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CNBC and others are reporting that not only is Goldman Sachs still engaged in massive levels of proprietary trading, but that some of that trading appears to be little more than computerized front-running designed to cream... Read More
The case of JPMorgan’s London Whale reached a new milestone when U.S. prosecutors brought charges on August 14 against two former JPMorgan traders implicated in the massive cover up of a $6 billion loss in derivatives... Read More
Bankers’ New Clothes Author on Whether We Wasted a Financial Crisis In a New York Times Sunday Magazine article, NPR’s “Planet Money” co-founder Adam Davidson talked to Anat Admati, finance professor... Read More
CFTC Chairman Gensler and SEC Chair White were the only witnesses invited by the Banking Committee to recap theri agency's progress in the final stages of Dodd/Frank implementation. Chairman Gensler reported that the... Read More
This hearing, the third in a series of CFTC reauthorization hearings, focused on the views of the derivative end-users. Chairman Conaway set the hearing's tone in his opening remarks by saying that the CFTC continues to... Read More
This hearing was the second in a series of hearings the Committee has planned to prepare for legislation to reauthorization of the CFTC. The specific topic of this hearing was the views ofa majority and a minority member of... Read More
The FT reports today that the SEC is "elated after claiming Tourre's scalp."  Indeed, the way they are acting, you would think the SEC convicted the Al Capone of Wall Street, rather than merely ... Read More
Chairman Brown described the new economic world that has followed the repeal of the Glass-Steagall Act in 1999. Combined with the conversions of investment bank to bank holding companies in 2008, Wall Street firms have... Read More
We don't generally comment on possible/prospective/rumored candidates for government positions (trial balloons or not), but the possibility of Larry Summers being the next Chairman of the Federal Reserve Board raises... Read More
Chairwoman Stabinow introduced this hearing a part of a series of Agriculture Committee hearings on the subject of the reauthorization of the CFTC. This hearing featured market participants and was intended to continue the... Read More
Barclays, one of the UK’s largest banks, has a balance sheet of about 2.5 trillion pounds ($3.8 trillion), roughly the size of the UK’s annual gross domestic product. Barclays was also at the center of the Libor... Read More
Chairman Johnson's opening statement set the purpose of the hearing as an examination of the progress being made in the implementation of the Dodd/Frank Act.. The Committee received testimony from the principles and... Read More
At issue are two authorities provided to regulators in the Dodd/Frank Act that, in the opinion of some legal scholars, may be inconsistent with constitutional guarantees of due process. Further, the structure of a new... Read More
In a don’t-miss blog post, Themis Trading, experts on the dangers of high frequency computer trading, takes issue with a new HFT report from an ostensibly independent think tank, Third Way.  Themis takes on the... Read More
The New York Times recently reported that Goldman Sachs has been profiting from artificially inflating aluminum prices. Goldman Sachs and others have been storing over a million tons of aluminum in warehouses in Detroit... Read More
  The CFTC recently brought and settled a landmark enforcement case against Panther Energy Trading and their principal, Michael Coscia. The case marks the first enforcement action aimed at the disruptive practice of... Read More
Shocking but true: Wall Street’s too-big-to-fail banks, all backed by the US taxpayer, are big players in the commodities markets. Yep, in addition to their massive commodity derivatives activities, they are also... Read More
  The Senate Committee on Agriculture, Nutrition and Forestry held an important hearing on July 17, 2013 on the “Reauthorization of the Commodity Futures Trading Commission (CFTC)".  This is critical... Read More
  "Tim Russert is dead. "But the room was alive. "Big Ticket Washington Funerals can make such great networking opportunities. Power mourners keep stampeding down the red carpets of the Kennedy Center... Read More
The Senate Committee on Agriculture, Nutrition and Forestry held an important hearing on July 17, 2013 on the “Reauthorization of the Commodity Futures Trading Commission (CFTC)".  This is critical because... Read More

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