Less than the Least

Entries from Less than the Least tagged with 'subprime'

Beware of the Home Owner's Loan Corporation Mirage--Skeel

As the Bush administration begins its defense of the new Treasury Department proposal to revamp U.S. financial regulation, Democrats are arguing, rightly in my view, that the more urgent concern should be to directly address the mortgage crisis. Unfortunately,...

Clinton's Bank-Friendly Populism--Skeel

Hillary Clinton has just rolled out her most extensive recipe yet for addressing the subprime crisis. The plan, which includes $30 billion to purchase troubled mortgages and for foreclosure auctions, as well as a freeze on foreclosures and interest...

Bear Stearns and its Shareholders--Skeel

Many of Bear Stearns’ biggest shareholders are screaming about its proposed sale to JPMorgan for $2/share. This is a good sign. It is important that shareholders bear the costs of the bank’s missteps in the subprime market. But their...

Spitzer, Bear Stearns and the Uses of Corporate Criminal Law--Skeel

Bill speculated several days ago that prosecutors’ use of criminal law to pursue the executives of firms that go spectacularly bust may often serve no other purpose than to discourage firms from engaging in the kinds of risks that...

The Fall of the House of Spitzer: Notes from Rome--Skeel

Shortly after I learned of Spitzer’s resignation, I was at dinner with several Italian lawyers. At the table next to us at a lovely restaurant near the Trevi Fountain sat the leading director of soft core porn movies in Italy....

More on Subprime: Bernanke and Bankruptcy--Skeel

Fed Chairman Ben Bernanke has now called on banks to forgive portions of the principal owed by struggling subprime borrowers, which suggests that a major intervention may be coming. As between jawboning (the Republican inclination) and a bailout (the...

The Subprime Mess-- Skeel

As Obama, Clinton, and everyone else tout their remedies for the subprime crisis, I’m reminded of the old joke about a group of blind men who encounter an elephant. The man who grabs the elephant’s leg tells the others...