The Exquisite Contrarian

Slate writer Jacob Weisberg points out the continual drubbing of Clinton administration Treasury Secretary Robert Rubin during the current post-crisis evaluation.  Granted Weisberg assisted Rubin in writing his memoirs, so he got to know the man on a personal level – sometimes this colors one’s vision.  Yet, some good points are made here.

Just when you thought we were past allowing the financial sector to develop risky, economy destroying derivatives the American financial industry is back at it once again: “Amid that uncertain state, Wall Street is chugging along as if the last few years were merely a blip. At Citigroup Inc., the financial innovators are readying a [...]

Hank Paulson, the former US Treasury Secretary, has apologised for saying the “British screwed” the US in failing to save Lehman Brothers at the height of the financial crisis. Strong words from the man in charge of pulling the American (and some would say world) financial industry from the brink: more.

Word on the street is our country’s financial powerhouses had a full year to decide how they wanted to self-police, post collapse.  Needless to say, the administration felt they didn’t come anywhere close to passing the test.  They should have been a little less brazen considering everyone knew Paul Volcker has the President’s ear, but [...]