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Ohio AG Cordray continues crusade against Wall Street wrongs by suing national rating agencies

Readers: Not to be intentionally cynical on this bit of "news," though I am glad that Ohio is weighing in on this set of problems, I have to wonder if this is being used as an easy target right now relative to Cordray's upcoming election bid. Pursuing this line of logic implies that Cordray and company see this as a win win soft target for them no matter what the outcome actually is.

Bank of America, UBS, JPMorgan Sued Over Derivatives (Update1) Share Business Exchange

By Joel Rosenblatt

Nov. 17 (Bloomberg) -- Bank of America Corp., UBS AG and JPMorgan Chase & Co. were sued by a California public utility over claims they rigged sales of municipal derivatives and shared illegal profits through kickbacks.

BIS Report Warns That Main Problems Have Not Been Solved

taken from the Blog Economic Perspectives from Kansas City
Policy Analysis from the Economics Faculty at the University of Missouri-KC

by Eric Tymoigne

Memo to Congress: Don’t Increase the Government’s Debt Limit!

By L. Randall Wray

In a piece written for CNN, Senator Evan Bayh rails against the growing federal government budget deficit. He warns that next month the Treasury will ask Congress to raise the debt limit from its current $12.1 trillion, and promises that he will vote “no”. It is time, he argues, for Congress to stand up for our nation’s future by creating a bi-partisan debt commission that would finally put an end to “unsustainable” deficit spending.

The Senator goes on:

We've Bailed out the Banks. When Do We Go After the Crooks Behind our Financial Collapse?

By James Lieber
Tuesday, October 27th 2009 at 1:56pm
From the Village Voice see: http://www.villagevoice.com/2009-10-27/news/we-ve-bailed-out-the-banks-w...

Author James Lieber is a lawyer whose books on business and politics include Friendly Takeover (Penguin) and Rats in the Grain (Basic Books). His previous story on the Wall Street meltdown, "What Cooked the World's Economy?," appeared in the Voice this past January.

Where did our wealth go? How do we claw it back? When are we going to punish the culprits?

Bush Officials Knew AIG Would Use Bailout Funds to Pay Counterparties

Thursday 19 November 2009

by: Mary Susan Littlepage, t r u t h o u t | Report

(Photo: jdiggans / flickr)

Government officials were aware that billions of dollars used to bail out American International Group (AIG) last year were used by the insurance giant to pay off its creditors, according to a newly released government watchdog report.

The Quiet Coup by Simon Johnson

Readers: this article comes from May 2009

Refer to the original url at The Atlantic to view charts

http://www.theatlantic.com/doc/200905/imf-advice

Should America Kow Tow to China?

Readers: I posted a few questions regarding this essay on the Economic Perspectives Blog of the Economics Department of the University of Missouri, Kansas City, which was the intermediate origin of the this posting. So far I have received no reply to my questions and reservations, so I will post them here as well.

Why E-Documentation Could Stick the Mortgage Bill on Banks While Debtors Keep the House

Readers: The author has only partially sanitized the securitization process, and some of the side assumptions border on the absurd. Other than the details the author seems invested in the silly supposition that the prognosis pivots between a "u"shaped and a "v " shaped recession. You know if a medium to small bank in Kansas lost control of their compliance with contract law then the "too big to manage" banks on Wall Street have completely lost control of their due diligence.

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