Items of Interest:
The Dirty Dozen -- Meet the bankers and brokers responsible for the financial crisis - and the officials who let them get away with it
The Enabler -- ALAN GREENSPAN
WAS Chairman of the Federal Reserve (1987-2006)
WHAT HE DID Pushed for sweeping power to regulate Wall Street — and then failed to use it. Fueled "irrational" bubble with low interest rates.
WORST MOVE Called derivatives like CDOs "extraordinarily useful"; regulating them would be a "mistake."
NOW ADMITS He was "partially" wrong to not impose tougher oversight.
Mr. Too Big -- KEN LEWIS
IS CEO of Bank of America (2001-present)
WHAT HE DID Created ultimate too-big-to-fail company, buying up Fleet, MBNA, Countrywide and Merrill Lynch.
WORST MOVE Failed to catch a $15 billion loss at Merrill before buying the firm; needed $20 billion bailout to close deal.
NOW SAYS It's a false "claim" to say "the banks that caused this mess must be held accountable."
New Home Sales Rise After Hitting Record Low -- After dropping over 10 percent in January, new single-family home sales rebounded 4.7 percent in February to a seasonally adjusted annual rate of 337,000, according to data released Wednesday by the U.S. Department of Commerce.
The upward movement in February’s sales was the first nationwide increase since last July, and well above the 323,000 pace expected by economists surveyed by MarketWatch. Nonetheless, February’s sales were still down 41.1 percent compared to the same time last year...
discussion:Megan McArdle: A twice-told tale of AIGNoam Scheiber / The New Republic: What to Make of That AIG FPer on the Times Op-Ed Page?Frank James / The Swamp: Obama avoids populist AIG anger... so farAndrew Sullivan / The Daily Dish: What Prejudice Is — The letter from Jake DeSantis in the NYT today …Andrew Leonard / Salon: Poor, poor, plutocratsDave / Political Machine: Bonused Employee to AIG: Take This Job and....Michelle Malkin: The rule of the mobBeth Shaw / Right Pundits: Jake Desantis: Dear AIG, I QuitMichaelscherer / Swampland: Teleprompters, Persistence and A Defense of AIG FPJ.G. Thayer / Commentary: The Face of Untrammeled GreedVon / Obsidian Wings: Goat Trap — There has been a great deal of outrage …A.L. / The Anonymous Liberal: About That AIG Resignation LetterTom Maguire / JustOneMinute: Forget It, Jake - It's ChinatownJohn Cook / Gawker: Shut Up, AIG — Life was easier when financial Masters …Don Surber: AIG's $1-a-year slavesEd Morrissey / Hot Air: Going Galt at AIG — Now that Congress, Barack Obama …Scott / Power Line: WHEN THEY CAME FOR AIG — The letter by AIG executive Jake …Carl / Simply Left Behind: Here's A Quarter... ....call someone who cares.William A. Jacobson / Le·gal In·sur·rec· tion: Finally, Someone Says “Take This Job And Shove It”Rory Cooper / The Foundry: Dear Mr. Liddy... Today, the New York Times published …Johnathan Pearce / Samizdata.net: A resignation letter — This letter from a highly pissed-off …Philip Klein / AmSpecBlog: Quitting AIG — In all of the controversy over the AIG bonuses …Michele / Six Meat Buffet: Jake DeSantis is ShruggingHughS / Wizbang: Grace Under Fire: AIG Employee Schools His Boss And Congress
New York Times:
Mark Silva / The Swamp: Obama's stimulus ‘way to Hell:’ EU chiefAnnie Lowrey / FP Passport: Czech Prime Minister: Obama Stimulus is the “Road to Hell”Free exchange: Things that happened todayDownWithTyranny!: Right-wing Czech Political Hack, Mirek Topolánek …ProPublica: Morning Cup of Stim: Exporting the StimulusInternational Herald Tribune: Barack Obama: A time for global action
United States of Adequateness --
'"Is it rational for us to say all institutions should be well-capitalized both in the good times and in the bad times? Or are there ways for us to say in more distressed times like what we're facing right now, maybe it's OK to be adequately capitalized?"- Acting Director of the Office of Thrift Supervision, Scott Polakoff, speaking during U.S. House Financial Services Committee hearing on Wednesday
Down But Not Out: From Hedge Funds to Pizza Delivery -- Ken Karpman Plummeted From a Six-Figure Salary to Earning $7.29 an Hour...
- A Successful Bank Rescue is Still Far Away - Martin Wolf, Financial Times
- Why the Geithner Plan Won't Work - James Galbraith, The Daily Beast
- Banks' Hidden Assets May Hinder Real Recovery - David Reilly, Bloomberg
- Beware the Encroaching D.C. Leviathan - Editorial, Investor's Business Daily
- Barack Obama's New Money Monopoly Set - William Greider, The Nation
- The Dancing With the Stars Economy - Steven Malanga, RealClearMarkets
- G20: What Do We Want? Free Trade! - Boris Johnson, Deaily Telegraph
- Shadow Economies Can't Grow This Big - Hernando de Soto, Wall St. Journal
- The U.S. Economy Does Not Exist - Carlos Lozada, Washington Post
- Demography Is Destiny: Does Lou Dobbs Get It? - Thomas Cooley, Forbes
- The Bears Are Wrong and Here's Why - Doug Kass, TheStreet.com
- Replacing the Accepted AIG Paradigm - Wendy Milling, RealClearMarkets
- The Mobocracy Is Baying for AIG Blood - Nicole Gelinas, City Journal
- What Would Warren Buffett Do? - James Surowiecki, Balance Sheet
- The Road Ahead for Investors - Geoff Considine, Seeking Alpha
- George Soros: All This New Regulation Is Just 'Tinkering' - Deal Journal
- Save the Billionaire Short Sellers! - Rich Karlgaard, Digital Rules
- Why Are We Bailing out Foreign Counterparties? - Andrew Leonard, Salon
- Goldman Sachs Should Repay Its TARP Money - Rick Newman, Flow Chart