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Economics of Contempt

Thoughts on, inter alia, economics, law, and politics
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Connie Voldstad to head ISDA

Nov 19, 2009
Per the WSJ:The International Swaps and Derivatives Association, Inc., the trade group representing the global derivatives markets, appointed Conrad Voldstad as chief executive officer. Mr. Voldstad will replace Robert Pickel effective Nov. 30. Mr....

1998 vs. 2009

Nov 19, 2009
A few weeks ago James Kwak noted that Goldman had only $270 billion of assets in 1998, and asked, half-rhetorically, whether that was big enough, since Goldman was "probably doing a perfectly good job of serving their clients at the time." I thought...

The View from the Ivory Tower

Nov 18, 2009
Paul Krugman disagrees with my "legal argument" on the AIG counterparties issue because, according to Krugman, "Wall Street doesn’t work like that, and never has." Oh Paul, won't you please tell us more about how Wall Street works? Seriously though,...

Geithner Vindicated in TARP Watchdog Report

Nov 17, 2009
That's right, vindicated. Read the whole report. It makes clear that the NY Fed did try to negotiation haircuts with AIG's counterparties, but not at all surprisingly, the counterparties (and the French regulators) refused, and the NY Fed was left with...

Saying We Need Big Banks Isn't the Same Thing as Defending Citigroup

Nov 16, 2009
In the responses to my post on why we need market-makers with big balance sheets, one thing I've noticed is that a lot of people are completely unable to distinguish between the argument that we need big banks, and the argument that we need the big...


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