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in Wangtam, on July 10, 2009
...plans "checkbook journalism"
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Is plain vanilla the right goal?
in The Mortgage Roadmap, on June 30, 2009
...erest-only options or any of the other fancy stuff that got so many borrowers in trouble during the subprime mortgage-lending crisis — if they choose.
But the Washington Post today asks an impo...
Bankers' pay soars despite crisis
in Sox First, on June 22, 2009
...
It's hard to believe but bankers are now raking in enormous bonuses despite the global financial crisis. The Financial Times reports that Merrill Lynch, UBS and Citigroup are actually crank...
Does owning a home have to be the American Dream?
in The Mortgage Roadmap, on June 17, 2009
We like to find people to blame for our problems, don't we? And today, a lot of us are busy looking for people to blame for the mortgage meltdown the country is currently suffering through.
You know all about the meltdown: Housing foreclosures are soaring. Owners are walking away from thei...
How'd the mortgage meltdown happen? NPR knows
in The Mortgage Roadmap, on June 15, 2009
... you ever wanted to know — and then some — about mortgage loans, bad lending practices, subprime mortgages and the reasons why the mortgage industry went so wrong: It's NPR, of course....
What economy? CEO private jets take off
in Sox First, on June 11, 2009
...re finding all sorts of creative ways of increasing CEO pay, despite the fall in their salaries and bonuses. Let's remember that hundreds of thousands of dollars spent flying around in private jet...
Are reverse mortgages the next trouble spot?
in The Mortgage Roadmap, on June 8, 2009
...ke action to prevent reverse mortgages from causing some of the same problems for homeowners that subprime loans have already caused.
Reverse mortgages are popular these days. They let homeowners 6...
Wells Fargo accused of pushing bad loans on African-Americans
in The Mortgage Roadmap, on June 8, 2009
... Bank singled out African-American borrowers in Baltimore and suburban Maryland for high-interest subprime mortgages.
Baltimore has since filed a lawsuit against Wells Fargo. The city claims that t...
Subprime and racism
in Sox First, on June 7, 2009
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One of the things that has disturbed me the most about the subprime crisis is the impact it's had on the African American and Hispanic communities, and the way banks had targeted these people ...
Mortgage giant Mozilo charged with fraud
in The Mortgage Roadmap, on June 5, 2009
...ated $461 billion worth of mortgage loans. Too many of those loans, though, were bad ones. When the subprime lending crisis hit, Countrywide quickly fell apart.
Mozilo was once the king of the mortga...
More housing woes
in Sox First, on May 29, 2009
...rtgagees are in serious trouble. What's even more concerning is the fact that it's not the subprime loans that are the main cause of the problem. Prime fixed-rate loans now represent the larg...
Loan modifications not always helping homeowners
in The Mortgage Roadmap, on May 26, 2009
...difications aren't quite working .
The paper cites a Fitch Ratings report that points out that subprime loans that have been modified are turning bad again at high rates, even with a change in lo...
Looking to buy? Your mortgage loan might be smaller than ever
in The Mortgage Roadmap, on May 13, 2009
...elling today.
And qualifying for a mortgage loan today is more difficult, as lenders, stung by the subprime lending crisis, are doing everything they can to avoid passing out mortgage money to borrow...
A Hippocratic oath for managers
in Sox First, on May 8, 2009
...g virtual products as they did in financial markets wasn't serving anyone. Neither was flogging subprime packages to people who couldn't repay them, securitising them in packages that nobody c...
Bankroll blues
in Sox First, on May 7, 2009
...won't crack down on them? First comes its report showing that that the top 25 originators of subprime loans, the $1 trillion worth of assets that created the meltdown were owned and financed by...
Animal Spirits by George Akerlof and Robert Shiller
in Sox First, on May 4, 2009
... loan (S&L) crisis, the 2001 recession by Enron and the latest by the totally amoral selling of subprime mortgages to people who would never be able to repay them, and their securitization in pack...
Pandemic preparation in the IT department
in The CIO Weblog, on April 28, 2009
...tical staff on hand and available where otherwise they might be inclined to avoid work altogether. Bonuses or other guarantees might also show staff that the company recognizes their risks and values ...
Big bonuses at imploding banks
in Sox First, on April 26, 2009
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The banks are imploding but that hasn't stopped the bankers raking in massive bonuses. Just what they're being rewarded for is anyone's guess. The New York Times reports that six of...
