Comments on: Leveragd Loan "Disarray" = More Losses for Wall Street http://www.nakedcapitalism.com/2008/02/leveragd-loan-disarray-more-losses-for.html Sat, 20 Mar 2010 20:16:42 -0400 http://wordpress.org/?v=2.8.4 hourly 1 By: Anonymous http://www.nakedcapitalism.com/2008/02/leveragd-loan-disarray-more-losses-for.html#comment-3707 Anonymous Tue, 05 Feb 2008 07:22:00 +0000 http://www.nakedcapitalism.com/2008/02/leveragd-loan-disarray-more-losses-for-wall-street/#comment-3707 OT. but FYI:<br/><br/>SPRINGFIELD - The City Council will debate tonight whether to ask the state to evaluate the role of the treasurer's office leading up to a disputed investment of $13.9 million that was resolved entirely in the city's favor last week.<br/><br/>Merrill Lynch agreed on Thursday to reimburse the city after a review of a city investment that had lost most of its value. The company said it found that securities purchases were made without city permission.<br/><br/>At 7:30, the City Council will consider a late-filed order to ask the Department of Revenue to evaluate the treasurer's office in order "to ensure that we are practicing the best possible practices with the taxpayers' monies."<br/><br/>>> IMHO, this issue will end up being focued on this FCB assocition:<br/><br/>On July 9, 2004, the Massachusetts legislature enacted Chapter 169 of the Acts of 2004 entitled “An Act Relative
To The Financial Stability of Springfield.” Under Chapter 169, a Finance Control Board (FCB) was established
and vested with comprehensive authority over all of the City’s finances, including appropriations, borrowings,
transfers of funds, and municipal spending authorizations. OT. but FYI:

SPRINGFIELD – The City Council will debate tonight whether to ask the state to evaluate the role of the treasurer’s office leading up to a disputed investment of $13.9 million that was resolved entirely in the city’s favor last week.

Merrill Lynch agreed on Thursday to reimburse the city after a review of a city investment that had lost most of its value. The company said it found that securities purchases were made without city permission.

At 7:30, the City Council will consider a late-filed order to ask the Department of Revenue to evaluate the treasurer’s office in order “to ensure that we are practicing the best possible practices with the taxpayers’ monies.”

>> IMHO, this issue will end up being focued on this FCB assocition:

On July 9, 2004, the Massachusetts legislature enacted Chapter 169 of the Acts of 2004 entitled “An Act Relative
To The Financial Stability of Springfield.” Under Chapter 169, a Finance Control Board (FCB) was established
and vested with comprehensive authority over all of the City’s finances, including appropriations, borrowings,
transfers of funds, and municipal spending authorizations.

]]> By: Tim Worstall http://www.nakedcapitalism.com/2008/02/leveragd-loan-disarray-more-losses-for.html#comment-3696 Tim Worstall Mon, 04 Feb 2008 18:02:00 +0000 http://www.nakedcapitalism.com/2008/02/leveragd-loan-disarray-more-losses-for-wall-street/#comment-3696 The saying is that banking crises happen again when everyone who worked through the last one retires.<br/>That's when the same mistakes get made again.<br/>On trading desks these days....20 years sound about right for a generational cohort to have passed through the trading rooms? The saying is that banking crises happen again when everyone who worked through the last one retires.
That’s when the same mistakes get made again.
On trading desks these days….20 years sound about right for a generational cohort to have passed through the trading rooms?

]]>