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- Memo to Congress: Please Stop Obsessing Over Bank Execs' Bonuses
- Tom Brown submits: The nine big banks that got the first slug of capital from the federal government are reassuring members of Congress notably Henry Waxman and Charles Schumer that, no, the money won’t fund executives’ yearend bonuses. Rather, bonuses will be paid for via “earnings and existing cash...
- External links 2008-11-05
- Kovacevich's Delayed Retirement: Bove's Criticism is Totally Off Base
- Tom Brown submits: The FT reports that Richard Kovacevich’s decision to stay on past retirement age at Wells Fargo is drawing fire from some analysts who have a history of praising his tenure as head of the bank. by Tom Brown
- External links 2008-11-06
- 'No Bank's Books Are Trusted': Bloomberg's Weil is Imagining Things
- Tom Brown submits: Twenty years ago, then-Wells Fargo WFC CEO Carl Reichardt impressed on me the distinction between the value of the cash flow a given asset will generate over time, and the market value of that same asset at any given moment. There can be a difference, and...
- External links 2008-11-10
- Prosecutors Going After Fraudulent Mortgage Borrowers
- Tom Brown submits: From Inside Mortgage Finance: While lenders are coming under increased pressure to help borrowers avoid foreclosure, the U.S. Attorney in San Francisco has launched an effort to pursue fraud cases against subprime borrowers who lied on their loan application. by Tom Brown
- External links 2008-11-12
- EU Moves to Regulate the Rating Agencies; SEC Should Follow Suit
- Tom Brown submits: It’s about time. European regulators have at last proposed rules to prevent the rating agencies (perhaps the biggest villains of this whole credit crackup, in my view) from ever again helping drive the global financial system into the abyss. Not a moment too soon! The rules...
- External links 2008-11-14
- Toxic Bear Stearns Mortgage Paper Performing Well
- Tom Brown submits: Don’t look now, but that $30 billion in toxic Bear Stearns mortgage paper the government guaranteed back in March is cash-flowing nicely, thanks very much. From Reuters: Speaking at the Reuters Global Finance Summit, BlackRock President Robert Kapito said that "the cash flows are...
- External links 2008-11-18
- Kudos to Assured Guaranty CEO for Ripping Into Moody's
- Tom Brown submits: There’s scant doubt who the greatest villains are in the ongoing economic and financial market collapse: the rating agencies. by Tom Brown
- External links 2008-11-25
- RiskMetrics: Proxy Advice, Lake Woebegon-Style
- Tom Brown submits: From the Governance Policy Update published last week by RiskMetrics Group RMG which used to be ISS: ...
- External links 2008-12-04
- Ken Lewis on Bank Accounting: Sensible Talk from a Surprising Source
- Tom Brown submits: Bank of America BAC CEO Ken Lewis and I have had our share of disagreements over the years. Still, Lewis’s comments on bank accounting, made at the Charlotte Chamber of Commerce’s Economic Outlook Conference yesterday, couldn’t be more on-point. ...
- External links 2008-12-04
- Barron's: Laing's Mortgage Relief Plan Could Actually Work
- Tom Brown submits: Three cheers for Jonathan Laing for his proposal in Barron’s this weekend for how to solve the mortgage crisis. Laing’s entire article is definitely worth reading. In a nutshell, though, his plan boils down to four basic actions. Laing says the federal government should: Offer...
- External links 2008-12-08
- Sheila Bair Needs to Get Over This Loan Mod Thing
- Tom Brown submits: Sheila Bair warns of a “backlash” against MBS investors who’ve challenged loan modifications in court, and announces that lenders have “an obligation to modify, not to foreclose.” Oh, really? An obligation to whom, exactly? There’s no shortage of duties in the money management business, but this...
- External links 2008-12-23
- Lehman's Wind-Down: Systemwide De-leveraging Is Always Chaotic
- Tom Brown submits: "While I have no position on whether or not the federal government should have provided further assistance to Lehman, once the decision was made not to provide further assistance, an orderly wind-down plan should have been pursued,” Bryan Marsal, co-CEO of Lehman’s (LEHMQ.PK) bankruptcy advisor, ...
- External links 2008-12-30
- Citi's Pandit Is 'Forgoing' His Bonus: Was There an Alternative?
- Tom Brown submits: Let me see if I have this straight. Citigroup C lost over $10 billion over the first nine months of 2008. The company received not one but two capital infusions from the federal government last year. Plus, the feds had to guarantee over $300 billion in...
- External links 2009-01-06
- Sheila Bair - World's Worst Regulator - to Stay at FDIC
- Tom Brown submits: So Sheila Bair will hang around as head of the FDIC in the Obama administration. Ugh. I know, I know, Bair is hugely popular in certain circles in Washington, and never fails to get adoring press (most recently, as it happens, in the New Republic). But...
- External links 2009-01-11
- Feds' Micromanaging of Citi's Org Chart Is Truly Beside the Point
- Tom Brown submits: Refresh my memory. Didn’t Bear Stearns have a separate chairman and CEO when it failed last March? I think it did! And a fat lot of good that did shareholders. I mention this because I see federal regulators are pushing Citigroup C...
- External links 2009-01-13
- Citi's Flip-Flop on Mortgage Cramdowns: A Really Bad Idea
- Tom Brown submits: Whoa. Citigroup C really has become a wholly owned agency of the federal government. How else to explain the bank’s sudden willingness last week to support the Democrats’ disastrous mortgage-cramdown bill? I understand corporate executives occasionally lose sight of the interests of their shareholders. But in...
- External links 2009-01-13
- Citi-Morgan Stanley Deal Is Good; Pandit's Press Release Is Not
- Tom Brown submits: It’s only mid-January, but I bet Tuesday night’s announcement of the Morgan Stanley MS - Citigroup C retail-brokerage joint venture will end up being the most pre-telegraphed in the financial services industry in 2009. It feels as if we’ve been hearing about the deal for a...
- External links 2009-01-15
- Bank of America's Nonsensical Account of the Merrill Lynch Crackup
- Tom Brown submits: If I’m reading Bank of America’s BAC version of events right, the crackup of the company’s acquisition of Merrill Lynch is totally and completely Merrill’s fault. First, losses in Merrill’s mortgage portfolio ballooned in the fourth quarter without warning. Next, Merrill took way too long to...
- External links 2009-01-27
- Memo to Bank of America's Directors: Shame on You!
- Tom Brown submits: To: Bank of America’s Board of Directors Fr: Tom Brown Re: Your gross negligence What in the world can you people be thinking? Name me another...
- External links 2009-02-01
- Bank of America Airbrushing History on Its Website?
- Tom Brown submits: Uh-oh. On Bank of America’s website, Ken Lewis’s biography could stand some updating: by Tom Brown
- External links 2009-02-03
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