More bad news ahead, says Roubini
in Sox First, on April 8, 2009
...rtgage delinquencies comes when you break down the figures further. According to the data, 39.8% of subprime borrowers were at least 30 days behind on their home mortgage loans, up 23.7% from last yea...
G20 and FASB: the banks win again
in Sox First, on April 3, 2009
...asure risks like liquidity risks, reputation risk and cost of capital. Executives will not be given bonuses immediately when the risks are stretched out over time and where it's uncertain when the...
Geithner's push for power and the law of unexpected outcomes
in Sox First, on March 26, 2009
...that it's anti-business, the Obama administration appears to be softening its stance on the AIG bonuses. The Economist points out that the big danger for Obama is that he will be accused of pand...
AIG witch hunts: the new McCarthyism
in Sox First, on March 21, 2009
...fault swaps. Worse still, the people who have helped place those bets are receiving $165 million in bonuses. That's why the tabloids have gone to town, with the New York Post singling out James...
Systems and the AIG catastrophe
in The CIO Weblog, on March 18, 2009
...iddy testify before the House Financial Services Committee insisting that he had to pay out massive bonuses to a bunch of people who, rightly or wrongly, are widely seen as culpable for leading the co...
Mortgage fraud and AIG
in Sox First, on March 17, 2009
...ington Examiner says Obama should be focusing on mortgage fraud rather than chasing down executive bonuses at AIG. But it's missing the point. While Obama has done a face-saving back flip, the pr...
AIG's Contracts and Obama's Outrage
in Bizinformer, on March 16, 2009
...The Daily Kos had a good piece today on outrage many American's feel over AIG's bonuses being paid to people in it's financial unit - the same people who were responsible for the company...
The politics of AIG
in Sox First, on March 16, 2009
...he AIG bailout will be massive. With $165 million in US taxpayers' money going to pay executive bonuses, the Obama administration is bailing itself for a backlash. It looks impotent and ineffectiv...
Tour Gets Burned Again
in Eagle Par Birdie, on February 24, 2009
...roiled in this mire. Enron was a perfect example in its time. Merrill Lynch proffering enormous bonuses on the eve of its takeover by Bank of America (with substantial taxpayer dollars) is another...
Bad Money by Kevin Phillips
in Sox First, on February 17, 2009
...take over the US economy, a turbo-charged growth of financial debt and extending mortgage credit to subprime and other unqualified buyers, swelling the housing, mortgage and credit bubble to the point...
The meltdown and fascism: minister warns
in Sox First, on February 10, 2009
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In his book The Subprime Solution , economist Robert Shiller warns that in good times people are willing to co-operate and accommodate others but when optimism for the future turns sour, they bec...
Stimulus Hype: Will the Stimulus Work? (Part I)
in Bizinformer, on February 7, 2009
...money to people they knew would in all likelihood eventually default. They did it for performance bonuses at the time. And the result was a credit crunch and a stalled housing market that's drag...
Wall Street bonus time, despite recession
in Sox First, on January 29, 2009
...d taxpayer-funded bailouts, financial companies in New York collected an estimated $18.4 billion in bonuses for the year. That's the sixth biggest haul on record and ranks with what they got in 20...
President Obama Shocked At Wall Street Bonuses
in Exclusive from our news room , on January 29, 2009
Wall Street executives announced today that bonus pay in the amount of $18 billion dollars has been disbursed to Wall Street upper echelon employees.
President Barack Obama expressed shock and outrage at this revelation citing the fact that Wall Street has been gifted with hundreds of billions of t...
The Market for MBA Grads Tightens Up
in Biz Plan Hacks, on January 26, 2009
...eeded to train new hires. So today there's still some hiring going on...
That said, signing bonuses are shrinking. The days of $50K signing bonuses are pretty much gone.
You can listen to t...
Subprime meltdown drives litigation
in Sox First, on January 7, 2009
...were sued in a federal securities class action in 2008, compared to only 5 percent in 2007. And the subprime/liquidity crisis was associated with 97 federal securities class actions. In 2008, 111 cla...
Strike at Hong Kong's Airport Delays Flights
in Wandalust, on December 27, 2008
...ars). The union says the company made a profit this year despite the recession, and they want their bonuses. The company has agreed to come up with about half what they've paid out in the past. Th...
