OSEC news: We have filed a lawsuit against the Federal reserve, SEC, CFTC, OCC, FDIC, and the U.S. Treasury over Volcker Rule Delays. Our blog post on it is here.
- Not so much good as revealing. Jamie Dimon in a moment of candor reveals his and others of his crowd’s mindset while also admitting his bank’s inferior capital ratio to other banks. Matt Taibbi at Rolling Stone February 27, 2013.
- CFTC commissioner Mark Wetjen proposes that the commission water down its proposed requirement that banks get five quotes to price swaps not traded on exchanges. Shahien Nasriour, Michael McKenzie and Tom Brathwaite of The Financial Times $$ February 28, 2013
- The Volcker Rule might be put off until the second half of this year, much later than previously expected. This article was written the same day we announced our lawsuit against the regulators perfectly illustrating out point. Scott Patterson at the Wall St Journal February 27, 2013
- The Supreme Court, in a unanimous 9-0 decision, sides with Gabelli in the case Gabelli v. SEC, a ruling which effectively reduces the timeframe in which the government can bring penalty actions against fraudsters. Basically another “get out of jail free” for fraudsters. Our post at the OSEC blog February 27, 2013
Jack Lew confirmed for Treasury:
- Pam Martens writes about NYU’s odd $1.3 million home purchase for Jack Lew which under any normal government would disqualify him from the job of Treasury Secretary. Pam Martens at Wall Street on Parade February 25, 2013
- Jonathan Weill describes the super bonus Citigroup promised Mr. Lew if he sought out a top level job in the government. It doesn’t get any slimier, really. Jonathan Weill at Bloomberg February 21, 2013
- Yves Smith’s post on Jack Lew and the institutionalization of corruption Yves Smith at Naked Capitalism February 26, 2013