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Category Archives: Financial System

Minutes of the Federal Open Market Committee, July 29-30, 2014

A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, July 29, 2014, at 10:00 a.m. and continued on Wednesday, July 30, 2014, at 9:00 a.m.  [snipped from the release] Staff Review of the Economic Situation” The informationContinue Reading

Bank Of America To Pay $16.65 Billion In Historic Justice Department Settlement

 “Attorney General Eric Holder and Associate Attorney General Tony West announced today that the Department of Justice has reached a $16.65 billion settlement with Bank of America Corporation – the largest civil settlement with a single entity in American history ¬— to resolve federal and state claims against Bank of America and its former andContinue Reading

The Effects of Unconventional Monetary Policies on Bank Soundness

IMF Working Paper - Monetary and Capital Markets Department - The Effects of Unconventional Monetary Policies on Bank Soundness. Prepared by Frederic Lambert and Kenichi Ueda. Authorized for distribution by Gaston Gelos. August 2014. “Unconventional monetary policy is often assumed to benefit banks. However, we find little supporting evidence. Rather, we find some evidence for heightened medium-term risks. First, inContinue Reading

Treasury expert identifies ransom payments as key source of terrorist revenue

“ISIS broadcast its killing of captured American journalist James Foley [note: there is no link to the video - only to a more in depth article about Jim Foley] to show the U.S. what awaits anyone who challenges the Islamic State’s march across Iraq and Syria. Foley’s killing was a blunt and stomach-churning bit of messaging thatContinue Reading

The Declining U.S. Reliance on Foreign Investors

Federal Reserve Bank of New York: Thomas Klitgaard and Preston Mui, August 20, 2014 “The United States has been borrowing from the rest of the world since the mid-1980s. From 2000 to 2008, this borrowing averaged over $600 billion per year, which translates into U.S. spending exceeding income by almost 5.0 percent of GDP. Borrowing fell during theContinue Reading

Plan and protect your finances with a my Social Security account

CFPB – “Whether you’re one of the millions of workers who pay Social Security taxes or the 50 million retired Americans and dependents who receive benefits, it’s good to keep track of your Social Security benefits. National My Social Security Week takes place August 17 to 23 — the perfect time to take a step toward creatingContinue Reading

Europe’s Greater Depression is worse than the 1930s

Washington Post, Matt O’Brien: “Europe hasn’t recovered, because it hasn’t let itself. Too much fiscal austerity and too little monetary stimulus have, instead, put it more than halfway to a lost decade that’s already worse than the 1930s. It’s a greater depression. And as the latest GDP numbers show, it’s not getting any less so. Indeed, the eurozone as a whole didn’tContinue Reading

Investigative Report into the lucrative world of debt collection

Jake Halpern, New York Times Magazine: Paper Boys: Inside the Dark, Labyrinthine, and Extremely Lucrative World of Consumer Debt Collection: ‘From 2006 to 2009, … the nation’s top nine debt buyers purchased almost 90 million consumer accounts with more than $140 billion in ‘face value.’ And they bought at a steep discount. On average, they paidContinue Reading

Market Reaction to Information Technology Investment Announcements in Russian Firms

Boyko, Xenia and Rogova, Elena and Roztocki, Narcyz and Weistroffer, Heinz Roland, Market Reaction to Information Technology Investment Announcements in Russian Firms (August 8, 2014). Proceedings of the 20th Americas Conference on Information Systems (AMCIS), 2014. Available at for download at SSRN: http://ssrn.com/abstract=2480622 “This study examines the stock market reaction to announcements of information technology (IT)Continue Reading

U.S. Satisfaction Generally Stable at 22% – Gallup

Would tie 2010 as lowest midterm election reading by Jeffrey M. Jones “Twenty-two percent of Americans are satisfied and 76% are dissatisfied with the way things are going in the U.S. at this time. Americans’ satisfaction has been quite stable this year, ranging narrowly between 22% and 25%. The last time a majority of Americans were satisfiedContinue Reading

The Information Content of Insider Trades around Government Intervention during the Financial Crisis

Jagolinzer, Alan D. and Larcker, David F. and Ormazabal, Gaizka and Taylor, Daniel J., The Information Content of Insider Trades around Government Intervention during the Financial Crisis (August 14, 2014). Rock Center for Corporate Governance at Stanford University Working Paper No. 189. Available for download at SSRN: http://ssrn.com/abstract=2480796 “This paper examines whether insiders at leading financialContinue Reading

Sequestration Update Report: August 2014

“By law, the Congressional Budget Office (CBO) is required to issue a report by August 15 of each year that provides estimates of the caps on discretionary budget authority in effect for each fiscal year through 2021. Minor adjustments to the caps for 2014 have been made since CBO’s previous report on the topic, whichContinue Reading