Why did the housing meltdown happen in the US?
in Sox First, on December 8, 2008
...preventing riskier loans. And finally, there was the unique role of securitisation which encouraged subprime lending. The big question for the US now is whether the egg can be unscrambled. Given that...
A Look At Some Legit Sites Offering Work At Home Jobs
in Home Based Business, on December 6, 2008
...you think being paid $1.50 for a 200 word article is good money. Yes they promise "Performance Bonuses" based on pageviews, but to get the amount of pageviews that would result in a decent p...
Behind the $1 salary
in Sox First, on December 4, 2008
...o , the only thing it does is change a guaranteed payment. They still get lots of money from perks, bonuses, restricted stocks and stock options. And as this report points out, many executives like ...
The Subprime Solution - Robert Shiller
in Sox First, on December 1, 2008
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Have just finished reading Robert Shiller's The Subprime Solution which offers plenty of food for thought. Provocative and unsettling stuff. Shiller argues that the the impact of the US hou...
Obama slams "tone-deaf" business leaders
in Sox First, on November 26, 2008
...ama has slammed "tone-deaf" business leaders who been pulling in hundred million dollar bonuses and taking risks with other people's money. In his interview with Barbara Walters, Obama...
US market: it's back to 1997
in Sox First, on November 21, 2008
...loomberg says the collapse comes as writedowns and credit losses stemming from the collapse of the subprime mortgage market reaches $965 billion. And it's growing. The market is responding to da...
How the predication models failed
in Sox First, on November 11, 2008
...rectly predicted that a drop in real estate prices of 10 or 20 percent would imperil the market for subprime mortgage-backed securities but the analysts assigned a very low probability to that happeni...
Deutsche Bank's accounting shell games
in Sox First, on November 5, 2008
...o be strongly capitalized. The message: the banks are capable of lending even more. But when the US subprime loan market collapsed, resulting in the credit crunch, those same assets have been marked d...
Fair value battle escalates
in Sox First, on October 29, 2008
... this talk when markets were booming. The world's banks generated enormous profits, and massive bonuses along the way, as bankers cashed in on fair value upswings in asset prices. Indeed, no insti...
Competing for bailouts
in Sox First, on October 27, 2008
...ile the investment banks are holding their hand out for money, they are still paying $20 billion in bonuses. And they wonder why people are so furious? "I'm just flabbergasted that the financ...
Greenspan's legacy
in Sox First, on October 25, 2008
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In his book The Age of Turbulence , former Fed chief Alan Greenspan proclaimed that subprime was a good thing for America. "The gains were especially dramatic among Hispanics and blacks, as ...
One Version of How the Meltdown Happened
in The Personal Finance Weblog, on October 20, 2008
...ill happen in the future.
Ben Stein goes on to give a generally understandable explanation of the subprimes mess and credit swaps and other financial instruments you and I will never grasp completely...
Financial meltdown and climate change
in Sox First, on October 17, 2008
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Why does the subprime meltdown remind me of our inability to deal with climate change? Both are the result of market failure, both are symptoms of the inability of government and markets to plan f...
Casinos find a safe bet in RFID
in The RFID Weblog, on October 10, 2008
...00 chips per second offering real time information. With number of casinos offering jackpots, bonuses and rewards the system has even made it easier to attract new customers and maintain its existing ...
The Lehman legacy
in Sox First, on October 7, 2008
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Last month, i did a blog entry . The issue there was the size of the bonuses given out in the lead up to the bankruptcy. Which raises the obvious question of whether they knew they were going do...
b5Media 将大幅度降低 Blogger 报酬
in Wangtam, on October 4, 2008
... they were actually getting. While, again, this isn't a blogger's fault, neither is the new pay system about "cutting pay". Any reduction in pay is due almost exclusively to the real...
How the Credit Crisis is (Sort Of) Like 9/11
in The Personal Finance Weblog, on October 1, 2008
... as us shaking our heads from afar at the greed of Wall Street and the stupidity of Willy -nilly subprime mortgages could now morph into a financial crisis that will personally touch us, that reall...
Washington Mutual - another one bites the dust
in Sox First, on September 26, 2008
...ating had been cut to junk status by Standard&Poor's. It has already lost $6.3 billion on subprime mortgages and was facing $19 billiion in losses over the next two and a half years. An e...
