At the same time as most of the proposed “solutions” to our current economic melt down include increasing the power of the Federal Reserve, an article appears today that states that the Fed may be considering a “Nordic style nationalization” of US institutions. In particular, the Fed is attempting to come up with a [...]

Here is a great story which provides an inside look at the Bear Stearns bail out by focusing on the Chairman of JPMorgan Chase, Jamie Dimon.
Quote:
The Monday after a long working weekend, Jamie Dimon looked a little tired. His collar was unbuttoned, his tie loosened, and he was slouching slightly in his [...]

On August 29, 2007 Public Defender Service attorney Liyah Brown had a criminal hearing before D.C. Superior Court Judge John Bayly, Jr. During the hearing the two entered into an argument about whether or not the Defendant was in deed “a homeless man”. Bayly told Brown to “be quiet” and he would “call [...]

Here is a great little article on the subject of how the quasi governmental entities set up by President Roosevelt in the 1930’s are still being used today to save companies like Countrywide Financial. Now of course, the question remains: why do we want to save such a company when it is simply reaping [...]

James Krider was a responsible individual who paid his bills, but when life happened he was forced into filing bankruptcy. Willing to live with the bankruptcy notation on his credit report for 10 years, he was not aware that one credit card company was still reporting his discharged credit accounts as delinquent.
Mr. Krider had [...]

There is an interesting article out today which attempts to make sense of the current Wall Street bail-out and its impact on taxpayers. Perhaps it is no surprise that shifting the losses in the Bear Stearns portfolio over to the Federal Reserve does not mean that those losses disappear. Instead, it means that the [...]

The deal cut last weekend to save Bear Stearns from bankruptcy (JPMorgan Chase buys the company for $2 per share) is evidently being renegotiated in an effort to get more money to that company’s shareholders. When the deal was first announced, the details were fuzzy. How much was the Federal Reserve guaranteeing of [...]

Ohio Senate Bill 281 passed in a rare Thursday session. The bill would allow a bankruptcy debtor to claim $20,200 worth of equity from their home. Ohio’s current homestead exemption (which hasn’t been updated in nearly 30 years) is $5,000–one of the lowest in the country. Attorney General Marc Dann and state [...]

Champ Car World Series filed for bankruptcy Wednesday after agreeing to an open-wheel unification plan with Indy Racing League (”IRL”) worth $6 million. The assets of Championship Auto Racing Teams were purchased from Champ Car in 2004 after CART had filed bankruptcy. Champ Car will liquidate its assets and pay its debts of [...]

Those of us who watch the economy can hardly take a breath before the next unprecedented action occurs. This weekend (an event in and of itself), JPMorgan Chase agreed to purchase Bear Stearns for a fraction of its “value” just one month ago. The articles I read all refer to this diminution in [...]