Felix Salmon

Does the SEC have teeth after all?

November 18, 2010

The SEC is all over the news today. It’s investigating Citigroup! It’s examining Charles Schwab, over the YieldPlus fiasco which we thought was settled but wasn’t! And, of course, in conjunction with Andrew Cuomo, it’s coming down on Steve Rattner like a ton of bricks:

Counterparties

November 18, 2010

A big infographic on how banks sold themselves CDOs — MortgageRates

“I dislike arguments that disparage moral intuition while inviting the clever to delight in the counterintuitive” — Interfluidity

The lessons of Andhra Pradesh

November 18, 2010

Are we ever going to get a good article on the hugely important microcredit crisis in the Indian state of Andhra Pradesh? The WSJ took a stab on October 29, but the article was thin, added nothing to the FT’s earlier report, and spent more time rehearsing well-known facts about the microfinance industry than it did trying to explain exactly what was going on so suddenly and why. The WSJ didn’t even mention the precipitating cause of the crisis, an ordinance passed by the state governor on October 15 which essentially shut down a whole class of microfinance lenders.

Twitter datapoint of the day

November 17, 2010

I work for a global information company which makes billions of dollars a year selling valuable data to banks, hedge funds, and other people in the financial markets, often at very high prices: $2,000 a month or even more.

The story of Deutsche Bank’s Las Vegas casino

November 17, 2010

Alexandra Berzon has an enjoyable piece in today’s WSJ about the Cosmpolitan, the new $4 billion casino, fully paid for by Deutsche Bank, which is opening up in Las Vegas next month.

Gesture politics and the Fed mandate

November 17, 2010

The proposal from Bob Corker and Mike Pence to abolish the dual mandate is pure gesture politics. It probably won’t even become a bill; if it does become a bill it won’t become law; and even if it does become law it won’t actually change what the Fed does.

Bailout economics

November 17, 2010

It’s all about the bailouts today, as Warren Buffett contributes a thank-you-for-the-bailout op-ed to the NYT to run alongside the paper’s reasonably comprehensive accounting of which bailout monies have been paid back, which might be, and which won’t be. (Think banks, AIG, and Frannie respectively.)

Counterparties

November 17, 2010

What Joe Nocera has in common with Matt Taibbi: “Individually, I honestly think the biggest villain is Alan Greenspan” — NYMag