Below you'll find everything that has been published on EPJ for the week ended Friday August 1, 2014. The hottest posts for each day are highlighted in red.
- Peter Schiff and Doug Casey on the REAL State of the Economy
- High Powered Law Firm on Proposed Bitcoin Regulations: They Will Crush the Little Guy
- Bestselling Books at EPJ in the Month of July 2014
- Ralph Nader in San Francisco: Name Dropping Mises and Hayek
- Netanyahu Floats Ann Coulter's Boat
- Edelman China Chief Missing
- It’s counter-intuitive thinking, but …
- New Bill to Address Fake Campus-Rape Epidemic
- BIZZARRE Former Goldman Sachs Crony Poses as Homeless Person
- BREAKING: NYPD Chokehold Death Ruled a Homicide
- Obama: "We Tortured Some Folks"
- Rand Paul Pulls Out Alan Greenspan's 'High Philosophical Discussion' Defense
- Next Week Rand Paul Tours Iowa; What Questions You Should Ask Him
- Does John Brennan Know Too Much for Obama to Fire Him?
- Hamas's Shift to Tunnel Warfare Catches Israel by Surprise
- Thank God for Elizabeth Warren
- The Ron Paul Institute Gets Noticed
- Big Spenders: Lobbying by Industry
- How a Former Denny's Waitress Amassed an Empire of Over 75 Denny's Locations
- Housing Market in France in ‘Meltdown’ After Hollande Rent Caps
- What Tech Jerks Can Teach Us
- Salon Is Flipping Out Because Woody Allen Says He Would Only Use Black Actors for a Black Role
- The Worst Comment on Economics That'll You'll Read All Day
- The Jesse Jackson Silicon Valley Shakedown
- Dow Industrial Average Closes Down More Than 300 Points; What To Do
- REPORT: Ebola Detection Systems Deployed in US
- Here It Comes: The Judean People's Front Struggle Against Oppression
- Ross Ulbricht to File 'Cutting Edge 4th Amendment Privacy in the Digital Age' Motions
- Mises Makes It to the Front Page of TheStreet.com
- Is There an Austrian Economics Mole at NPR?
- Enemies of America: Bloomberg, Stern, and Rand Paul
- The Frontline Protection Against a Terrorist Attack in the US?
Wednesday 7/30/14
- Is Hal 9000 on the Way?
- At an 1865 Gathering of the Massachusetts Anti-Slavery Society...
- Hey Paul Krugman, U.S. Inflation Accelerated Sharply in Second Quarter
- Paul Ryan's Horrible Budgets
- The Real Reason Harry Truman Backed a Jewish State
- Guess What Happened to that Guy Who Claimed His Father Owned "Half of Fucking Manhattan?"
- Mothers Beating on Politician
- The Shocking Direction That the US Military Is Headed In
- The Great Country of Austria
- On Dominoes, WMDs And Putin’s “Aggression”: Imperial Washington Is Intoxicated By Another Big Lie
- The Question Not Put to the Admiral
- Rutherford Institute Defends Florida Mom Arrested, Handcuffed, Searched & Jailed for Allowing Her 7-Year-Old Son to Visit Playground Alone
- Former IRS Official Calls Conservatives ‘Crazies’ and Worse in Newly Released Emails
- Whoa: Ruling Against McDonald’s Could Open Door for Union Instigation All Over the Place
- What’s Wrong With Global Warming?
- Just Announced: George W. Bush's Personal Biography of His Father, George H. W. Bush
- Obama Tells Linda Ronstadt He Had Crush on Her
- The Very Creepy, Kissinger Connected, Theranos
- It's Getting Serious: Social Security's Disability Insurance Trust Fund is Only Two Years Away From Running Out of Money
- A "Dear John" Letter From Jackie O.
- More George Soros Tentacles Revealed...
- Krugman: Listen to the Gentiles
- It's Nice to Have Good Relations with Top NYC Gvt. Officials: NYC Construction Contractor Buys Billy Joel's House for $19.9 Million
- The Chart That Will Scare You Out of Your Wits
- Silicon Valley Obama-Pelosi "Feast in Time of Plague" Invitation
- BREAKING: Ukraine Firing Ballistic Missiles
- Reckless Monetary Policy Resulted in the US Ditching the Gold Standard and the Truth About Bretton Woods
- Freedom is Neither “Left” nor “Right”
- INSIDE STORY: My Awkward Call With the Late Alan ‘Ace’ Greenberg
- C’mon Alan! Bubbles Are Caused By Central Bankers, Not “Human Nature”
- Make a 3D BobbleHead of Yourself!
- US Imposes Additional Sanctions on Russia; Russia Has Spent More Than $30 Billion in an Attempt to Prop Up the Ruble
- Mitch McConnell Leads Alison Lundergan Grimes for First Time in Poll
- Imagine If ATMs Told You They Will Not Give You Cash for 10 Days
- States Where People Have the Fewest Debt Problems
- Robert Wenzel Interviewed by Poltical Badger
- Microsoft China Under Investigation; Offices in Four Cities Raided
- Dallas Fed Prez Comes Out Blasting Against Fed Chair Yellen
- The Senate Is About to Approve a Plan to Use Pensioners Money to Fill Potholes
- Rand Paul Hires Former John McCain Operative
- John Maynard Keynes Would Think Janet Yellen Just Great
- How Paul Krugman Fudged the Truth on U.S. Debt
- Will Janet Yellen Turn The Right Knobs & Flip The Right Switches?
