The word today is that The Uptick Rule, the best line of defense we haven’t had in place for the last year, may be making a comeback. Rep. Barney Frank (D-Mass.), the head of the House Financial Services committee, said that the SEC should restore the so-called “uptick” rule within a month, Reuters is reporting….
Joshua M Brown
Ritholtz: Get Long Torches and Pitchforks
Barry Ritholtz of The Big Picture makes the case for Bank Nationalization, this time in a fantastic interview on Yahoo!’s Tech Ticker. Must-see whether you agree or not. Ritholtz on TechTicker
Don't Blame the Repeal of Glass-Steagall…Blame Risk Management
Over on Breakingviews, Hugo Dixon is taking issue with those who believe bringing back some version of the Glass-Steagall Act would prevent the financial collapse we’re now fighting through every day. Why would anybody run a casino and a utility under the same roof? That is the supposedly killer argument of those who want to…
TMI, Warren Buffett, TMI.
Are you kidding me with this guy? Get off the TV already! Enough! Is it me or has Warren Buffett made more television appearances lately than Ryan Seacrest? Today was a full court press with Warren on CNBC more than Erin Burnett. They asked him like 90 questions, he even sat there while they dissected…
Roubini and Faber Out-Doom Each Other
Today, Nouriel Roubini tossed out another tasty treat for his bear worshippers on Bloomberg: “My main scenario is that it’s highly likely it goes to 600 or below (S&P 500)…Even if you do everything right with fiscal and monetary policy, we’re still going to be in a recession through the end of this year and…
Ken Lewis: Even More Myths About Banks
Kenny Lewis, Chief Executive Undertaker at Bank of America, took the opportunity to write an op-ed piece in today’s WSJ. Some of the bank myths he aimed to dispel: The banks aren’t lending, The banks are insolvent, The Troubled Asset Relief Program (TARP) hasn’t worked, Taxpayers have given the banks billions and won’t get…
March 12th: Balance Sheet Amnesty Day?
What’s the story with March 12th? Basically, the thinking out there goes something like this. Congress is planning to take a look at possibly easing the Mark-to-Market accounting rules, giving US banks a fighting chance at making it through this period. From the Washington Post: A House Financial Services subcomittee has scheduled a March 12…
Corporate Sponsors for the New Yankee Stadium?
Bank of America finally displayed an ounce of remorse when they recently decided to back away from buying the naming rights to the new Yankee Stadium (unlike the rogue bank that will go forward with the sponsorship of Citi Field). Taking a glance at the condition of many Fortune 500 companies, you’ll see that there aren’t many companies…
NYT: CNBC is on a War Footing
Fairly objective article in the New York Times describing how CNBC can actually make hay while the sun is not shining: “this is CNBC’s equivalent of a war. Just as the first cable news channel, CNN, rose to prominence during the gulf war in 1991, and another one, the Fox News Channel, became a ratings…
Madoff Newsflash: Bongiorno, Annette!
Oh boy. Here come the accomplices. The Wall Street Journal is reporting that after interviewing assistants at Bernard L Madoff Securities, investigators have learned that Annette Bongiorno, a 40 year-plus employee of the Ponzi King, had ordered up fake trade confirmations and historical price research on the stocks they pretended to have traded. Anyone still…
