Spinning off derivatives could cost banks billions

A Democratic official familiar with Senate banking negotiations says a provision that would force banks to spin off their derivatives operations will be incorporated into sweeping regulatory legislation despite Obama administration misgivings. The provision would cost the nation’s largest banks billions of dollars in business. In an agreement struck Sunday, Banking Committee Chairman Christopher Dodd …

Where was the Fed during Enron, subprime, and Madoff?

In an article by JON HILSENRATH that appears in the Journal, we note that World Bank President Robert Zoellick questioned the wisdom of giving the Federal Reserve more power over banks, as the Obama administration has proposed. In the text of a speech he is to deliver Monday at the Paul H. Nitze School of …

News video shows Saxon confused and under-staffed

A few weeks ago Saxon Mortgage issued a press release bragging about the fact that they were “Hiring up to thirty people.” Clearly about 3000 people is what it takes to help Saxon. This news video clearly shows how Saxon does not know what they are doing: Remember, on April 15, 2009, the Obama administration …