“just because one of them turns out to be a woman”….. So far, the only confirmed ouster, is a woman. The rest were being considered for ouster, but haven’t actually been fired, can you say “beard”? And why is she being let go BEFORE Bruno is? The man who made the trades is not fired [...]

BTW, I hope you will continue posting, you have a gift for explaining the arcanea of the financial world in terms lay persons can understand

I think the VaR models provide legal cover to the banks as long as the SEC buys that idea. I’m not so sure a jury would buy it. Juries in the Southern District of New York have proven themselves to be pretty good at understandig financial fraud. SO, I “get” why the banks claim that [...]

That’s a post in itself. Goldman used to have a wonderful reputation. That was back when it was a partnership. The wheels began comingo ff the bus of their institutional culture almost immediately after they went public. The financial regulations of the 1930′s really showed an good understanding of human nature. So far, the financial [...]

Indeed the whole system needs a makeover

But the “hedge” still has to be offsetting “something”. The issue is not the market distortion, though I would say that any bet that is so big it distorts the market should be vetted to see if its casino gambling in hedge’s clothing. The issue is simpply calling soemthing a hedge, doesn’t make so. ANd [...]

I have to disagree that nothing in Dood Frank would stop that. The carve out from the Volker rule allows for hedging. Placing a huge market distorting casino bet is not hedging, it’s something you would want to hedge against. Just b/c Dimon dishonestly called it “hedging” doesn’t make it a hedge. What was is [...]

If that’s the case, he caused his own –very foreseeable — loss by distorting the market in the first place.

So, would it follow that market distorting positions themselves are a problem? That would appear to be something that you could regulate.

Welcome to the Lake!

This is really well done. I agree it would make a great flier. It’s also just an excellent short story, and you should consider entering it in fiction competitions.

Seriously

Fried cheese is a winter fave at our house. I usually make it with cheddar. I just cut a 1/4 slice (cracker barrel works fine) and lay in a small cast iron skillet. As it melts and bubbles is gets all lacy by itself. I lay the result on paper towels to cool and get [...]

This is an important discussion. One thing that concerns me is the idea of corporations gaming the system to be able to call their product “green” or “organic”. For example, I try to by milk prducts frm pasture grazed cows for 1) the health benefits (higher CLA), 2) the taste, you can really tell the [...]

I love political roasts. maybe it’s because I’m a new Yorker and the Al Smith dinner and the Inner Circle dinner are part of our DNA. I used to love the WHCD, but a turning point came for me when David Gregory became a backup dancer for Karl Rove. Every time the WHCD is mentioned, [...]

Even if people are gaming it’s flagging system, if they have moderators who review on a case by case basis, then shouldn’t that cause the mods to leave it up?

I’m confused.

Dude, federal agencies already have such a czar, it’s vcalled the Inspector General. The IG’smadate it to root out waste fraud an abuse. If the investigation reveals criminal conduct, the cases get refrred over to the relevant United States Attorneys Office for prosecution.

It’s already in place

Great post, but the title doesn’t give you a hint of what’s in it.

Ruth, It’s funny I just bought some Quinoa myself on Friday. I was ate the health food store b/c I like to use milk from pasture grazed cows, not only more humane, it’s better for you (High CLA) and it tastes much richer. So, The grains were opposite the milk case and I bout some [...]

The problems are social not nutritional