Blog on the Run: Reloaded

Tuesday, February 3, 2015 7:41 pm

Odds and ends for Feb. 3.

North Carolina’s junior senator, Republican Thom Tillis, says he’s just fine with NOT requiring food workers to wash up after visiting the restroom. Remind me never to shake his hand.

English majors, rejoice! Harper Lee will publish a sequel to her 1960 masterpiece, “To Kill a Mockingbird,” on July 14.

Standard & Poors, the investment ratings agency whose labeling of crap mortgage-backed securities as investment-grade helped blow up the economy a few years ago, will pay $1.38 billion to settle those allegations. But — say it with me, kids — once again, no criminal charges against anyone.

The New York Times asks an incredibly stupid question about how anti-vaxxers got so much influence. Athenae at First Draft delivers a righteous dopeslapping of an answer.

Y’all have a good evening.

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Tuesday, December 7, 2010 8:19 pm

That ancient groaning sound you hear …

… may be the jaws of hell opening beneath Bank of America. Via Zero Hedge, Moody’s opines:

We believe the case will lead to increased litigation, higher servicing costs, and more foreclosure delays. This will pressure BofA’s earnings. Increased foreclosure timelines and costs associated with potentially defective loans will also increase losses for Countrywide-sponsored RMBS. This is negative for both BofA and Countrywide-sponsored RMBS [residential mortgage-backed securities — Lex].

Moody’s is being too cute by half. The “defects” in these loans were common in the loans of many, many other lenders as well. BAC may be first, but they will be far from last.

It would be only human to indulge in a bit of sangfroid over the failure of a too-big-to-fail bank, one that has propped itself up with tax money while gobbling some of that same money down in the form of bonuses. And I, for one, won’t shed a tear if bank executives face, as the lawyers say, significant exposure, civil and/or criminal, though I’ll believe it when it happens.

The problem, of course, is that the failure of an institution as big as BAC, particularly one whose failure was not structured in disciplined, orderly fashion as should have happened the moment the bank’s insolvency became apparent, is going to have all sorts of consequences, and you can best believe that the direst of those will be directed at those of us least able to protect ourselves.

 

 

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