Tuesday, September 18, 2012

Was Occupy Wall Street a fad that 'fizzled'?

Welcome to the morning roundup. Here's a look at what's news in banking and finance.

Occupy has 'fizzled.' The New York Times' Dealbook today calls the Occupy Wall Street movement a "frenzy that fizzled," saying it was a fad that has caused little meaningful change except for inserting "We are in the 99 percent" into the lexicon. In the end, the leaderless movement lost focus and failed to establish a meaningful legacy, Andrew Ross Sorkin says.

Fannie Mae overpays Bank of America. An inspector general audit has found that Fannie Mae paid Bank of America more than legally required to transfer the servicing rights of troubled mortgages from the Charlotte bank to servicers who try harder to help people with their loans, Bloomberg reports. Taxpayer-owned Fannie Mae's program transferred about 1.1 million mortgages between 2008 and 2011. The audit did find, however, that Bank of America was not given any "special consideration" in the above-required payments. Instead, it was to ensure a smooth process, the audit says.

Libor changes problematic. Potential reforms to Libor could cause massive confusion in the marketplace, commercial lawyers say, the Financial Times reports. Regulators have been looking at changes to the key interest rate amid investigations that big banks, including Barclays, actively manipulated it.


Anonymous said...

Sorkin is also employed by CNBC (Squawk Box) and authored "Too Big To Fail", an extremely sanitized version of the financial crisis that deified Hank Paulson and Ben Bernanke.

In other words, he's a gatekeeper for the banking system. Sadly, your won writings betray you as of his ilk.