MONEY SWAT

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2010-03-09T19:04:00.001-05:00

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Judge Accepts "Half-baked justice" in BofA-SEC Settlement

2010-02-23T23:14:00.001-05:00

While the economy continues to suffer, a Judge is willing to forgive and forget criminal activity for a minimal fee. CalculatedRiskBlog: Louise Story at the NY Times writes: Judge Accepts S.E.C.’s Deal With Bank of America - A federal judge wrote on Monday that he had reluctantly approved a $150 million settlement with the Securities and Exchange Commission. And from the Judge:"In short, the

The less bankers do, the more they get paid

2010-02-23T22:57:00.005-05:00

Clusterstock: Bankers Getting Paid A Lot To Sit On Their Hands And Do Jack Squat. Despite the lending shutdown, bonuses are back up, per fresh data out today from the New York Comptroller. In other words, sitting on your hands and doing nothing is a pretty lucrative gig.Wed Feb 24

Bondzilla Eats The Church

2010-02-23T22:25:00.001-05:00

Market Ticker: Well, maybe not yet, but....Today, Members of Congress have an opportunity to set out on the road to recovery by agreeing to co-sponsor the Accurate Accounting of Fannie Mae and Freddie Mac Act. Authored by Representative Scott Garrett (R., N.J.), the bill would require that taxpayers receive an honest accounting of their exposure to the failed housing behemoths. As the

Disturbing Trends In FICO Scoring

2010-02-23T22:05:00.000-05:00

Mish: It is rather amazing how long it takes mainstream media to catch on to something that many bloggers knew was happening well over a year ago. Please consider this "no-news" announcement from BusinessWire, a Berkshire Hathaway company: FICO Spots Disturbing Trends in Consumer Credit Behavior.MINNEAPOLIS, Feb 23, 2010 (BUSINESS WIRE) -- FICO (FICO) , the leading provider of analytics and

Don't pass the buck: Americans responsible for their own debt

2010-02-22T21:53:00.000-05:00

WallStCheat: The new credit card laws are, gasp, as screwed up as the old ones. Credit card lobbyists have successfully done their job to keep the legislation watered down. But how much does the government need to protect us from ourselves? This article blurb from a popular post at Current.com shows how much the average person refuses to take

Judges and justice for sale

2010-02-22T21:29:00.000-05:00

Bill Moyers: That famous definition of a cynic as someone who knows the price of everything -- and the value of nothing -- has come to define this present moment of American politics. No wonder people have lost faith in politicians, parties and in our leadership. The power of money drives cynicism deep into the heart of every level of government. Everything, and everyone, comes with a price tag

Kids these days... 2 China schools said to be tied to online attacks

2010-02-22T20:43:00.000-05:00

NYTimes: A series of online attacks on Google and dozens of other American corporations have been traced to computers at two educational institutions in China, including one with close ties to the Chinese military, say people involved in the investigation. They also said the attacks, aimed at stealing trade secrets and computer codes and capturing e-mail of Chinese human rights activists, may

Thinking outside the box on opposite sides of the world

2010-02-21T22:12:00.000-05:00

This video may open your mind to thinking in totally different ways, based on the logic of different countries. What seems like an obvious answer to the U.S. makes people on the other side of the globe scratch their heads. And vice versa. Feb 22

GM = Greedy Men? New GM CEO gets $9.1M in comp, old chief $59K a month

2010-02-21T21:57:00.000-05:00

Whatever happened to the $1 a year men? When the federal government gave Chrysler $1.5 billion to stay in operation, CEO Lee Iacocca worked for $1 until the taxpayers were received their money back. GM disclosed that it will pay new CEO Ed Whitace, the former head of AT&T (T), a total of $9.1 million in compensation for the year. His base will be $1.7 billion. He will receive $5.3 million in

Why it took $642 million in fees to dismantle Lehman

2010-02-21T21:36:00.000-05:00

Lehman’s bankruptcy is believed to be the largest in US history. Now, Bloomberg has reported that a new regulatory filing revealed that various consulting and legal firms and other lucky advisors that became part of the process which dismantled Lehman Brothers were paid a total of $642 million among them. The primary beneficiaries of this largess were Alvarez & Marsal LLC which provided a

Holy cow, a manic depressive Dow!

2010-02-21T21:03:00.000-05:00

Dan Dorfman: We all know someone who experiences violent mood changes -- way up one day, like it's your birthday, or way down the next, like it's your funeral. Marilyn Monroe, whose death has been listed as "probable suicide, is one of the more famous of this lot. The same illness -- in this case financial -- surely applies to the stock market, which is also going through wild mood swings. A few

How the government spends your money

2010-02-18T21:24:00.000-05:00

Motley Fool: "Cut the deficit, not my benefits!" quipped Motley Fool advisor Robert Brokamp in a blog post last week, showing how most of us are generally clueless when it comes to the federal budget. It's a great point that deserves more attention. Most of us have a near-religious opinion of the federal budget. Knowledge of basic budgetary facts seems less common. Important things, like where

