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Showing posts from January, 2012

Bill Moyers Show: On Crony Capitalism

Moyers & Company Show 102: On Crony Capitalism from BillMoyers.com on Vimeo.Bill Moyers interviews David Stockman and Gretchen Morgenson on crony capitalism on the January 20th edition of Moyers and Company.

Black Box Casino: The Fed Could Have Saved Lehman By Briefly Guaranteeing Its Trades

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The Federal Reserve could have prevented the bankruptcy of Lehman Brothers in September 2008 by simply guaranteeing Lehman's trades briefly, long enough for the deal to sell the good assets of the company to Barclays Bank in the United Kingdom to gain board approval at Barlcays.

That observation was made New Year's Day during comments by Robert Stowe England on MoneyTalk with Bob Brinker in a discussion of his new book, Black Box Casino: How Wall Street's Risky Shadow Banking Crashed Global Finance.

MoneyTalk with Bob Brinker is heard on 300 radio stations on Sundays.
An archive of the broadcast can be heard here, beginning at 2:33 minutes

"I would tend to agree with Allan Meltzer on this point . . . that the failure of the Fed to help rescue Lehman was the worst mistake in the Fed’s history," England said on the radio show.

The entire deal was about to go through except for one hitch, England explained.

"The regulatory authorities in the U.K. would not allow Barc…