Category Archives: Media watch

Quelle Surprise! New York Times’ “Deal Professor” Ignores Facts and Law to Defend Citi Employee Stoker in SEC Toxic CDO Case Rakoff Highlighted

While the New York Times’ DealBook section generally hews to a financial-services-industry-friendly line, presumably as a Faustian bargain for being a preferred leakee, there’s not even a weak defense for the article by the New York Times’ so called “Deal Professor” Steven Davidoff, “If Little Else, Banker’s Trial May Show Wall St. Foolishness.” It’s yet another brazen effort to diminish the seriousness of rampant fraud by arguing it was just carelessness. But to make his case, Davidoff misrepresents both the facts of the situation as well as the law. Since Davidoff’s lawyer union card is an explicit part of his brand at the Times, this story amounts to another credentialed effort to run the “nothing to see here, it’s too hard to get these guys” line that has become the Administration’s pet excuse for not going after one of its biggest sources of campaign funds.

New Zealand’s Rogue Incorporator, Ian Taylor, Sighted in Malaysia (and UK)

In my last post on the attempts to clamp down on New Zealander Ian Taylor’s buccaneering (ahem) company registrations, which have facilitated arms-smuggling and massive moneylaundering, I wrote of his latest venture

Naturally, various official and unofficial sleuths will now be sniffing after this new firm and the “reputable Asian jurisdiction”…

One awaits the next grisly sightings of Taylor’s legacy, registered in “Asia”, or Delaware, or London, or wherever.

Tiny Pundits on the Election

OMG, this is probably too fluffy to warrant posting, but I can’t resist. Can I play host sometime?

Adam Davidson Strikes Again, Tells Us to Ignore Downer Data and Trust the Confidence Fairy

While Adam Davidson’s current New York Times column, “How to Make Jobs Disappear” refrains from blatant advocacy of the interests of the 1%, his “Let Dr. Pangloss explain it” approach to economic news is still flattering to the established order. To the extent that anyone in the officialdom pays attention to his work, he’s holding up a rosy-colored mirror to their stewardship. And for the rest of us, his relentless “see, everything really is fine, now take your Soma” denies the reality of the hardships and stresses most ordinary Americans face.

It’s hitting the point where I’m getting such sharp, annoyed commentary about Davidson’s columns by e-mail that I have to work to read his columns with a fresh eye. From one correspondent:

Oil Regulators Wimp Out on Requiring More Transparency

A Wall Street Journal article tonight (hat tip Joe Costello) has the whiff of disinformation about it. It dutifully reports that oil regulators have retreated in a serious way from requiring more disclosure of oil market transaction. The article never offers an explanation for the change in stance and focuses attention on actors who are highly unlikely to be the moving force.

New York Times Misidentifies Main Cause of Slow Motion European Bank Run

It’s feeling like 2007 all over again. The New York Times has a bizarre and prominent story (now the lead item on its business page) on how the lack of integrated bank supervision in Europe is causing a breakdown in interbank lending. The New York Times (and the Wall Street Journal) getting it wrong when the FT gave straightforward, informed accounts was a frequent feature in the early phases of the crisis (both US papers upped their game considerably as the bad financial news increased).

Wells Fargo Takes Revenge on Blog for Posting How Bank’s Improper Foreclosure Led to a Suicide

It appears Wells Fargo is not happy about bad press about how it has blood on its hands and is not above taking petty revenge.

Michael Crimmins: What the Press Refuses to See in JP Morgan and MF Global Scandals

By Michael Crimmins, who has worked on risk management and Sarbanes Oxley compliance for major banks

Two former finance and political influence gods (Jon Corzine and Jamie Dimon) have tumbled back to earth. Yet, troublingly, the mythology that’s cowed the political establishment and the financial press for so long remains very much intact.

Quelle Surprise! Treasury Inspector Audit Report Whitewashes OCC Fail on Foreclosure Fraud

Yesterday, various news and financial sites picked up the release last Friday of a report by the Treasury’s Inspector General titled “SAFETY AND SOUNDNESS: OCC’s Supervision of National Bank’s Foreclosure Practices“. The media accounts are workman-like summaries with titles like “Bank oversight office failed to spot foreclosure fraud, Treasury inspector general says.”

The problem is that these various accounts are narrowly accurate (in that they summarize the report) but missed the real story.

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Category Archives: Media watch

Quelle Surprise! New York Times’ “Deal Professor” Ignores Facts and Law to Defend Citi Employee Stoker in SEC Toxic CDO Case Rakoff Highlighted

New Zealand’s Rogue Incorporator, Ian Taylor, Sighted in Malaysia (and UK)

Tiny Pundits on the Election

Adam Davidson Strikes Again, Tells Us to Ignore Downer Data and Trust the Confidence Fairy

Oil Regulators Wimp Out on Requiring More Transparency

New York Times Misidentifies Main Cause of Slow Motion European Bank Run

Wells Fargo Takes Revenge on Blog for Posting How Bank’s Improper Foreclosure Led to a Suicide

Michael Crimmins: What the Press Refuses to See in JP Morgan and MF Global Scandals

Quelle Surprise! Treasury Inspector Audit Report Whitewashes OCC Fail on Foreclosure Fraud

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