Dear women in business: women in business need you

2010-02-18T21:10:00.001-05:00

Patricia Handschiegel: The little girl playing in a comfortable suburban living room barely notices the subject Oprah Winfrey is talking about on the TV that sits idly in the backdrop, yet is fully aware of the presence of the popular talk show host, who at the time was just getting started on her road to multi-million dollar success. Awards, movies, book clubs, etc. were yet to come. Popular

Crackdown on credit card provisions begins Monday

2010-02-18T21:02:00.000-05:00

McClatchy: U.S. consumers will get long-awaited relief from some of the most costly and deceptive credit card tactics when the sweeping provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 finally kick in on Monday. The CARD Act, which President Barack Obama signed last May 22, dramatically changes the way card issuers can profit from plastic. Instead of

House subpoenas Toyota documents; "invites" Akio Toyoda to testify

2010-02-18T20:49:00.000-05:00

Huffington Post: A few days after Akio Toyoda, grandson of the founder of Toyota, said he would not testify before the Oversight Committee into Toyota Motors -- the House committee created to investigate the company's response to the many safety problems involving its best-selling vehicles -- the committee has subpoenaed Toyota's records involving lawsuits in Texas. An ex-Toyota attorney who

The Whistleblowers

2010-02-18T00:01:00.000-05:00

Charlie Cray: "The Insider," "Silkwood," "All the President's Men," "Erin Brokovitch." The amount of character and courage that it takes to blow the whistle on corporate crime and government corruption is obviously why so many good movies have been made and will continue to be made about whistleblowers. Enough to fill a virtual museum. In this past year alone, for example, we've seen The

Former employee calls Bank of America racist

2010-02-17T23:46:00.004-05:00

Dealbreaker: A former Bank of America employee, Jack Mitchell, is suing the bank for $60 million for racial bias. Mitchell, an African-American, alleges in the lawsuit that BofA “supported and propagated a racially biased and discriminatory business allocation system.” Christopher Brennan, Mitchell’s attorney, tells us that the system was “akin to apartheid.” “It wasn’t an accident, It’s a

What the Nation's Budget Woes Mean for You

2010-02-17T23:28:00.001-05:00

Drowning in Debt: Economists Predict Cutbacks, Tax Increases That 'Aren't Even Imaginable.' ABC News: American political and economic leaders have sounded the alarm for years about the red ink rising in reports on the federal government's fiscal health. Ultimately, analysts say, solving the debt problem will likely require both tax hikes and spending cuts, along with broader structural reforms

Shadow inventory of troubled mortgages could undo U.S. housing price gains

2010-02-16T22:59:00.000-05:00

In summer 2009, the seasonally adjusted S&P/Case-Shiller Home Price Index rose for the first time in virtually two years. Since May 2009, the index has risen by over 3%, suggesting that the necessary correction to U.S. residential home prices is nearing an end. However, in Standard & Poor's Ratings Services' view, the mortgage crisis may be far from over. The overhang of homes heading toward

The iPad is just the tip of the future

2010-02-16T22:58:00.000-05:00

TechCrunch: If you’ve seen the movie Minority Report, you’ve seen the system they’re building. The co-founder of Oblong, John Underkoffler, is the man who came up with the gesture-based interface used in the Steven Spielberg movie. And now he’s building it in real life. NYT’s Bits blog detailed some of it in a post yesterday. For those not at TED, Oblong has also made a few demo videos in the

The banks are bullying the poor and I'm not having it!

2010-02-16T22:57:00.000-05:00

Russell Simmons: I'm a late learner. Although I have heard about banks robbing the poor for a long time, it's only recently that I have seen it first hand and have been forced to take a close look into the tragic reality that is unfolding during the most difficult economic time we have seen in years. My research on what is going on has saddened and outraged me. I realize that many banks have no

Krugman: Republican Senators are enemies of financial reform

2010-02-16T22:56:00.000-05:00

Krugman: At this point the odds are that in response to the most devastating financial crisis since the Great Depression, we will do … nothing. And while there is plenty of blame to spread around, it’s important not to be too even-handed. The fact is that the Democrat-controlled House has already passed a pretty good reform bill. But in the Senate, well, here’s what the FT reports: Senate

Between dire and disastrous

2010-02-15T00:08:00.002-05:00

Welcome to the new era of sovereign risk. John Mauldin: European leaders said today that Greece will not be allowed to fail, hinting of a bailout. But there are a lot of "buts" and conditions. While German Chancellor Merkel has indicated a willingness to help, the German finance minister and other politicians are suggesting German cooperation will either not be forthcoming or only be there at a

Wall St. Helped To Mask Debt Fueling Europe's Shake-Up

2010-02-15T00:08:00.001-05:00

Wall Street tactics akin to the ones that fostered subprime mortgages in America have worsened the financial crisis shaking Greece and undermining the euro by enabling European governments to hide their mounting debts. As worries over Greece rattle world markets, records and interviews show that with Wall Street's help, the nation engaged in a decade-long effort to skirt European debt limits. One