On a side note: Lehman Brothers was turned down by then NY Fed President Tim Geithner to be a bank holding institution yet Morgan Stanley and Goldman Sachs were not turned down. If Lehman was not turned down, like Morgan Stanley and Goldman Sachs, Lehman would have received a bailout…

The collapse of Lehman Brothers in a record-setting bankruptcy could have been avoided, but the political will was lacking at the Federal Reserve to rescue the troubled investment bank, according to newly published research.

“Fed officials have not been transparent about the Lehman crisis. Their explanations for their actions rest on flawed economic and legal reasoning and dubious factual claims,” says Laurence M. Ball, chairman of the economics department at Johns Hopkins University and author of the report.

Lehman’s $639 billion bankruptcy filing occurred as a bubble in the U.S. housing market contracted from a 2006 peak. The U.S. economy…

David Dayen

July 28 2016, 10:38 a.m.

And yes, Wall Street and big corporation donors are crawling around at the DNC event. Money needs to be out of politics for good. And a definite NO for Hamilton “Tony” James, Blackstone COO, for U.S. Treasury head if there is a Clinton Administration!!! Great reporting, David!

Blackstone, the giant Wall Street private equity firm, will hold an invitation-only reception before the final night of the Democratic National Convention in Philadelphia. The event, at the swanky Barnes Foundation art museum, includes the usual perks for attendees: free food, drink, and complimentary shuttle buses to the final night of the convention.

What’s unusual is that the host is precisely the kind of “shadow banker” that Hillary Clinton has singled out as needing more regulation in her rhetoric about getting tough on Wall Street.

But Blackstone President and Chief Operating Officer Hamilton “Tony” James doesn’t seem…

It is official that Hillary Clinton had clinched the nomination for President. But, this roll call vote for Larry Sanders, Bernie Sanders, who cast the final vote as a representative of Democrats living abroad was very emotional. Yes, Bernie Sanders has lost the Presidential nomination. But the media tend to forget that candidates have family and parents too and may have been the first of their family to run for President or any other public office position. Indeed, any parent would be proud of his or her child that wanted to make a difference in this world.

Huffington Post:

“I want to read, before this convention, the names of our parents, Ely Sanders and Dorothy Sanders,” said Larry. “They did not have easy lives, and they died young. They would be immensely proud of their son and his accomplishments. They loved him.”

“They loved the new deal of Franklin Roosevelt and…

The bank has agreed to pay $335 million to settle a lawsuit brought by the Pennsylvania Public School Employees’ Retirement System.

The U.S. District Court for the Southern District of New York has preliminarily approved a settlement of a lawsuit brought by Pennsylvania Public School Employees’ Retirement System against Bank of America over the bank’s mortgage-back securities program.

The lawsuit, originally filed in 2011, claims the defendant violated federal securities law by allegedly misrepresenting and concealing the magnitude of the bank’s potential exposure to demands to repurchase mortgage-backed securities that had been sold by Bank of America and Countrywide Financial Corporation, and about alleged risks to the Bank arising from its use of and reliance on a national database that tracks changes in mortgage servicing rights and beneficial ownership interest in loans secured by residential real estate. The lawsuit claims the misrepresentations caused Bank of America stock to trade at…