The invaluable International Business Times, under the direction of David Sirota, has been doing god’s work on the circumstances of the economic crisis of 2008, even though most of the rest of the country’s political class—including, sadly, the president—has moved on.
There’s never just one cockroach. If you see one in the open, you know many more are still hiding. Call the exterminator. This time-honored rule also applies to banks.
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George Soros is preparing to make a bundle on a coming financial disaster. Soros, who has returned to trading after a long hiatus, has sold some of his stocks in his $30 billion portfolio and moved a good chunk of that portfolio into gold.
Six years ago, FBI agents in Jacksonville, Florida, wrote a memo to their bosses in Washington, DC, that could have unraveled the largest consumer fraud in American history.
Back in the late-housing-bubble period, in 2007, Countrywide Home Loans, which was then the largest mortgage provider in the country, rolled out a new lending program. The bank called it the “high-speed swim lane,” or H.S.S.L., or, even more to the point, “hustle.
In early 2012, the Securities and Exchange Commission had Goldman Sachs, and perhaps the rest of Wall Street, in its sights. SEC enforcement lawyers believed they had uncovered evidence showing that Goldman had defrauded investors, misleading them into thinking a particularly toxic subprime $1.
Capital has been flowing out of emerging markets for several years, driven by slowing growth, tumbling commodity prices, and the prospect of higher U.S. interest rates. Oddly enough, no big emerging country has gone bust as a result. The absence of a crisis is not normally worth noting.