WE got “Reorganize” and Soon Decentralize

On March 9, 2010, In The Public, By Tiffiniy Cheng

Our rallying cry from the very beginning was Nationalize, Reorganize, Decentralize. Nationalize meant to let the big banks fail if they were bankrupt anyway and put them into a process of Reorganizing, wiping out the CEO’s that got them into the mess and sell off the chunks in the market. Decentralize is keep the big banks small so they can’t take over the country’s economy and political system again.

Citigroup may be doing the Reorganize part.

REORGANIZE:
Last week, Citigroup announced they would break up Citigroup by selling 40% of the company and cut off a good chunk of their risk taking.

The chief executive of Citigroup told a government panel on Thursday that no financial institution should be too big to fail and that he was aggressively moving to break up the bank and rein in excessive risk-taking.

Alex Wong/Getty Images

Vikram Pandit, the chief of Citigroup, told the oversight committee on Thursday, “We are selling 40 percent of the company.”

“We are selling 40 percent of the company,” Vikram S. Pandit said to the Congressional Oversight Panel, which is monitoring the use of federal bailout money. “We are breaking it up.”

Mr. Pandit used his testimony on Thursday to try to blunt criticism from committee members who held up Citigroup as the quintessential too-big-to-fail bank. The members also suggested that a government guarantee implied by the bailouts might encourage the bank to make imprudent bets.

In more than two hours before the five-member committee, Mr. Pandit sought to convince the committee that Citigroup had broken with its troubled past. “This is a different company,” he said. “You can count on me. You can count on my management. You can count on the board to manage this institution prudently.”

AIG is expected to do the same, and sell parts of themselves.

Taxpayer-controlled American International Group (AIG) said Monday it will sell its Asian life insurance business to British insurer Prudential Plc. (PUK) for about $35.5 billion in a move that will help AIG pay down the roughly $180 billion it owes the U.S. government.

AIG will receive $25 billion in cash and $10.5 billion in new shares and securities from Prudential for the sale of American International Assurance Group, considered the company’s crown jewel Asia. AIG is already expected to sell its American Life Insurance Co. unit to MetLife (MET) for as much as $50 billion, half of which has already been earmarked for the Federal Reserve Bank of New York.

AIG was the single biggest recipient of federal bailout funds in September 2008, as a liquidity crisis threatened the sprawling insurer with collapse. Since then, it has needed additional financial backstopping from U.S. taxpayers, adding nearly $100 billion in potential commitments to the initial $85 billion bill; the government now owns nearly 80% of the company. The sale of the AIA business will help AIG pay back the U.S. more quickly, the company said.

“In considering two viable, very attractive alternatives to successfully monetize AIA, including an initial public offering, we decided that a sale to Prudential enables AIG to realize value on a faster track to repay U.S. taxpayers,” said CEO Bob Benmosche in a statement. “This transaction, the most significant milestone to date in our ongoing effort to repay taxpayers, also gives us greater flexibility to move forward with AIG’s restructuring.”

One small step closer to DECENTRALIZE:

Citigroup is selling off its risky investment side, and gets close to suggesting that all bank holding companies should be made to do so too.

In his testimony, Mr. Pandit advocated tougher federal supervision and called for broader powers to allow for the orderly unwinding of large financial companies that fail. Banks, he added, should not use their capital for speculative trading.

“I do believe that banks should be banks,” Mr. Pandit said, stopping short of endorsing the so-called Volcker Rule, which would bar companies that accept customer deposits from sponsoring hedge funds, private equity funds or engaging in proprietary trading. Citigroup has been trying to sell many of its remaining alternative investment funds, and has disbanded certain proprietary trading units amid heavy regulatory pressure.

The small elite may not want to publicly recognize that they failed and were insolvent, but the more we realize it, the closer we’ll get to reorganizing and decentralizing the industry. I’ve been reading 13 Bankers by Johnson and Kwak and it’s a pretty interesting read so far. It’s pretty clear that we can have a decentralized banking system that not only helps to lead to innovation and entrepeneurism, but also feeds and fulfills masses of people. First, Citi needs to see that they were too big and did fail.