- The Coy Keynesian Nod in Paul Ryan’s Anti-Poverty Plan
- The Absurd, Bureaucratic Hell That Is the American Police State
- The Latest Financial Attack on the Freedom of the American Citizen to Keep Wealth From the Tax Vampires
- How to Make 30% Profit When Hong Kong Ditches the US Dollar
- Lessons from Bernie Madoff: How to Spot Red Flags on Your Financial Statements
- "I have over 2000 unopened emails..."
- What About a Private Alternative to the FDA?
- Today on The Robert Wenzel Show: Lyn Ulbricht, Mother of The Alleged Operator of Silk Road, Ross Ulbricht
- NYT Calls for Repeal of Federal Laws Banning Marijuana
- Austrian School Type Analysis of the Federal Reserve Reaches Forbes Magazine
- Company In Which Joe Biden's Son Is Director Prepares To Drill Shale Gas In East Ukraine
- A Link Between the Ebola Outbreak and a US Bioweapons Lab?
- George Soros Owns a Half-Billion Stake in Pharmaceutical Company
- The Malaysian Airline MH17 Crash: Sixteen Central Issues Which Cannot be Ignored
- Robert Higgs: The FDA and Consumer Welfare
- See Spider-Man Punch a Cop in Times Square
- Steve Wynn's Las Vegas Stories
- Krugman To Obamacare Minions: 'You Have To Want It'
- A Grad Students Used a 3-D Printer to Build a 6-Year-Old Boy a New Bionic Arm for Just $350
- Ron Paul: End Torture, Shut Down the CIA!
- "I Want You to Write 'FBI' in Big, Bold Letters."
- Smart Shoes Will Soon Tell You Where To Go
- Paul Samuelson's A Bit Off the Mark Understanding of the Soviet Union
- Chris Rossini Discusses The Fed on The Lions of Liberty Podcast
- One of the Great Forgotten Atrocities in American History
- USDA: Food at Home Prices Have Already Increased More This Year Than All of 2013
- Another Person Who Doesn't Care About Money
- What I Learned from James Garner: His career began with a fluke. It was not sustained by flukes.
- The Consequences of the EU's 'Right to be Forgotten'
- A Bag of M&M's and One Bottled Water = $11.75
- James Garner on Honoring the Institution of War
- The Defections of Yuri Maltsev and the Predominant Socialist Ideology in America
- CFR Study Group on Money
- Delicious Hit Piece: How a ‘Weird’ Chelsea Clinton is Getting in On the Family Business
- The Leader of the Unfree World
- Of Course, Raising the Minimum Wage Does Not Boost Employment
- Welcome to the Hotel Socialism; What a Lovely Place
Big Banks Still a Risk
ReplyDeleteBig bankers are usually good at arithmetic. But when it comes to assessing the benefits of their too-big-to-fail status, their calculators tend to go haywire.
And yet, taxpayers have a right to know exactly how much their implied guarantees are worth to these huge and politically powerful institutions. So it is unfortunate that the new study by the Government Accountability Office trying to quantify those benefits was such a muddle.
The study, released last week, was requested by two senators: Sherrod Brown, a Democrat from Ohio, and David Vitter, a Louisiana Republican. They wrote a bill last year that would require big banks to set aside significantly more capital to protect against losses. Unfortunately, it has not moved forward.
Central to the hearing is that six years after the financial crisis, it’s clear that some institutions remain too complex and interconnected to be unwound quickly and efficiently if they get into trouble.
It is also clear that this status confers financial benefits on those institutions. Stated simply, there is an enormous value in a bank’s ability to tap the taxpayer for a bailout rather than being forced to go through bankruptcy.
Today’s report confirms that in times of crisis, the largest megabanks receive an advantage over Main Street financial institutions,” Mr. Brown and Mr. Vitter said in a statement. “Wall Street lobbyists may try to spin that the advantage has lessened. But if the Army Corps of Engineers came out with a study that said a levee system works pretty well when it’s sunny — but couldn’t be trusted in a hurricane — we would take that as evidence we need to act.”
In his testimony last week, Mr. Kane said bailouts should be viewed as equity investments whose risks deserve a return to taxpayers of at least 15 percent. “It is shameful for government officials to imply that too-big-to-fail bailouts were good deals for taxpayers,” he wrote.
On the nature of taxpayer guarantees, Ms. Admati said: “The subsidies are real and they are very large.” She added: “The main problem with the guarantees is they reinforce and create perverse incentives and intensify the conflicts of interest between the banks and the rest of society.”
http://www.nytimes.com/2014/08/03/business/big-banks-still-a-risk.html?
July 29, 2014
ReplyDeleteCFTC Charges J.P. Morgan Securities LLC with Repeatedly Submitting Inaccurate Large Trader Reports and Imposes a $650,000 Civil Monetary Penalty
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against J.P. Morgan Securities LLC (JPMS), a wholly-owned subsidiary of JPMorgan Chase & Co. and a CFTC-registered Futures Commission Merchant (FCM), for submitting inaccurate reports to the CFTC relating to the required reporting of positions held by certain large traders whose accounts are carried by JPMS. The reporting violations occurred despite the CFTC notifying JPMS of numerous errors in its reports. The CFTC Order requires JPMS to pay a $650,000 civil monetary penalty to address its unlawful conduct.
The reports are known as the “large trader” reports and are used by the CFTC in order to evaluate potential market risks and monitor compliance with CFTC requirements.
CFTC Director of Enforcement Aitan Goelman commented: “The large trader reports are vital to the CFTC’s role in monitoring market behavior and are important to members of the public, many of whom rely on that information in forming trading strategies. Therefore, submission of accurate and reliable data to the CFTC is essential. The CFTC will be vigilant in enforcing these rules in order to ensure the integrity of the regulatory structure and to maintain transparency in the markets.”
http://www.cftc.gov/PressRoom/PressReleases/pr6968-14
cftc like a vaudeville act...all show.