Yves here. This has been such a busy week that I’ve been remiss about commenting on how Dimon’s board rewarded him despite the London Whale fiasco and the revelation of pervasive regulatory abuses. Clearly, they thought he bought the bank’s way out of trouble on the cheap, disproving the wailing in the financial firm toadying media that the Morgan bank had been ill-treated by the Administration.
By James Kwak
That’s the title of a post a couple weeks ago by Ezra Klein, in which he interviewed a friend of his who went to Wall Street after Harvard. Having seen this phenomenon from a couple of different angles, I’d say the interview is right on. This is how Klein summarizes the central theme:
Brenda Jubin submits: I first encountered Andrew Redleaf, founder and CEO of Whitebox Advisors, when he was a guest lecturer in Robert Shiller’s Yale economics course, available online. Even though he was somewhat ill at ease in the classroom, he came across as an intriguing thinker.
Balance Junkie submits: At the risk of using hyperbolic Halloween metaphors too early in October, I’d like to point out an issue that has, until very recently, received very little attention in the mainstream media. It’s the resurgence of trouble in the banking sector due to toxic mortgages that caused the Nightmare on Wall Street in 2008.
McClatchy Newspapers - WASHINGTON — The Wall Street investment banks at the center of the subprime mortgage meltdown face broadening state and federal inquiries into whether they duped investors into buying dicey mortgage securities or manipulated ratings agencies into bestowing investment grades on those faulty products.
The Occupy Wall Street camp has many of the features of a village, or even a household. The park is surprisingly clean and life there is surprisingly orderly, even after being occupied by protesters for four weeks.
Funerals were held on Sunday for victims of a fierce Syrian government crackdown on anti-regime protests that killed about 50 people in two days, five of them in a funeral procession, activists said.In the city of Homs, an epicentre in central Syria of the nine-week uprising against President Bashar al-Assad's regime, hundreds of protesters took to the streets, chanting "down with the regime," an activist said.A big demonstration was also reported in Saqba, a suburb of Damascus, where an estimated 10,000 people turned out for the burial of a 25-year-old killed on Saturday.