Mr. Pandit, in an uncomfortable moment when C-Span’s cameras caught him grinning, asserted that Citigroup was “healthy” when it sought a second bailout in November 2008. He said Citigroup’s stock collapsed under pressure from short-sellers — not bad assets — although he eventually acknowledged that the bank’s weak financial position made it a target.

Despite near perfect recollection of most other events, Mr. Pandit said he did not recall if he had spoken to Treasury officials or other federal regulators regarding the second rescue.

The testimony left Damon A. Silvers, a committee member who is special counsel to the A.F.L.-C.I.O., incredulous. “Your memory seems pretty good to me otherwise,” he told Mr. Pandit.

Under similarly harsh questioning, Mr. Allison went to great lengths to avoid saying that Citigroup would have failed without receiving assistance. But he eventually conceded that Citigroup was in such fragile shape in November 2008 that bank executives feared “they could have difficulty funding themselves” as their borrowing costs soared and investor confidence evaporated. He said that Citigroup management had notified federal officials that “they were facing a serious situation.”

Mr. Allison’s remarks came after a frosty exchange with Mr. Silvers, who suggested that he also had not adequately responded to questions about Citigroup’s collapse. “I don’t understand why the U.S. government can’t admit what everyone in the world knows: that during that week Citigroup was a failing institution,” Mr. Silvers said.

 
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First Ever Break Up the Banks Conference

On March 9, 2010, In The Public, By Tiffiniy Cheng

Change happens slowly sometimes, especially when there is a healthcare proposal in Congress.

Robert Reich makes a point I’d like to highlight: “Bailing out the financial system, but not bailing out schools in financial trouble because of the crisis, is unconscionable.” This kind of thinking takes some time to produce, though some of us, including Reich have been saying it for some time. Our collective conscious is there already, but many of our friends and family wouldn’t know how to put it in words. Much of our job is about helping people to put into words the injustices and issues they already know.


Fordham University is hosting the first ever Too-big-to-fail and Break Them Up conference, called “Breaking up the Banks? New Ideas for Limiting Bank Size”. We have a new kind of concentrated power to deal with, this conference is a culmination of a year’s work of many people who have pushed to break up the big banks and address the issues the big financial institutions pose to society and the economy. Major influences for this conference come from Simon Johnson, Zephyr and Shawn Bayern, and the work that ANWF organizers have done here. Zephyr is a good friend, advisor, policy person, and organizer to A New Way Forward and now conference convener. We’re grateful to all the stuff she has done in the past year to make breaking up the banks that much more possible, including bringing the world of anti-trust into the prescient issue of too-big-to-fail. This is a paradigm shift in anti-trust, which once only meant trustbusting to make sure sure consumers got the best price. Now, it means that and the securing a safe financial system, and hopefully, the securing of real democratic structures. If you’re interested in going, you can RSVp and get a free meal. I’ll be there, as well ad Donny Shaw of ANWF.

Location:Fordham Law School, Lowenstein Building, 12th Floor
Time:8:30AM Friday, March 12th

You can rsvp on the Facebook page here.

 
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Plastic on Plastic Through Heidi Montag

On March 9, 2010, In The Public, By Tiffiniy Cheng

Heidi Montag, reality TV star, star on The HIll and someone who once made magazine spreads through her 10 plastic surgery operations.

“Heidi Montag speaks out about the horrors of having to pay for plastic surgery with a credit card. … Watch videos about heidi montag, the hills, heidi, speidi, spencer pratt, plastic surgery, credit ..”

She’s saying no to plastic, or rather this video is about Plastic on Plastic. She does a public service through Funny or Die.

 
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Econned

On March 8, 2010, In The Public, By Joe Costello

The result has been a massive transfer of wealth, with its centerpiece the greatest theft from the public purse in history. This campaign has been far too consistent and calculated to brand it with the traditional label, “spin”. This manipulation of public perception can only be called propaganda. Only when we, the public, are able to call the underlying realities by their proper names—extortion, capture, looting, propaganda—can we begin to root them out. — Yves Smith, Econned

When we dropped political from economy, we made a grave and what might prove fatal error. We made the republic subservient to mega—corporations and allowed the dominance of crackpot pop-economic theories to trample over the millenia-old hard won wisdom of self-government. For example, how many economic theories have been written on the importance of the First Amendment’s freedom of the press to the vitality of the American political economy — not many, if even one?


