Saturday, September 8th, 2007
Scapegoating has never been an exact science. But the witch hunts following the Subprime Mortgage crisis have the feel of a newly discovered sequel to Lewis Carroll’s “Through the Looking Glass.” The low point was the axing of a State Government official in Saxony. I don’t know which part of ...
Posted in Games Bankers Play, The Banking Crisis | No Comments »
Saturday, September 8th, 2007
dumb-and-dumber.doc
Of all the silly scapegoating following the high-risk mortgage problem, none was so mind-bogglingly bizarre as the agreement between the French and the German Heads of State (hereafter the HOSes) that the rating agencies should be made more transparent. That idea is so dumb at so many levels that ...
Posted in Polticial Decisions Affecting Banking | No Comments »
Monday, September 3rd, 2007
dancing-in-the-dark.doc
Poor Chucky Three Sticks. Charles O. Prince III, current CEO of Citigroup, will be forever remembered for his witless remark to the Financial Times about two weeks before the onset of the sub-prime mortgage crisis. He said ”… as long as the music keeps playing, you’ve got to keep on ...
Posted in The Banking Crisis, Bank Management | No Comments »