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Mixed year for corporate bond sales
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Tag >> Barney Frank
Jul 12

Fin reg bill omits SEC self-funding

Posted by Stephen Taub in self-fundingSecurities and Exchange Commissionsec, Mary Schapiro, complianceCharles SchumerBarney Frank

Stephen Taub

As President Obama gears up to sign a sweeping financial regulatory bill, one little discussed but important potential provision that did not survive the final version would have provided for self-funding by the Securities and Exchange Commission.

This is a policy advocated by people like New York Senator Chuck Schumer and Representative Barney Frank as well as SEC chairman Mary Schapiro. It would enable the agency to use some or all of the fees and/or fines it collects to pay its bills.

Apr 21

Shedding no further light on Lehman

Posted by Ron F in Securities and Exchange CommissionRiskRepo 105RegulationNew York Fed, Lehman Brothers, GeithnerGAAPfinancial crisisFederal ReserveFedCongresscomplianceBernankeBarney FrankBanksbank failuresbailoutsAccounting

Ron F

I have to say that today's House Financial Services Committee hearing into Lehman Brothers' collapse leaves me confused in more than one respect.

Ben Bernanke told the committee that regulatory authority over Lehman rested with the Securities and Exchange Commission under a voluntary program set up in 2004.

Mar 18

House to hold new hearings over Lehman

Posted by Ron F in Securities and Exchange CommissionRiskRegulation, Lehman Brothers, Federal ReserveCongresscomplianceChristopher DoddBarney FrankBanksbanking reformBankingbank failuresbailouts

Ron F

I may be wrong about the apparent public indifference to the findings of the examiner's report on the Lehman Brothers bankruptcy that I detected from the relative dearth of on-going press coverage less than a week after it was released.

As Jack Ciesielski, an investment advisor who publishes the Analyst's Accounting Observer, put it in an email to me yesterday, "This is really opaque stuff, similar in that regard, at least, to Enron. It's hard to make it catch fire with the general public. All they know is that someone on Wall Street was crooked, and there you go again. But I think even the public is getting numb."

Mar 11

Second-mortgage losses may require big banks to raise more capital

Posted by Ron F in Wells Fargo, Timothy GeithnerRegulationJP Morgan ChaseGeithnerFederal ReservecomplianceCitigroupBarney FrankBanksBank of Americabank failuresbailouts

Ron F

Bank of America claims it's comfortable with the amount of losses on second mortgages it would have to absorb if it complied with Barney Frank's request that it write them off so as reduce principal on first mortgages and thus help stem foreclosures.

But an analysis by financial blogger Mike Konzcal suggests such a view may be based rosy assumptions about the value of the second liens, and that the bank may have to raise more capital as a result. So might Citigroup and Wells Fargo, Konzcal finds.

Mar 05

Fannie, Freddie fight with banks demonstrates Fed's failure

Posted by Ron F in securitizationRiskRegulationmortgage backed securitiesfinancial crisisFederal ReservecomplianceBarney Frankbanking reformBankingbailoutsAlan Greenspan

Ron F

This fight between bailed-out banks and Fannie Mae and Freddie Mac about who has to take the hit for soured mortgage loans really demonstrates how screwed up the financial system is, and why the Federal Reserve failed in its role of regulating securitization.

Fannie and Freddie claim the deals were "improperly written," so the banks have to buy them back, but the banks say that will blow holes in the balance sheets that taxpayers just restored.

Jan 06

AIG Confidential

Posted by kcates in Societe GeneralesecRoy BluntNew York FedGoldman SachsGeithnerDeutsche BankcomplianceCharles GrassleyBarney FrankAIG


Congress is acting like a nest of mad hornets on word that the New York Fed hid some details of AIG’s credit-default insurance payouts to big banks in late 2008.

Recall that the government was in the midst of pouring $180 billion of taxpayer bailout money into AIG at the time – and that company executives were simultaneously getting multimillion-dollar bonuses. It’s not exactly clear why NY Fed officials would actively try to keep things a secret, but it’s plain that they did, judging by an exchange of e-mail messages disclosed Thursday. The SEC was at odds with the decision and the information was released several weeks later, after things had blown over some.

Jan 06

Will Chris Dodd go down fighting?

Posted by kcates in reformCountrywidecomplianceChristopher DoddBarney FrankAIG


As Christoper Dodd prepares to ride off into the sunset, the central drama of his departure is how much punch he has left for financial regulatory reform.

The Connecticut senator, chairman of the Senate banking committee, is the chief author of the Senate's version of a bill that would impose greater oversight over and more transparency into the securities industry. His bill is the counterpart to Rep. Barney Frank's proposal in the House and would in effect expand how credit-default swaps and credit rating agencies are regulated, rejigger the configuration of Washington's bank regulators and create a consumer financial protection agency.

Dec 02

What Fritz Henderson didn't get about the new GM

Posted by Ron F in Obama AdministrationGMeconomycapital expendituresBarney Frank

Ron F

There's been so much tea-reading of the Fritz Henderson firing that I find it hard to add anything useful.

But something about Joann Lublin's take this morning bugged me sufficiently to provide a way for me to weigh in. Predictably, the WSJ line is that the firing at GM along with boardroom moves elsewhere by the government show that taxpayer ownership will inevitably politicize management, and she cites Barney Frank's recent interference in GM's plans to close a plant in Massachusetts as evidence.

Oct 28

The EU is turning big banks into smaller banks

Posted by kcates in treasury, Obama, Northern Rock, Karl Cates, ING, GreenspanBarney Frank


In a move that sent jitters through the banking industry this week - and that may yet infect the U.S. - the European Union told public-bailout recipient ING to get rid of its insurance holdings and focus on its original business - banking.

It's the fallout of the devilish deal ING implicitly bought into when it accepted public aid, and it reduces Amsterdam-based ING's status enormously - its insurance business is what it's known best for.

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