Yet, a vigorous free press is essential to every aspect of American prosperity. So, as our newspapers folded and consolidated and our broadcast media became handmaidens to corporate power, we witnessed a tremendous decline in journalism, particularly investigative journalism, which had a long and important tradition in this republic’s vitality. The mother of investigative journalism, particularly concerning corporate power, is Ida Tarbell, who a century ago wrote, The History of the Standard Oil Company, documenting the manipulations, thefts, grafts, and other criminal activities of John D. Rockefeller and his cohorts in their monopolization of the oil industry.While we have lost the great tradition of a hearty journalism in our old media, it is rising again across the new medium of the Internet, and it has been utilized in helping shed light on the underlying scandal of the financial crisis. In the tradition of hard hitting, no bullshit investigation, Yves Smith has written Econned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism.

Econned is the story of how our financial system has become a mass ruse, allowing Wall Street and the largest banks to become predatory, treating their clients as lambs to be fleeced and fatted calves to be slaughtered. It is the story of how a very small group of people gained complete control over the American, and much of the global economy, driving it into the ground, then walking away with trillions of more dollars, while the economy remains on life-support.

How did this happen? Econned tells the story, starting with the greatest problem of contemporary economics, an economics stripped of politics, so it might pretend to be a science. Smith goes through the litany chanted by our economic priesthood for the past several decades – efficient market theory, free markets, and mathematically modeling the future – the equivalent of economic hokum that allowed Wall Street and the banks to dismantle New Deal regulations which kept their worst abuses in check for a half-century.

Once establishing the intellectual foundations, Smith explains the great scaffolding of fraud erected on top of it. She documents the roles of Bankers Trust, Salomon Brothers, JP Morgan, Citi and others as they “innovated” their way out of regulation and into their clients’ pockets with derivatives, securitization, and other “efficiencies.” All along, right beside them, stood our elected officials and regulators, such as Fed Chiefs Greenspan and Bernanke, Treasury Secretaries Baker, Rubin, Summers, and Paulson, SEC chiefs, congresspeople, and presidents — all co-conspirators.

In the final third of the book, Smith details the pinnacle of the great con and how it all came crashing down. Then, the government stepped in to help an orderly looting of the public purse worth trillions of dollars and counting, thus insuring a crippled economy for many years to come.

Econned is an excellent read and needs to be read by all. It is the story of a criminal class, who have separated themselves from the majority to seek their own profits. It is the story of how our political economy is broken. In the end, it is a call to the American people, in the great tradition of this republic, to step-up and fix it. Yves Smith is a citizen and patriot, she deserves our gratitude.

Cross-posted Econned

 
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The whole credit card story

On March 5, 2010, In The Public, By Tiffiniy Cheng

Don’t let people talk about financial innovation or anything and why it’s good or bad without looking at impact/actual usage.

Brookings economist Robert Litan picked up the gauntlet thrown down by Paul Volcker and others, and put out a lengthy paper defending the major financial innovations of the last four decades. Litan surveys the field and pronounces most of what he sees to be good.

While there is certainly some merit to many of the points that Litan makes, he presents a very incomplete picture. A fuller discussion is likely to be more critical of recent innovations.

Credit cards are a good place to start. Litan notes the explosion of credit card use over the last three decades and sees this as a great advance. He notes the enormous convenience of credit card use over cash or checks. Litan dismisses the idea that credit cards increased consumer indebtedness, noting that the ratio of credit card debt to mortgage debt did not rise over this period. He even claims that credit cards have helped foster growth by providing financing to many small businesses in their start-up phase.

 
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Make Markets Be Markets

On March 5, 2010, In The Public, By Joe Costello

Wednesday, I attended a conference initiated by the Roosevelt Institute on the financial mess. The conference’s speakers included people with experience on Wall Street, the banking industry, government and academia. At two and half hours, it was relatively short, giving each speaker the opportunity to make their points and providing a sharp focus. One underlying theme of the event was fraud, the great elephant in the room, that neither the press or our government officials acknowledge, though it is a fundamental element to the financial crisis and its solutions.

