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Credit Slips
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A discussion on credit and bankruptcy.
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The Financial Stability Oversight Counsel
I want to pick up on yesterday's post by Bob and friend and expand upon it a bit. Under section 111 of Chairman Dodd's proposed bill, the new Financial Stability Oversight Counsel will be made up of the Treasury Secretary,...
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Reasonably Equivalent Value for Academic Prestige?!
BearingPoint's Trustee has just brought a fraudulent transfer action to get back a donation it paid Yale of $6 million to endow a chair and earn naming rights of certain on-campus buildings at its School of Management. (If someone can...
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Financial Consumer Protection--The Last Thing We Need Is Federal Banking Regulator Oversight
Yesterday, I was talking with former Credit Slips guest blogger Pat McCoy about perhaps reprising that role for us. McCoy is a law professor at the University of Connecticut and, along with her co-author Kathleen Engel, was writing about Wall...
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Thank You Anna Gelpern
We've enjoyed having Anna Gelpern as a guest blogger for the past couple weeks. (Is there anyone who can write, much less say, "fortnight" any more?). Anna's saucy and erudite posts have provided a real education in some very timely...
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Debt and the People, Part II: The Hot ... and Concluding Disquietudes
This last post is about old news that I have been avoiding. Even so, it would be malpractice to omit Ecuador from even this partial snapshot of the sovereign debt landscape circa 2010. So on with its latest debt default,...
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Of Cyborgs and Repo Men
The New York Times may have thought it had the scoop on the repo man of the future, but the new movie Repo Men has it beat by several hundred years. Jude Law and Forrest Whitaker star as space-age repossession...
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De-Detour: CDS Nudity on the Exotic Fringe
A recent FT Editorial implicates a topic I -- basis risk in emerging markets (EM) credit derivatives. The problem is this: If you want to buy protection against default by a big U.S. firm--say, GM--you buy a CDS contract on...
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Debt and the People, Part I: The Cold
In earlier posts, I considered two trends: first, the eroding boundary between chronically defaulting sovereign and risk-free government debt; and second, the comfy symbiosis among feckless rules, fudged government accounts and basic financial engineering. I also considered the politics of...
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Avoid Chapter 11 at All Cost!!!
One thing that I think we all agreed on in yesterday's panel on "too big to fail" was that many of the plans for a separate resolution authority are being driven toward a FDIC model by Treasury and the Fed,...
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In Case You Didn't Feel Like Showing Up
I'm on a panel tomorrow at the Dow Jones Restructuring and Turnaround Summit about how the government should address "too big to fail" and the collapse of systemically important firms. For those of you who won't find yourself in lower...
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Bankruptcy News