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To Save Commercial Banking From Gamblers, Re-enact Glass-Steagall Act
Updated: February 2010
In December 1863, H. McCulloch, U.S. Comptroller of the Currency and later Secretary of the Treasury, wrote to all national banks. Here are some of the paragraphs. To read more...

To Save Commercial Banking From Gamblers, Re-enact Glass-Steagall Act - Mark II
Updated: February 2010
Bloomberg reported Barclays Plc President, Robert Diamond, on September 15, 2009 as telling the British Broadcasting Corporation’s Radio 4: “There isn’t any banking without risk” and that anyone who can’t take chances should leave the industry. “We need banks that are confident and banks that are willing to take risks,” to “get the economy going again.” Anyone unwilling to take risks should “get out of banking,” he added. To read more...

AA+ is the New AAA  
August 2011
Standard & Poor’s downgraded on August 5, 2011 the long-term credit rating of the United States of America from AAA to AA+. This downgrade is a reflection on the impaired judgment of S&P, not the credit standing of the U.S. government. Warren Buffet aptly said, reported in Bloomberg: The U.S. “merits a “quadruple A” rating. To read more...

Credit Rating Agencies and All That Jazz

In 2009, Eurozone debt levels suddenly gripped the media and the three main rating agencies, Standard and Poor’s (S&P), Moody’s, and Fitch (in order of size).
However, since the establishment of the Euro system in January 1999, not even the Greek government’s grave admission on November 15, 2004 that it had violated the conditions to join the Eurozone in 2001 was serious enough for the agencies to sound the alarm. Athens revealed that its deficit has never been below 3% since 1999, as EU rules demand, reported the Guardian (May 5, 2010). To read more...