Author Archive
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The Audit
WSJ: BP Fund Between a “Shake Down” and a “Capitulation”
June 21, 2010 11:55 AMEvery once in a while (which is far too often, needless to say) the distinct stench of Rupert Murdoch wafts off The Wall Street Journal's front page. Like today, where the paper wants you to know (in the second... Continue reading
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The Audit
Audit Notes: Energy Economy, Fraud Fight, Worst Banking Crisis
June 18, 2010 04:34 PMThe Washington Post's Ezra Klein posts a fascinating graphic from the showing where our energy comes from and how it gets used and wasted, saying it's "the clearest visualization of our energy economy that I've seen." Indeed. Continue reading
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The Audit
The Economist Off the Deep End on BP and “Vladimir Obama”
June 18, 2010 01:28 PMThe Economist has a pathetic leader this week criticizing Obama for hammering BP and raising the ridiculous idea that his corporate-friendly administration is anti-business. It actually (really!) calls the president "Vladimir Obama" and writes: The collapse in BP’s share... Continue reading
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The Audit
Audit Notes: Mortgage Charges, BP Testimony, FT.com Ad Revenue
June 17, 2010 09:57 PMThe Washington Post calls the charges against Lee Farkas "to date the biggest criminal case related to the crisis that nearly brought down the financial system." This one's a win for the Special Inspector General of the TARP Neil... Continue reading
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The Audit
WaPo Flags Obama Inaction on Wall Street Crime
June 17, 2010 06:42 PMIt doesn't inspire confidence in the Washington Post that it fails to mention the blockbuster SEC fraud charges against Goldman Sachs in a story about how the Obama administration has failed to file criminal charges against Wall Street. Nearly... Continue reading
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The Audit
Beleaguered Pensioners
June 17, 2010 02:14 PMAtrios says: I really can't believe how fast the "you can't hurt BP! If you do, you're just hurting poor little old ladies!!!" idea was spread. Like the idea that boycotting its gas stations won't really hurt... Continue reading
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The Audit
WSJ Comes Up Short on BP Boycott Effects
June 16, 2010 06:01 PMThe Wall Street Journal dodders onto the boycott-BP story, writing that not visiting BP service stations won't hurt BP much and will just hurt independently owned businesses. Maybe so, but it doesn't show the former. Nearly all the... Continue reading
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The Audit
The FT Makes a Mess of Its Goldman Subprime Story
June 16, 2010 12:41 PMThis Financial Times story is frustrating. On the one hand, the paper is great to zero in on Goldman Sachs's mortgage-servicing arm Litton Loan Servicing, which hasn't gotten enough scrutiny from the press. On the other, it really exposes... Continue reading
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The Audit
Audit Notes: Volcker Pans Geithner, BP Bust, Single-Scoop Recession
June 15, 2010 04:27 PMObama administration advisor Paul Volcker says the Obama administration's resolution authority won't work to unwind too big to fail banks that get into trouble. Shahien Nasiripour is good to flag this story: (Obama's) top economic adviser, Lawrence Summers, has... Continue reading
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The Audit
Lazarus Gets the Interchange Issue Right
June 15, 2010 01:06 PMDavid Lazarus of the Los Angeles Times takes a nice, nuanced look at interchange fees, which is the cut the banks charge merchants every time you use your debit card. There are real reasons why banks should get paid... Continue reading
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The Audit
Congress Confirms WSJ’s Story on BP’s Corner-Cutting
June 15, 2010 11:38 AMThe evidence keeps stacking up that BP cut all kinds of corners to save time and money at the expense of safety while drilling the Deepwater Horizon well. The Wall Street Journal goes A1 with congressional confirmation of its... Continue reading
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The Audit
Audit Notes: Wall Street’s Predators, Tate on Apple, Dow “10,000”
June 14, 2010 06:47 PMSpeaking of the poverty business, journalist Gary Rivlin has a good piece at The Huffington Post listing all the Wall Street money behind the once-untouchable business. To start with the payday loan industry: The business barely existed twenty... Continue reading
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The Audit
WSJ: Lever Up Your Portfolio!
June 14, 2010 12:14 PMThe Wall Street Journal ought to know better than to write a big article about why "There Has Never Been A Better Time For Disciplined Investors to Take on Debt to Boost Their Portfolios." Yeah, it really said that.... Continue reading
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The Audit
Audit Notes: Mortgage Fraud, Deflation Threat, Starkman Win
June 11, 2010 06:27 PMThe Financial Times reports that the FBI is preparing to drop the hammer on the mortgage fraudsters: The FBI is preparing to arrest hundreds of people across the US as early as next week for offences including encouraging borrowers... Continue reading
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The Audit
Apple’s Controlling Instincts Censor Ulysses All Over Again
June 11, 2010 05:05 PMApple continues to run amok censoring iPad/iPhone apps, now forcing changes to a graphic novel version of James Joyce's Ulysses. As Sarah Weinman of Daily Finance points out: Apple Censors 'Ulysses' Webcomic, Fails to See Irony of Situation... Continue reading
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The Audit
Mixed Effort From Bloomberg on a Hedge Fund Tycoon’s Taxes
June 11, 2010 01:50 PMBloomberg is good to examine how hedge-fund kingpin Eddie Lampert, No. 316 on Forbes richest in the world list, may be machinating to avoid the new higher taxes on so-called carried interest on $829 million worth of stock. But... Continue reading
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The Audit
Audit Notes: TBTF, Billionaire’s Free Pass(ing), Poverty Profiteers in Paris
June 10, 2010 06:01 PMThe Journal's David Wessel looks at the divide over what to do about too big to fail. Even mainstream economists thing the administration's efforts on TBTF are a joke: By a 37-7 margin, economists surveyed by The Wall Street... Continue reading
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The Audit
Goldman Seizes Some of the Spotlight Back from BP
June 10, 2010 12:04 PMGoldman Sachs must have been enjoying its month-long respite from Most Despised Capitalist status. That crown rests quite easily on BP's head now, thanks. So would Goldman (an Audit funder) be able to go all Spy Hunter and use... Continue reading
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The Audit
Audit Notes: A WSJ Winner, BPA in Canned Goods, AIG
June 9, 2010 05:52 PMWouldn't it be ironic if Rupert Murdoch and Robert Thomson watered down the Journal's print Pulitzer-winning prowess but got the paper its first Pulitzer for photography? That's very plausible after seeing the amazing photo on page one today... Continue reading
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The Audit
An NYT Win on a Countrywide Mortgage Scam
June 9, 2010 04:35 PMThe Federal Trade Commission slapped a $108 million fine on Countrywide/Bank of America earlier this week. Tough investigative business journalism made that possible. Newspapers like The New York Times don't like to brag on themselves (something that's unfortunate since it... Continue reading
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