Bonus Obama Coverage

By MICHAEL GRAY Most news outlets treated President Barack Obama’s bank CEO summit as the head tellers being called to the woodshed to be punished for getting the country in troubled and then paying the culprits too much in bonuses. The CNBC’s off the world along with major newspapers said compensation reform was topic one […]

Dollar To Donut

By MICHAEL GRAY Rumblings from Russia two weeks ago about scrapping the dollar as the global reserve currency were largely ignored. Putin’s comments were taken as a wounded bear needing higher oil prices not afforded by the weak greenback. On Tuesday, a Chinese central banker called on G20 participants to look at creating an international […]

AIG Held A Gun To Treasury

By MICHAEL GRAY Paying off AIG’s bonuses may have save the US taxpayers as much as $1.6T in losses. According to internal AIG documents, which were supplied to Treasury chief Tim Geithner late last week, if AIG chose to renege on paying the $165 million bonuses, then the trouble insurer could be in technical default […]

Bernanke’s Bank Book

By MICHAEL GRAY Fed Chairman Ben Bernanke’s AIG bailout in September was exactly what foreign investors needed. AIG’s systemic risk would have crushed the same investors that the globe’s largest private banker, Big Ben, has to entice with his paper. Bernanke knew AIG’s collapse would  be horrible for business if he allowed the troubled insurance […]

Barney Frank’s House Cleaning

By MICHAEL GRAY Mortgage brokers and banks making home loans are going to come under increased scrutiny and regulation in legislation making its way through Congress, The Post has learned. The legislation, being hammered out by House Financial Services Chairman Barney Frank, will, for example, keep mortgage brokers from pocketing additional commissions for steering customers […]

Blowing TARP Money?

By MICHAEL GRAY I’m not one for gossip or gotcha, but I have heard this from numerous sources and have no way of confirming it from the federal government prosecutors, but I think you should know it could have an effect on the markets. Which fair-haired investment banking CEO is allegedly on the same call […]

Homing In On Geithner’s Rescue Plan

By MICHAEL GRAY Treasury Secretary Tim Geither’s $75 billion mortgage modification and foreclosure rescue was “not shovel ready“ according to industry insiders. One facet of the plan is to address homeowners who are behind on their mortgages due to financial hardship. The other aspect is to unburden mortgage payers who are current but owe more […]