Daily Archives: May 5, 2010

Live blog: Christopher Cox, ex SEC, at the FCIC

May 5, 2010 7:56 pm by Financial Times

By Alan Rappeport, economics and business reporter

This page should update automatically every few minutes

5:41pm – Meeting adjourned.

5:40pm – The Commission has been going in circles for a little while now and vice-chair Thomas just went on a rant about the roots of the crisis. “I’m done raving,” he said, as the meeting inches to a close.

5:20pm – Mr Sirri said he had conversations with people about market manipulation surrounding Bear’s collapse, but said he never had anything that was specific enough to follow up on. Read more

Posted in Business |

Live blog: Jimmy Cayne, ex Bear Stearns, at FCIC

May 5, 2010 5:18 pm by Financial Times

By Alan Rappeport, economics and business reporter

This page should update automatically every few minutes

2:35pm – 10 minute break until the next panel.

2:32pm – It does seem that your firm and other firms were engaged in activities that put the financial system at risk, Mr Angelides said. Mr Cayne, in hindsight, agreed. The more verbal Mr Schwartz spreads the blame but said Bear played a role.

2:29pm – Back to Mr Angelides, the chair rejects the notion that 99.9 per cent of the world had no idea that the housing market was near collapse. He said that a bank like bear would never tell investors that it had no idea about the future and that there were plenty of clues that housing was overvalued. Read more

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Posted in Banks |

John Gapper The New York Times gets down and dirty

May 5, 2010 3:21 am by John Gapper

There is nothing quite so entertaining – or so illogical these days – than an old-fashioned newspaper war such as the one that Rupert Murdoch’s Wall Street Journal is picking with the New York Times on the paper’s home turf.

The Journal recently launched its Greater New York section, in which it has invested heavily (although Mr Murdoch insisted on an investor conference call on Tuesday that the reputed figure of $30m was too high). Since then, it has been competing head-on with the NYT’s metro section. Read more

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Posted in Media |