Tag: mortgage backed securities

Grab Bag — Just a Couple of Things

One of my commenters reminded me of the shenanigans that were going on at the Department of the Interior. Most of that was going on in the division of Minerals Management Service. These guys have been under scrutiny lately because of the oil spill in the Gulf of Mexico. For a while, this was Corruption Central. Lucrative contracts were steered to former employees. Employees were accepting gifts, including golf, ski and paintball outings, along with tickets to football and baseball games. Alcohol, cocaine and marijuana were shared with oil and gas company representatives. Sexual relationships between industry representatives and members of

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Financial collapse explained

With Christopher Dodd’s new financial rules to save Wall Street from autodigesting itself and the 60 Minutes interview with Michael Lewis, author of the new book, The Big Short, I thought I’d post some of his interview with 60 Minutes. This is very good. Please take your time and take in what this guy is saying.Watch CBS News Videos Online From NPR: Nearly the whole financial system bought into subprime mortgages and the securities that were backed by them — and amounted to bundles of bad debt. In his new book, The Big Short, Michael Lewis writes about people who didn’t

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Exactly what is Tim Geithner proposing?

Paul Krugman, Nobel prize-winning economist, doesn’t like what he hears. Over the weekend, many news outlets have leaked portions of the “new” bank plan. Here are Krugman’s thoughts. Over the weekend The Times and other newspapers reported leaked details about the Obama administration’s bank rescue plan, which is to be officially released this week. If the reports are correct, Tim Geithner, the Treasury secretary, has persuaded President Obama to recycle Bush administration policy — specifically, the “cash for trash” plan proposed, then abandoned, six months ago by then-Treasury Secretary Henry Paulson. This is more than disappointing. In fact, it fills me with a

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Errington C. Thompson, MD

Dr. Thompson is a surgeon, scholar, full-time sports fan and part-time political activist. He is active in a number of community projects and initiatives. Through medicine, he strives to improve the physical health of all he treats.


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