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July 3, 2012 08:04 PM
Audit Notes: Glass-Steagall II, beyond paywalls, warehouse work
The FT comes out in favor of hiving off investment banks
This is important: The Financial Times editorial page comes out in favor of a Glass-Steagall II that would once again separate investment banking from commercial/retail banking: The clash between retail and investment banking has always been evident. What is now clear, however, is that the hard-charging, revenue-seeking investment banking culture predominates when they are pushed together. The more herbivorous retail...
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July 13, 2012 03:00 PM
Audit Notes: JPMorgan’s Whale, rent-a-quotes, shark videos
This New York Times story on JPMorgan's regulators is not well edited, but it has some interesting reporting: At one point in the first quarter of this year, some of the examiners said that JPMorgan had simply stopped providing them with some metrics from the chief investment office. When they asked why the crucial value-at-risk measure had disappeared, executives did...
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January 13, 2011 11:53 AM
Audit Notes: Mortgage Servicers, Ghost Mall—China Style; The Joneses
Andy Kroll of Mother Jones takes a look (UPDATE: took a look, I should say. This story is from a year ago. As Paul Kiel points out, it's "sadly still entirely relevant") at the little-regulated mortgage servicers. There's an anecdote about a woman who had her house sold—with no notice. Walters' discovery that her home had been sold out from...
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November 28, 2011 07:56 PM
Audit Notes: Radicalized, Nonprofit Newt, Murdoch’s Wedding Singer
Kevin Drum riffs off Bloomberg Markets story on banks' bailout profits to write about how the response to the crash has radicalized him: But hoo boy, what a contrast with how the rest of us were treated. Things like principal write-downs, second waves of stimulus, aid to states, and mortgage cramdown all got a bit of idle chatter but were...
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August 19, 2011 12:28 AM
Audit Notes: The Milken Memory Hole, The Ax Murder and the NotW, Yahoo
Mother Jones's Nick Baumann catches the Los Angeles Times and the Associated Press in some poor journalism. A businessman gives $10 million to UCLA, which names a new program after him. Who's the businessman? Lowell Milken. The Milken name ought to raise red flags for editors, obviously, but neither the AP's brief nor the LAT's longer piece note that Lowell,...
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November 9, 2010 12:23 PM
Q&A: Former Detroit News Reporter Charlie LeDuff
"The point is if there's something calamitous, let's point it out."
Charlie LeDuff left The Detroit News last month after a two-year stint in which he reported stories, wrote a regular column, and hosted a weekly web show. On his decision to leave the paper, LeDuff told one blogger, “A man’s got to find a reason after forty-five years to feel it—I want to feel it.” This month, the legacy of...
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October 4, 2012 06:50 AM
Social media fails the ‘47 percent’ video taper
Did the anonymous source need Mother Jones?
When Mother Jones premiered the now-infamous 47 percent video on September 17, it received two million views in 24 hours and rapidly changed the discourse surrounding the campaign. The next morning, some outlets were already asking, “Is Mitt Romney over?” But why did the source of the video go to a news outlet like Mother Jones, instead of distributing it...
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