Joe Stiglitz started the conference and stated how reducing transparency and hiding information was an essential element to the crisis. Stiglitz concluded, “Innovation was regulator and tax arbitrage.” Wall Street and the banks deliberately added opacity and complexity to confuse clients and consumers. Elizabeth Warren pointed out, “complexity made a lot of profits,” for example, she showed how the average credit card contract in 1980 was one page, today it is thirty.

This opacity and complexity helped make the financial industry predatory against their clients and customers. Not only did government regulatory agencies fail in stopping this confidence game of historical magnitude, but so did markets. NYU’s Lawrence White pointed out the credit agencies such as Moody’s and S&P, whose role is to provide independent analysis, essentially became co-conspirators as their business model changed from being paid by investors to being paid by the Wall Street issuers, making it against their interests to issue dour ratings on investments.

The only truly rigorous aspect of economics is accounting. It’s no surprise that as the banks and Wall Street sought opacity and confusion through complexity, their greatest target would be the accounting system. There were various elements of “accounting innovation”, but the largest, most notorious, and completely incredulous was the practice of “off balance sheet” accounting. One of the greatest elements of this off-book accounting was secularization—simply, the practice of taking existing debt, be it mortgages, student loans, or even credit card debt, bundling it together, then selling it as a completely different product. Josh Rosner, who called the Fannie and Freddie accounting scandal in 2001 and the housing peak in 2005 stated:

“Poorly developed and opaque securitization markets drove excess liquidity and irresponsible lending and borrowing…securitization markets too often operate in a “Wild West” environment where the rules are more often opaque than clear, standards vary, and useful and timely disclosures of the performance of loan level collateral is hard to come by. Asymmetry of information, between buyer and seller is the standard.”

While Mr. Rosner pointed to the problems of securitization, Frank Partnoy went after the greatest scam, the derivatives markets. Mr Partnoy pointed out there is currently $600 trillion in derivative positions on a global economy of $60 trillion. Derivatives are another off-balance sheet innovation, in which speculators may take pure gambling positions, allowing them to take positions on matters in which they have no stake. It was in paying-off derivatives that a $185 billion of tax-payer money flowed through AIG. Today, then New York Fed head Timothy Geithner, Treasury Secretary Hank Paulson, and Fed Chair Ben Bernanke all  claim they didn’t authorize this payout, the check seemingly magically sent.

To make his point even clearer, Mr. Partnoy put up Citi’s official balance sheet, saying it was a “fictional balance sheet”, representative of an industry in which financial innovation made the most basic accounting, the one thing which can offer real insight into a company’s health, just another part of an elaborate scam.

Michael Greenberger of the University of Maryland made the important point that most of what we all call financial innovation is simply the resurrection of many old practices, outlawed in the 1930s, now dressed in new garb. He pointed specifically to the 1936 Commodities Exchange Act as representative of all New Deal financial reform. It insured transparency, open exchanges, anti-fraud, and anti-manipulation. He contrasted this to the 2000 Commodities Futures Modernization Act which gave modern derivatives and open field. Greenberger noted the Act was supported vigorously by then Fed Chair Alan Greenspan, SEC Chairman Arthur Levitt, and Treasury Secretary Larry Summers. The law turned derivative markets into history’s largest casino and its proponents knew exactly what was coming and preempted state gaming laws, thus derivative gambling could be completely unfettered.

Rob Johnson of the Roosevelt Institute was the last speaker and talked about the final arbitrage, which is “too big to fail.” It is the arbitrage of the republic by looters who have created a system so rife with fraud that it brought down the American economy, throwing millions out of work, paying the very perpetrators trillions of dollars and counting. These very same people bought and sold our elected officials so often in the past several decades, that today DC might very well be deemed the one functional market. You actually get what you pay for.

The conference put out a very excellent report available here. If we’re going to get our economy up and running again, the first thing we’re going to have to do is end the fraud.

 
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32% considering Boycotting Banks, 9% did

On March 5, 2010, In The Public, By Tiffiniy Cheng

WE once heeded the advice of an economist who told us not to start a boycott. Now, we’re glad we did – there is plenty of opportunity here, YES:

60% of people who broke up with their bank did so for poltiical reasons.

