• News

    Wells Fargo Wants To Be Clear The $175 Million It’s Paying To Make Allegations It Discriminated Against Black And Hispanic People Go Away Does Not Mean It Discriminated Against Black And Hispanic People

    The settlement announced by the Justice Department Thursday involves at least 34,000 [black and Hispanic] borrowers who were charged higher fees or were steered into risky subprime mortgages when they could have qualified for a prime mortgage, ones offered to borrowers with the best credit. In settling, Wells Fargo said it “not only denies that […]

    / Jul 12, 2012 at 2:41 PM
  • News

    John Pauslon’s Friends Thought His Subprime Trade Was So Stupid They “Felt Sorry” For Him

    Remember John Paulson’s big trade a few years ago? This subprime business something or other? It ended up pretty well for him, netting a bunch of billions and the respect of his peers but at the time, most people who JP told about it it had a good laugh at his expense and thought to […]

    / Feb 14, 2011 at 3:36 PM
  • News

    SEC Charges Goldman Sachs With Fraud On Subprime Mortgages

    Supposedly “key facts related to subprime securities” were omitted and investors in the CDO lost $1 billion (whereas Paulson & Co, which apparently had a “hand in structuring the CDO in question,” made a billion). Dick Bové has no problem with this, and doesn’t think Goldman will either, which Mark Haines cannot believe. More from […]

    / Apr 16, 2010 at 10:40 AM
  • News

    Dick Bové Does Not Support Andrew Cuomo’s Theoretical Run For Governor, Because He Believes The Attorney General To Be An Idiot

    According to the Rochdale analyst, as Attorney General, one of Andy-boy’s goals has very clearly been to suck the financial industry’s workers dry, which is why she, Dick Bové, recommends Florida over New York, if you can bear the humidity. And for those of you saying Cuomo would change his ways once elected, Dick says […]

    / Mar 3, 2010 at 6:15 PM
  • News

    John Paulson Once Had Self-Doubts

    You probably didn’t know it but the Jabroni Pony isn’t the only one with a new book on the financial crisis coming out today. Wall Street Journal reporter Greg Zuckerman’s got one, too (though his does not include promotion that involves being shot out of a cannon, naked, at the closing bell). While CG’s tome, […]

    / Nov 3, 2009 at 3:33 PM
  • News

    Goldman Not Above Subprime

    And not above paying for it. You can be fairly certain, if Goldman has decided to settle that it is only the first stage of the big subprime wind-up. Securitization is that much closer to being illegal. Hurray. The Goldman Sachs Group agreed to pay up to $60 million to settle Massachusetts’ complaints about the […]

    / May 11, 2009 at 2:35 PM
  • News

    Freddie Mac Rejects New York Subprime

    Freddie Mac dealt a blow to New York governor David Patterson’s plans to ease mortgage stress in the state. Last week Patterson went to Queens, one of the areas in New York hardest hit by foreclosures, and signed legislation creating a category of subprime mortgages that enjoy certain protections from foreclosures and in some cases […]

    / Aug 12, 2008 at 4:21 PM
  • News

    Paulson Coming Full Circle

    To fuck you again! Just kidding. We have no idea if that’s the master plan, but would it be so crazy to assume that John “Forclosure is Your Friend” Paulson is starting a fund to provide capital to financial firms hurt by mortgage writedowns in order to get them back on their feet just before […]

    / Jul 23, 2008 at 9:45 AM
  • News

    Will Paulson’s Proposal Revitalize Subprime Lending?

    It’s often said that regulators are always solving the last problem while the next one creeps up on the markets unaware. That notion was certainly tempting yesterday as everyone who’s anyone in market regulation gathered at that conference near Washington, DC. But we couldn’t help thinking that despite speeches from the Fed’s Ben Bernanke, Treasury’s […]

    / Jul 9, 2008 at 10:15 AM
  • News

    Your Big Money Idea Of The Day

    There’s mucho dinero to be made in this mortgage meltdown situation, but instead of jumping in your time machine, traveling back to last summer and shorting subprime, why not get creative about it? According to the Journal, anyone interested in getting rich should dive into the fish fucking business, stat. Michael Corkery reports that the […]

    / May 9, 2008 at 12:00 PM
  • News

    Collateral Schmerateral

    You could be forgiven for missing the news that the Fed is now accepting as collateral securities backed by credit card debt and auto loans. It doesn’t look like a very good sign. It also makes me wonder: What if the ratings on collateral the Fed has accepted slip below their minimum standard? Is there […]

    / May 2, 2008 at 3:45 PM
  • News

    Just Relax. Don’t Worry. Be Happy.

