• Icon Launches 'The Butler' At Baoli Beach During The 65th Cannes Film Festival


    Taxonomical Issue Costs JPMorgan Chase $50 Million

    Jamie Dimon & Co. owe Leonard Blavatnik half the money they lost him on mortgage-backed securities because they called some MBS something other than MBS. But it could have been worse!

    / Aug 27, 2013 at 2:57 PM
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    ‘My Name Is Ben, And I’m An Easy Monetary Policy-aholic’

    Richard Fisher is no fan of QE3, and he’s worried that his colleagues at the Fed have developed an unquenchable, $85 billion-a-month habit. Much as he finds their addiction abhorrent, he isn’t ready to abandon them to their fate—runaway inflation and the eventual loss of their teeth. So he’s pushing a 12-step program. First, admit […]

    / May 9, 2013 at 4:33 PM
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    John Paulson Likes A Couple Of Money-Making Investments, Too

    They are useful for blunting the impact of drops in his most favorite thing in the whole world.

    / Apr 26, 2013 at 1:05 PM
  • He does!


    Banks Do Some Of Their Best Work When They’re Spending Other People’s Money

    I’m full of warm feelings today so let’s say nice things about the government and government-ish people who are trying to help the housing market. First, the national mortgage settlement people, who are a diffuse group of 49 state attorneys-general1 plus some federal regulatory people. A while back they got mad at some banks that […]

    / Nov 15, 2012 at 2:25 PM
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    Someone Else Thinks Ratings Agencies Do A Pretty Piss-Poor Job

    Somebody is finally doing something about those corrupt, self-serving companies that we all rely on to tell us just how risky this stupid bond is. Ohio is suing the ratings agencies. With the Feds spitting the bit on regulating an industry that never saw a mortgage-backed security or collateralized debt obligation it didn’t want to […]

    / Nov 20, 2009 at 1:02 PM
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    Totally Unfounded Rumor: Afternoon Edition

    A friend of a friend’s dentist’s cat-sitter told us: “UBS is evidently exiting the entire MBS business. Friend’s mother just got a call saying that they were closing down the business and she would no longer have a job.” Luckily, if the rumor about the rumor is true, there’s to be six months severance. But […]

    / Oct 10, 2008 at 2:46 PM
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    Liquidity Versus Solvency: Part II

    Decent commentary on the bailout is hard to come by. Certainly most “financial press” fails to fit the bill. It is a pleasant surprise, then, to see Posner describe the issues with something like clarity and aplomb. A complicating factor was that the value of those securities was and is very difficult to determine, because […]

    / Sep 29, 2008 at 6:10 PM
  • News

    Mortgage Spreads Tighten

    Spread on mortgage backed securities over Treasuries tightened today, according to John Jansen at Across The Curve. Mortgages are closing about 6 ticks tighter to Treasuries and about 3 basis points tighter to swaps.One dealer described the flows as “chunky”. The same dealer noted that the buyers today were from the genus “long term”. Some […]

    / Sep 4, 2008 at 4:37 PM

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