Category Archives: Regulations and regulators

Gaius Publius: A Primer – What’s in a “Tar Sands” Pipeline?

In the wake of renewed interest in the Keystone Pipeline project and the likelihood that Obama will eagerly approve it unless we stop him, there’s a lot of interest in what actually flows through those pipes.

EU Antitrust Authorities Sue 13 MegaBanks Over Credit Default Swaps Collusion to Stymie Exchanges

Ooh, here we thought bank reform was dead, and an unexpected front opens up.

Will Snowden Revelations About Spying on Foreign Governments Undermine the European and Pacific Trade Talks?

Despite all the consternation in the US about Edward Snowden’s revelations about the extent and intensity of snooping in the United States, it isn’t clear that the surveillance industry is even breaking a sweat. But the government and public uproar in Europe about US snooping on its supposed allies may change that pronto.

Gaius Publius: Obama’s New Climate Plan: Less Coal, More Fracking

There’s speculation on whether we are being prepped for a Yes to Keystone.

Me? I think we’re being set up for a Yes, but I’ve thought that since the subject came up. If the baby keeps grabbing for the candy, you have to conclude s/he wants it. Same with this.

Administration, Congress Trying to Give Gensler the Brooksley Born Treatment over Derivatives Reform

It’s actually getting amusing to watch the banking industry try to pull out heavy but rusty artillery and aim at a regulator who looks like he is about to *gasp* make them comply with some rules they were certain they’d be able to evade.

Regulatory Looting, Promontory-Style: Botched Foreclosure Reviews Alone Generate More than Double Goldman’s Revenues per Employee

t’s really hard to convey a sense of how utterly grotesque the looting that Promontory Financial Group conducted on the misnamed Independent Foreclosure Reviews.

Corruption, EuroStyle: ECB Chief Draghi Fudged Italy’s Books to Secure Eurozone Entry, Italy Stuck With Derivative Losses

As readers of the financial press may recall, there was a kerfluffle over the fact that Greece had used a currency trades designed by Goldman in 2001 to mask the level of its indebtedness and secure Eurozone entry. A much bigger and more costly shoe of the same type has dropped in Italy and it directly implicates the current ECB chief, Mario Draghi.

Gensler Staring Down Administration and Banks on Derivatives Reform

Yves here. Readers may recall that Gary Gensler, the head of the Commodities Futures Trading Commission, is being pushed out by Obama. His planned replacement is so appallingly lightweight (oh, and formerly in a very junior role at Goldman) as to assure that all she’ll be able to do is take dictation from financial firm lobbyists.

But Gensler may be having a last laugh before he leaves office.

Administration Keeps Pretending Mortgage Servicing Has Been Fixed, Whistleblowers Say Otherwise

It sometimes feels like a Sisyphean task to keep discussing how Americans were thrown under the bus in the various mortgage settlements reached in 2011 and 2012. Needless to say, whistleblowers continue to come forward and describe widespread abuse even though the officialdom would have you believe otherwise.

Bill Moyers: The United States of ALEC

Big businesses take their fights to the states, where they can get their way with far less fuss and expense than on the national stage.

Yanis Varoufakis: The Death of Direct Bank Re-capitalisation: Europe’s (Newest) Day of Shame

The idea was to de-couple the banking from the debt crisis. The reality is that they propose to do nothing of the sort. And deposits are now officially at risk.

How Wall Street Fraudsters Plunder Public Finances, And How to Fight Back

Yves here. This article, part of an ongoing AlterNet series, ‘The Age of Fraud,’ edited by Lynn Stuart Parramore, does the difficult and important feat of unpacking a financial structure that blew up a lot of municipalities in layperson-friendly terms. It also proposes some sound reform ideas. Circulate to friends and colleagues, particularly in communities that have been on the losing end of bad Wall Street deals.

New York’s Benjamin Lawsky Collects Scalps, Showing Regulators Can Gasp Regulate

New York’s Superintendent of Financial Services, Benjamin Lawsky, has taken scored some significant wins from what would normally be a pretty disadvantaged spot.

Chinese Interbank Markets Having a Heart Attack, Repo and Shibor Skyrocket, Could Trigger Bigger Unraveling

The Chinese central bank is playing very high stakes poker. China’s interbank markets have been highly stressed for the last two days. An effort by the central bank to tighten in order to put a crimp on shadow banking activities looks to be spiraling out of control as one-week repo rates hit nearly 8.3% up 144 basis points in a day, and one-week Shibor has risen from its June 5 level of 4.8% to just shy of 8.1% today.