Word: warrener
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...there is another, even simpler warning for the U.S. economy as we face our own deficit issues. "It's only when the tide goes out that you learn who's been swimming naked," investor Warren Buffett has said. The U.S. has none of the currency difficulties of the PIGS. We do have a government deficit expected to hit 10.6% of GDP this year and a total federal debt that will cross 100% of GDP in 2012, according to White House projections. The rolling crisis of the past three years has been an embarrassing exercise in exposing the financially underclothed...
...recent report by the Congressional Oversight Panel chaired by Harvard Law School professor Elizabeth Warren predicts a wave of commercial real estate loan failures that could jeopardize the stability of many banks, particularly mid-size and smaller banks...
...Wall Street is lobbying furiously to try to block the CFPA, and Republican congressional leaders have denounced the idea as big-government overreach that would harm consumers by stifling innovation - especially if bank basher (and TARP watchdog) Elizabeth Warren, the intellectual godmother of the agency, gets to run it. Some finance-friendly Democrats have been resistant as well. The new agency was included in the financial reforms the House of Representatives passed along party lines in December, but it has been a stumbling block as the Senate has struggled to put together a bipartisan bill, and even the House version...
...CFPA wouldn't address the root causes of the crisis. Warren argues that the financial meltdown of 2008 was essentially a consumer-protection meltdown, a direct result of exploitative loans that never should have been approved. It's certainly true that the securities that sparked the crisis began imploding after subprime borrowers began struggling to repay the underlying loans. Still, the notion that a CFPA would have prevented the mess is debatable at best. It's not as if all borrowers who bit off more than they could chew were deceived; many of them just wanted more house than they...
Harvard purchased over $35 million worth of shares in Bank of America and invested several million dollars in other U.S. financial firms as well. Additionally, the University purchased stakes in companies that have been the target of high-profile takeovers, including Burlington Northern Santa Fe Railway, recently purchased by Warren Buffett’s Berkshire Hathaway, and Cadbury PLC, recently acquired by Kraft Foods...