    You will be relieved to know that this whole subprime thing is WAY overblown. I have it on good authority. I know what you are thinking. Really, good authority. Oh yeah? How about the Bank of England? Yeah, that Bank of England. See, this “mark-to-market” thing, bad idea. While market-based estimates and the write-downs announced […]

    / May 1, 2008 at 12:51 PM
  • News

    Subprime Has An Upside (If You Want To Have Wasserstein For A Neighbor. Don’t Mess With The Hedges Though).

    Home prices in the Hamptons, where rich and famous New Yorkers spend summers by the sea, fell in the first quarter as Wall Street job cuts and an economic slowdown took a toll on buyers. The median price declined 7.1 percent to $882,500 and the number of sales dipped 29 percent from the last three […]

    / Apr 30, 2008 at 1:59 PM
  • News

    The Swiss And Disaster

    When the Swiss are worried, you really need to watch it. No lesser financial news giant than Forbes reports (via Thomson Financial News) that former Credit Suisse CEO Oswald Gruebel (a likelier name for the antagonist in a spy novel with a plotline involving stolen gold you have probably never encountered) quipped “We’ve narrowly escaped […]

    / Apr 24, 2008 at 8:45 AM
  • News

    You, And US

    When rated in terms of importance, the report from UBS on $37 billion in write downs probably bears no small resemblance in Zurich to the Warren Commission report in Washington, D.C. The Warren Commission was, of course, put together by Kennedy’s successor. Ironic, then, that the UBS report would be assembled by Peter Kurer, UBS’ […]

    / Apr 21, 2008 at 8:51 AM
  • News

    Moron Poker Challenge

    Over on D-Squared Digest, Daniel Davies challenges all comers to a round of “moron poker,” wherein the participants “on-up” each other with links to the bottom stories of the day- the more daft, the better. We think it should be called “Moron Hearts” instead, technically, but, ok, we’re game. We are certainly (and proudly) the […]

    / Apr 18, 2008 at 10:30 AM
  • News

    News Travels Slow In Washington

    Hey, so I was doing this story, you know, for my job with the Post? Yeah, yeah, I know. Anyhow, check it. Believe it or not, this guy John Paulson, he is this guy who made a lot of money by shorting sub-prime. I mean a lot. Like enough to buy Bear Stearns. Or enough […]

    / Apr 17, 2008 at 1:15 PM
  • News

    Greenspan: No Regrets

    As part of his Defending the ‘Span Tour ’08, Alan Greenspan appeared live via satellite today on CNBC, in a rare “not nude in the tub” post-retirement interview. We had the thing on mute, but this is how we imagine it played out: Al: Maria, is that a new perfume, or is it just my […]

    / Apr 8, 2008 at 6:25 PM
  • News

    Another Alphabet Soup Ready To Run Off The Rails

    If it’s a day that ends in the letter y, it’s probably time to learn about problems in another dark corner of the credit markets. On the lesson plan for today are financial creatures known as variable interest rate entities. These were known as special purpose vehicles, or SPVs, until Enron tarnished that designation for […]

    / Feb 27, 2008 at 10:02 AM
  • Goldman Sachs

    Worst Quarter In Years For Goldman?

    The Wall Street Journal’s influential Heard on The Street column calls Goldman Sachs “pricey compared with other Wall Street securities firms” and predicts After that Goldman’s long run of climbing earnings may be coming to and end. The M&A slow down, so carefully documented in our weekly M&A wrap-up, should hurt revenues from fees while […]

    / Feb 25, 2008 at 8:51 AM
  • News

    Today We Rule Germany, Tomorrow We Rue The World

    The English speaking world has paid a lot of attention to the failures of Northern Rock, Countrywide and all the Wall Street institutions that have had to seek capital infusions to stay afloat in recent months. But the situation in Germany is arguably even worse. The public banks–state owned, partially state owned or dependent on […]

    / Feb 21, 2008 at 9:06 AM
  • News

    Stick Figures Explain CDOs and Subprime

    (click image for full power point presentation; via The Big Picture)

    / Feb 15, 2008 at 4:44 PM

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