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Latest Headlines
Jon Corzine: The hazards of a celebrity CEO
Bloomberg offers an arresting story about just how powerful a presence Jon Corzine was at MF Global.
From the start, Corzine was accorded rock star status, which he apparently abused gratuitously in order to keep boosting the company's bets on European sovereign debt. The article stated th
Volcker Rule coming into focus
The FDIC appears ready to release the final proposals for the controversial Volcker Rule on October 11, according to the American Banker .
Recall that the rule was designed to prevent banks holding FDIC-insured funds from making risky proprietary bets. The rule has already had a tremendous
New era begins at Morgan Stanley
The James Gorman era has begun at Morgan Stanley ( MS ). And he marked the moment with an interview with the New York Times . He has a fine line to walk. He has boldly declare his intention to correct the mistakes of the past. But he can't make too much of those mistakes because they happened
How many banks will fail?
Most people now assume that the worst of the crisis has passed for big, systemically significant banks. But we cannot say the same for smaller banks, some of which are actually pretty big. So far this year, 69 banks have failed. That number can only rise. More than 300 banks are on the troubled ba
Morgan Stanley to rue decision to scale back risk?
We've discussed the apparent divergence between the business models at Morgan Stanley and Goldman Sachs. The New York Times weighs in with a piece that looks at Morgan Stanley's decision to scale back its trading risk, instead opting to expand in wealth management. Some may argue that the deci
James Simons on the defensive?
Renaissance Technologies' James Simons, who last year pocketed $2.5 billion, has his hands full with a poorly performing equity fund. The Renaissance Institutional Equities Fund was down roughly 17 percent through April. Apparently is was the victim of some ill-timed short bets. Simons was forced
Undisclosed Merrill losses haunt Bank of America
Did Bank of America really know what it was buying? There's plenty of anger in the executive suite as executives try to makes sense of the staggering Merrill Lynch trading losses--one trader lost $120 million all by himself on currency bets--that did not come to light fully until after Merrill pai
JPMorgan's Bernie Madoff scandal problem
In 2006, JPMorgan designed some complex derivatives to allow clients to enhance their bets on funds run by the Fairfield Greenwich Group, which basically existed to invest with Bernard Madoff. The deal called for the bank to invest some of its own money with Madoff.
But, according to the New
What really caused the massive Merrill Lynch loss?
People are still buzzing about Merrill Lynch's massive $15 billion loss in December. John Thain has gone public saying Bank of America had knowledge of Merrill Lynch's situation, while Bank of America execs say the loss estimates at the time were a fraction of $15 billion.
Lots of people are n
Goldman Sachs bets on carbon offsets
Goldman Sachs has been actively investing in carbon offset companies, betting that offsets will become big business soon, reports the New York Times . The company has bought a majority of the carbon-offset assets from E+C0, which aims to supply clean power to developing countries. Last month, G
