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- Did Goldman Gain from America's Pain?
- David Merkel submits: Wednesday I was featured at the New York Times “Room for Debate” blog, along with five others more notable than me. William K. Black, economist, the University of MissouriYves Smith, financial analystMark Thoma, economist, University of OregonDavid Merkel, financial analystCharles Geisst, authorJeffrey A. Miron, economist,...
- External links 2009-07-15
- Systemic Risk Is Unmanageable
- David Merkel submits: Often when we talk about the Fed, we talk about a dual mandate — low inflation, and low labor unemployment. But as I suggested at RealMoney many times, there is a hidden third mandate: protect the integrity of the banking system. Often, ...
- External links 2009-06-22
- Old National: Why Government Should Be Creating Markets Instead of Pricing Warrants
- David Merkel submits: No, this isn’t another discussion of SFAS 157, though there are some similarities. There has been a bit of a brouhaha over repayment of TARP options. Isn’t the government getting shortchanged? Maybe. Maybe not. This one is tough to answer,...
- External links 2009-05-25
- What to Ask AIG
- David Merkel submits: The Committee on Oversight and Government Reform has asked Ed Liddy and the AIG trustees to testify Wednesday. Here are the questions that I would ask, given my recent piece on AIG. Are you going to be able to use all of your...
- External links 2009-05-12
- To What Degree Were AIG's Operating Insurance Subsidiaries Sound? (Part 8)
- David Merkel submits: Go to [Part 1] [Part 2] [Part 3] [Part 4] [Part 5] [Part 6] [Part 7] Continuing profitability / Is this strictly an investment problem? by David Merkel
- External links 2009-05-07
- To What Degree Were AIG's Operating Insurance Subsidiaries Sound? (Part 7)
- David Merkel submits: Go to [Part 1] [Part 2] [Part 3] [Part 4] [Part 5] [Part 6] Deferred Tax Assets by David Merkel
- External links 2009-05-07
- To What Degree Were AIG's Operating Insurance Subsidiaries Sound? (Part 6)
- David Merkel submits: Go to [Part 1] [Part 2] [Part 3] [Part 4] [Part 5] Realized Capital Losses, Excluding Securities Lending at the Life Companies by David Merkel
- External links 2009-05-06
- To What Degree Were AIG's Operating Insurance Subsidiaries Sound? (Part 5)
- David Merkel submits: Go to [Part 1] [Part 2] [Part 3] [Part 4] Reinsurance by David Merkel
- External links 2009-05-06
- Book Review: Warren Buffett on Business
- David Merkel submits: In the Fall of 2005, I was at the Annual Meeting of the Casualty Actuarial Society in exotic Baltimore, Maryland. The Keynote address was by Roger Lowenstein who did a talk on two topics: Warren Buffett the great investor, and the looming problems...
- External links 2009-12-02
- Penn Treaty Insurance: Death at Last
- David Merkel submits: Alas, but all good things in the human sphere come to an end. Penn Treaty [OTC:PTYA] is the biggest insurer failure since 2004. Now, don’t cry too much. The state guaranty funds will pick up the slack. The banks are jealous...
- External links 2009-10-03
- Fallen Giant, by Ron Shelp: The Uneven History of AIG
- David Merkel submits: I am glad I read this book, but I found it less than satisfactory. Why? Wait a moment on that question, while I tell you about the book’s strong points, which I appreciated. by David Merkel
- External links 2009-10-02
- In Defense of the Rating Agencies, Once Again
- David Merkel submits: I guess I am a glutton for punishment, but I am going to take the opposite side of the argument from what most have been saying of late regarding the rating agencies. Those who want historical context can read my earlier three pieces: ...
- External links 2009-09-22
- AIG Is Dead, Long Live AIG
- David Merkel submits: When Robert Benmosche was named CEO of AIG AIG, I thought it was a good thing. Ed Liddy, possibly tired of the abuse, wanted to move on. Liddy was primarily skilled with personal lines P&C insurance, which was a small part of AIG, and...
- External links 2009-08-28
- Are Most of Our Financing Problems Solved?
- David Merkel submits: Coming out of a recession, and even more so if it is debt deflation, the key question to ask is whether most of the financing problems are solved. It is not yet true in residential real estate, and is far from true with commercial real...
- External links 2009-05-05
- To What Degree Were AIG's Operating Insurance Subsidiaries Sound? (Part 4)
- David Merkel submits: Go to [Part 1] [Part 2] [Part 3] The table below indicates current unrealized capital gains as a fraction of surplus. When I first looked at this, I though most of these must have been from unrealized losses on bonds, but to...
- External links 2009-05-05
- Blaming the Ratings Agencies: Too Convenient
- David Merkel submits: Many finger the ratings agencies for a portion of our current problems, and to be sure, they deserve blame. Many of the recommendations call for eliminating the opinions of the ratings agencies from anything that might determine regulatory capital levels. Let the regulators do...
- External links 2009-01-07
- Citi's Might Fell Swiftly
- David Merkel submits: Time moves fast in a crisis. It surprises me that it was only seven weeks ago that I wrote What A Fine Mess You Have Gotten Us Into, where I commented: What the FDIC did with WaMu affects other banks like Wachovia. Bidders will...
- External links 2008-11-24
- Why Feds Shouldn't Regulate Insurance, Nor Own Insurers
- David Merkel submits: Insurance is complex by nature. Anytime one brings in a third party to be a protector/guarantor against adverse events, it creates some weird dynamics. Now, a few of the states, including the best of them, New York, have been regulating insurance for a long time. But...
- External links 2008-11-13
- Dear Fed: What Do You Have to Hide?
- David Merkel submits: Bloomberg sues the Fed for refusing to disclose what sort of collateral they are lending against. I come at this from having worked in insurance for two decades. Insurers have to disclose every asset that they own in their Statutory filings. When I looked at a...
- External links 2008-11-08
- Give Buffett Credit: He Tells It Straight
- David Merkel submits: The chatty, folksy annual report of Berkshire Hathaway is out. I have occasionally been a critic of Buffett, but this year, I see little to criticize. In a bad year, he told it straight. He lost more book value in 2008 than any...
- External links 2009-03-01
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