“Zogby Interactive: 32% Have Considered Moving Funds To Protest Big Bank Policies or Behavior, 9% Have Already Done So Due to Big Bank Policies.

Public unhappiness with the policies and behavior of large national banks has the potential to shift business away from them to local banks and to credit unions.

That is a conclusion that can be drawn from a Zogby Interactive survey of 2,068 U.S. adults conducted from Feb. 17-19, 2010. The poll has a margin of error of +/-2.2%.

Here are the main findings of the survey:

* 37% of adults consider a “major national bank” as where they do most of their banking.
* 32% of U.S. adults say they have “considered moving some or all of (their) banking from a large national bank to a community bank or credit union because (they) are unhappy with the policies or behavior of large national banks.”
* 14% have moved some of their banking in the past year from a large national bank to a community bank or credit union.
* 9% of all U.S. adults have moved some of their business from large national banks as a protest….

We then asked: In the past year, have you moved any of your banking from a large national bank to a community bank or credit union? Fourteen percent of adults answered yes to this question.

Those who answered yes were asked why they had done so, and were provided four options: (1) Better rate of return; (2) Convenience; (3) Lower service charge; (4) To protest policies or behaviors of large national banks. They could choose more than one reason.

To protest policies or behaviors of large national banks had the highest response with 60%, which was 24 points more than that of any other reason.”

 
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We need to support Obama on size rule or we get nothing, nothing.

On March 4, 2010, In The Public, By Tiffiniy Cheng

We should support Obama on his call to restrict the big banks from growing even bigger. It’s more than the Senate is coming out with and if we don’t support him on this, what the hell is going to happen. Obama is going in the right direction on this one and he is getting no support from others.

If this rule gets no support, the Senate will pass a bill that does NOTHING to change Wall Street and keep this economy safe or full of opportunity for the average person. NOTHING.

Call Your Senator now — just use this tool to get your senators numbers or email addresses: Please do this right now.

As Dodd is being political and writing no reform into his reform bill, he dared to call Obama’s plan political: “In a hearing last month, Dodd said the Obama administration proposal, named for former Federal Reserve Chairman Paul Volcker, was viewed by some lawmakers as “transparently political and not substantive.”’

From the NYTIMES:

The Obama administration put forward legislation on Wednesday to rein in the size and scope of the nation’s largest banks. But the proposal faces strong resistance in Congress, where lawmakers have shown little appetite for adding to the prolonged debate on overhauling financial regulations.

Paul A. Volcker, former chairman of the Federal Reserve, has endorsed a ban on some risky investments and trades by banks.

The legislation would ban banks that take federally insured deposits from investing in hedge funds or private equity funds and from making trades that are for the benefit of the banks, not their customers, a practice known as proprietary trading.

Goldman Sachs and Morgan Stanley would probably be the Wall Street firms most affected by the ban, known informally as the Volcker Rule, but they might be able to shed their status as bank holding companies, to avoid some of the restrictions.

 
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Janitor Facing Eviction Cleans Up After CEO Whose Bank Bought Her House

On March 4, 2010, In The Public, By Tiffiniy Cheng

Janitor Facing Eviction Cleans Up After CEO Whose Bank Bought Her House

“At first, Minneapolis janitor Rosalina Gomez said she didn’t realize she was cleaning up after the CEO of the bank that bought her foreclosed home in a September sheriff’s sale. “At the beginning I didn’t know he was the guy,” said Gomez through an interpreter in an interview with HuffPost.”

 
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Quick Summary on How Greece’s Debt Turned Into a Money-Making Insurance Policy

On March 4, 2010, In The Public, By Tiffiniy Cheng

Here’s a well-layed out blog post on what is going on with Greece.It’s “like selling a car with bad brakes and then taking out an insurance policy on the driver.” Greece is “too-big-to-fail”, is in heavy debt and can default. Goldman Sachs helped get them into debt by helping to hide the debt so they can loan even more money from others. Goldman, JP Morgan and others also sold “insurance policies” on Greece’s debt – their buyers will make a bunch of money if Greece goes totally bust. Read at Bankster.

 
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