Boxing Cox
in Sox First, on September 23, 2008
...buddies in corporate America and on Wall Street." One thing for sure. When the history of the subprime and debt mess is written, Cox will not be spared.
...
Bonuses to Lehman executives in the gun
in Sox First, on September 22, 2008
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Bonuses paid to Lehman executives are at risk, lawyers say . So $5.7 billion worth of bonuses were paid a year before Lehman Brothers filed for the biggest bankruptcy in history. And that raises...
Is AIG next?
in Sox First, on September 16, 2008
... used by many companies world-wide to manage a range of risks, including exposure to investments in subprime mortgages. Its demise would potentially make it harder or more expensive for businesses to ...
Pegasus Sees 36th Month Of Positive Returns
in The Hedge Funds Weblog, on September 12, 2008
...g the 36th subsequent month of positive returns for the Pegasus Auto Loan Fund, which invests in US subprime auto loans.
In the $200 billion auto industry there is high demand for auto loan originati...
Why the markets imploded
in Sox First, on September 12, 2008
...ent when you read this IMMF working paper Transmission of Liquidity Shocks: Evidence from the 2007 Subprime Crisis . The blame is sheeted home to the unprecedented complexity and integration. "...
The future of newspapers
in Sox First, on September 5, 2008
... a very different business model. One based on innovation. And media executives should not be given bonuses based on bottom line growth. Instead, the focus needs to be on the top line, revenue growth....
Ex-Tyco CEO Kozlowski: still trying to get out
in Sox First, on September 3, 2008
... year sentence for plundering shareholders of $400 million and looting $150 million in unauthorized bonuses. The minimum part is important and he's already done three years! And he still wants out...
Wal-Mart CEO says US contagion spreading
in Sox First, on August 15, 2008
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Is this the canary in the coal mine? In another sign that the effects of the US subprime crisis have spread globally, Bloomberg reports that global business air traffic fell 0.4 percent in June...
$54.7 m Paycheck
in The Hedge Funds Weblog, on August 5, 2008
...ld rip a hole through the banking sector has been rewarded with £28m (€35m) ($54.7 m) in pay and bonuses, according to Independant Ireland .
Crispin Odey trousered the bulk of the profits made b...
Find The Best Online Casino Promotions
in The Gambling Weblog, on August 3, 2008
It's time to check up on the deals and promotions being offered by online casinos, because, after all, you want to get the most from your gambling bankroll.
There is a core group of internet casinos that are here to stay, but many online gambling sites come and go, and because of thi...
Subprime + volatility = litigation
in Sox First, on July 30, 2008
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It's clear that the subprime debacle has resulted in an outpouring of litigation. The trend was fairly obvious just months ago when I looked at the issue here . Now, the trned seems to be ga...
Merrill Lynch's day of reckoning
in Sox First, on July 29, 2008
...hrough a public share offering. That's after revealing another $5.7 billion in write-downs on subprime mortgages. Significantly, Merrill Lynch's total writedowns are now put at close to $4...
PokerStars 2X Promotion Final Week: Boost Your Status
in Internet Poker, on July 27, 2008
...d maybe even that Porsche with your newly found ability to rack up Frequent Players Points from the bonuses that the higher tiers enjoy:
We're running tournaments from July 28-31 for all our VIP...
Financial professionals continue to rake it in
in Sox First, on July 22, 2008
...ing that salaries in this sector have gone up more than 36 per cent above the national average with bonuses equivalent to 16 percent of their base salary in 2007. Just more evidence that the burden of...
GM staves off bankruptcy
in Sox First, on July 16, 2008
... is the problem with GM? One way of looking at it is to say that high oil prices, combined with the subprime debacle, has stopped people buying its cars. But Toyota has responded quickly to a fall of...
Subprime's hot spinoff: arson
in Sox First, on July 7, 2008
Another sign of desperate times! Expect a record number of arson incidents with the growing number of mortgage defaults, reports Bloomberg . Still, you would have to ask why people would do it when, as the policy holder, you would be the first suspect on the list. People do dumb things ...
Moody's subprime error bug
in Sox First, on July 4, 2008
Ratings agency Moody's has admitted that it incorrectly graded several European mortgage debt instruments because of a computer bug. The agency admits that it incorrectly gave its highest AAA rating to about $1bn worth of European "constant proportion debt obligations" (whi...




