Monthly Archives: February 2009

Obama’s Housing Plan Unveiled

Posted on February 18, 2009 by Felix

I have to say I like the look of Obama’s housing-bailout plan. It’s quite elegant, and makes full use of the fact that Fannie and Freddie are now owned by the US government — which means they can be forced … Continue reading →

Posted in housing | 3 Comments

Did the Feds Kill the SEC’s Stanford Investigation?

Posted on February 18, 2009 by Felix

There’s a tantalizing tidbit at the end of the NYT’s Stanford report today: The current S.E.C. charges stem from an inquiry opened in October 2006 after a routine exam of Stanford Group, according to Stephen J. Korotash, an associate regional … Continue reading →

Posted in fraud | 3 Comments

Stanford: Criminal Charges Almost Certain

Posted on February 18, 2009 by Felix

The SEC case against Allen Stanford comprises little more, right now, than a civil complaint; more private cases are now being filed. What does this mean for Stanford himself? Is he subject to arrest anywhere in the world? I asked … Continue reading →

Posted in fraud | 2 Comments

MBIA’s New Structure

Posted on February 18, 2009 by Felix

It’s taken rather longer than anybody exepected, but MBIA has finally put in place its long-promised plan to split up the company into its component parts, with the relatively strong public finance insurer getting a new name — National Public … Continue reading →

Posted in insurance | 2 Comments

Extra Credit, Tuesday Edition

Posted on February 17, 2009 by Felix

Automakers Seek $14 Billion More in Aid: And will surely seek more still, in a couple more months, if they get this now. Bill Moyers interviews Simon Johnson: Video here. Investors caught as regulators swoop on Stanford: The game was … Continue reading →

Posted in remainders | 1 Comment

Adventures in Flackery, Private Jet Edition

Posted on February 17, 2009 by Felix

Two high-profile financial columnists filed two strikingly similar opinions on corporate jets today: A private plane is really a flying office. It is a way for a busy executive to get from one place to another as efficiently as possible, … Continue reading →

Posted in ben stein watch, Media | 2 Comments

Allen Stanford, Ponzi Operator

Posted on February 17, 2009 by Felix

Patrick Kidd says that Allen Stanford is "another victim of the biggest economic crisis since the 1930s"; Joe Wiesenthal says that nobody is accusing Stanford of being another Ponzi scheme. So before this meme takes root, let’s be clear about … Continue reading →

Posted in fraud | 4 Comments

Stanford: The Manhunt Begins

Posted on February 17, 2009 by Felix

Given the amount of time that the SEC and the media have been sniffing around his operation, today’s fraud charges can’t have come as much surprise to Allen Stanford. And given that he owns banks in many different jurisdictions (the … Continue reading →

Posted in fraud | 2 Comments

Millennium: A Stanford Copy-Cat

Posted on February 17, 2009 by Felix

Adrienne Carter has found what looks very much to be the first — but surely not the last — of banks which won’t withstand much if any scrutiny in the wake of the Stanford collapse. Does any of this sound … Continue reading →

Posted in banking, fraud | 1 Comment

Stanford: How Quickly did the SEC Move?

Posted on February 17, 2009 by Felix

According to the SEC press release, it has acted with lightning speed: Said Linda Chatman Thomsen, Director of the SEC’s Division of Enforcement: "We are moving quickly and decisively in this enforcement action to stop this fraudulent conduct and preserve … Continue reading →

Posted in fraud | 1 Comment