tempted to Wall Street by the prospect of filthy lucre. He accepted a …

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Obama administration talks up Wall Street reform

In Blog by Ian Fraser0 Comments

21 July 2010 In this White House video, President Barack Obama’s administration seeks to sell the recently enacted Dodd-Frank Act to the nation, arguing that it provides “accountability for Wall Street” and “protection for you.” To me however this film — which I found thanks to Paul Murphy, who posted …

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Dodd-Frank Act won’t prevent future crises

In Article Library by Ian Fraser

By Ian Fraser Published: Qfinance Date: 16 July 2010 American banks and financial institutions can hardly have expected to have faced no regulatory or enforced structural or behavioral changes given their lead role in causing the worst financial crash since the 1930s. However there are some who believe that the …

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Why America is so sickened by the squid

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1 May 2010 New York-based financial blogger the Epicurean Dealmaker has written a blog post which outlines why America has fallen out of love with the squid. The writer, himself an investment banker, suggests that the Americans have finally had the scales lifted from their eyes and recognised that a …

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Dodd tackles denigrators of his Wall St reforms

In Blog by Ian Fraser0 Comments

14 April 2010 There’s a torrent of misinformation on Capitol Hill about the exact nature of Senator Christopher Dodd’s financial reform bill right now. Much of it is emanating from Republican senators who are in the pockets of Wall Street firms. The most outrageous suggestion came from the minority leader …

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Dodd’s bill won’t prevent another crisis

In Blog by Ian Fraser2 Comments

14 April 2010 Three years since the onset of the crisis, the US Congress has finally got around to debating some serious proposals for reforming America’s banks and other financial institutions—and specifically for overhauling how they are regulated. But will the measures outlined in Senator Chris Dodd’s financial reform bill …

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AIG = Arrogance Ignorance and Greed

In Blog by Ian Fraser0 Comments

February 3rd, 2010 I just heard this track from Show of Hands on Radio 4’s ‘Midweek’ with Francine Stock. The West Country ‘acoustic roots’ band — comprising Steve Knightly and Phil Beer — was inspired to write this song by the social injustice of the banking bailouts and in particular by …

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Congress sat idly by while US banks overdosed on steroids

In Blog by Ian Fraser0 Comments

14 January 2010 Mike Mayo, an analyst and managing director at brokerage CLSA, yesterday delivered a memorable diagnosis of what went wrong with the US banking sector. In his testimony to the US Congress’s Financial Crisis Inquiry Commission, Mayo also prescribed some cures (to be outlined in a future blog post) …

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Goldman Sachs loses its grip

In Blog by Ian Fraser0 Comments

23 November 2009 About two months ago I wrote a blog post that concluded “Yes, it seems that the game may finally be up for Goldman” (see Is the game up for Goldman? published October 4th, 2009). Well it looks like things are unravelling faster than I expected for the …

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Crimes of the regulators

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4 January 2009 Why did the FSA and SEC turn a blind eye to the “elephants in the room” that nearly brought down western capitalism — the massive, unregulated and offshore “shadow banking system” that grew up in the credit bubble years and widespread apparent fraud in the banking sector? …

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Americans to Wall Street: Why should we bail you out?

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29 September 2008 Henry “Hank” Paulson pitched it as a panacea for America’s financial woes. But, despite all the sabre-rattling and doom-mongering from US president George Bush, the people of America have not allowed themselves to be hoodwinked.  Why should they take ownership of the very worst loans and other …

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Merrill Lynch no longer bullish on America

In Blog by Ian Fraser0 Comments

15 September 2008 It has been eclipsed by news of the Lehman Brothers collapse, but the sale of Merrill Lynch to the Bank of America for the knockdown price of $50 billion is no less extraordinary. The transaction was born out of Merrill CEO John Thain’s realisation that he could …