I recently interviewed Liar's Poker author Michael Lewis. In Part 2, we look at some implications from the financial crisis for American society at large.
The American people were told TARP money would increase lending. It didn't.
NEW YORK, July 30 -- The nation's nine largest banks handed out $32.6 billion in bonuses last year even as they ran up more than $81 billion in losses and accepted billions of dollars in emergency federal aid, New York Attorney General Andrew M. Cuomo says in a report released Thursday.
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The collapse of Lehman Brothers last September marked the start of a downward spiral for big investment banks. For a smaller fraternity of Internet brokerages, it has set off a dramatic spurt of growth.
WSJ research suggests smaller banks may be hiding their commercial loan losses.
U.S. banks are mating toxic assets purchased in takeover deals with an arcane accounting rule to generate puffed-up profits.
Credit rating agencies have it pretty good. By law, banks are required to use one of three agencies to rate financial products, so no amount of dismal performance (see the global financial meltdown caused by supposedly AAA-rated instruments) threatens to cost them customers.
Why won’t the government put Citi out of its misery and let it fail? Sources tell Charlie Gasparino the Feds have a new strategy to leave the bank in a coma.