@ThorntonMcEnery Do you not remember the Abacus -- the synthetic security mortgage CDO Goldman created for Paulson? JPM also created a way to short Madoff.
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Stephen Gandel
10K posts
Stephen Gandel
@stephengandel
Reinforcing priors since at least 1996. @Breakingviews ex @ft @nytimes @cbsnews @bloomberg @fortunemagazine @time. On Signal. DM for contact info.
Manhattan, NY Katılım Mart 2010
1.7K Takip Edilen6.1K Takipçiler
YOU, DUMB: Wall Street has learned NOTHING from 2008!!!
ME, SMART: "Nothing?"
bloomberg.com/news/articles/…
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The illustration on this Citywire story on Cliffwater and Blue Owl -- of course you do.
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Quick take: Mastercard is trying to hold onto half of its duopoly.
Jason Mikula@mikulaja
Mastercard is acquiring stablecoin infrastructure company BVNK:
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Stephen Gandel retweetledi
Stephen Gandel retweetledi
Isn't the whole point of Crypto is that it has better rails than the traditional banking system? Blockchain is better, was . . . wrong? I don't understand.
matthew sigel, recovering CFA@matthew_sigel
Kraken gets Fed master account in crypto first "a watershed milestone in the history of digital assets" 👍
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Michael Hsu, the former head of the OCC, looks for meaning in the wilderness. Enjoy!
mhsu2112.substack.com/p/the-souls-of…
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America’s house finance system will choose its tech platform based on the Secretary of War’s wishes.
Pulte@pulte
U.S. Federal Housing, Fannie Mae and Freddie Mac are terminating all use of Anthropic products, including the use of its Claude platform.
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A regional bank makes a $100 NDFI loan to a BDC.
The loan is collateralized by $133 of middle-market loans placed in a bankruptcy-remote SPV, and the BDC takes the first loss. The lawyers structure it so it qualifies as a securitization.
Question: How much capital must the bank set aside for this loan?
a) $8 - same as direct loan (100% RW)
b) $12 - slightly riskier (150% RW)
c) $100 - BDCs are super-risky... dollar for dollar (1250% RW)
d) $1.60 - safer because of overcollateralization (20% RW)
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Stephen Gandel retweetledi
Kevin Warsh in 2010: Independence is the Fed’s greatest asset. The speech was titled, “An Ode to Independence.”
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When you get nostalgic for 2016 and remember you wrote this:
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Brief reminder that when Citi's CEO Jane Fraser announced her big 2023 re-org she promised that the bank was doing away with co-heads. Simplification is complicated!
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If only the US government had some sort of agency to police financial products sold to Americans, perhaps protect them from getting “ripped off” by credit cards as Trump claims . . .
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Stephen Gandel retweetledi
Not sure BofA investors found what they wanted in the investor day materials.
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Being woke was always an uncomfortable fit for the nation's largest banks. Texas exchange says it is pro-CEO. wsj.com/finance/invest…
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