Weekends Aren’t Fun At Bair House

By MICHAEL GRAY So the FDIC changed the rules on who can buy a bank just in time to deepen the pool of potential buyers as the FDIC’s pool of funds available to bail out failed institutions became very shallow and the number of troubled banks grew. Private equity may jump into the bank-buying pool […]

Bernanke’s Back

By MICHAEL GRAY President Obama is to reappoint Federal Reserve Chairman Ben Bernanke to another four-year term today on Martha’s Vineyard. Bernanke will get a chance to finish what he started, though he may not enjoy getting his wish. The next four years will be a defining era for the US, with unwinding of Bernanke’s […]

Banking On A Holiday

By MICHAEL GRAY Guaranty Bank of Texas became the second largest bank to fail this year and the 10th largest in history. So the past two weeks we have seen two banks, which are in the Top Ten Bank failures — Colonial Bank was sixth largest to close and opened under TARP-aided BB&T. Guaranty will […]

JPMorgan Chaste

By MICHAEL GRAY JPMorgan’s Jamie Dimon comes out this week and says his firm will bail out California with a $1.5B loan. The other terms of the loan were not mentioned. California was paying 3.75% on the IOUs it issued. I believe the rate is lower but have no way of knowing. JPMorgan is using […]

Feds Nix Goldman’s Green Effort

By MICHAEL GRAY Is the Goldman brand tarnished? Has Wall Street’s white-shoe firm with strong ties to the federal government gone over the top with its record quarterly earnings? It seems the answer is yes to a certain extent. This week a number of senators including Sen. Maria Cantwell, Democrat from Washington, who sits on […]

Goldman Indictment

By MICHAEL GRAY Goldman Sachs was ordered by a federal judge in New York City to provide the court with Sergey Aleynikov’s performance reviews of his work as a computer programmer for the Wall St. banker. Aleynikov was charged last month with stealing proprietary trading code, which was characterized as allowing the user to “manipulate […]

Beware The Ides of September

By MICHAEL GRAY I believe we will look back at this current period as the latest bubble, which pulled us out – temporarily — from the housing bubble. The housing bubble pulled us out of the tech bubble. The tech bubble pulled us out of the housing bubble. The housing bubble pulled us out of […]