James Kwak

James Kwak News

  • Galleon Collapse Propels Duff Memoir: Top Business Books

    When Turney Duff was a junior trader at the now-defunct hedge-fund company Galleon Group LLC, he was plied with dinners, free trips and cocaine by securities-fund salesmen.

  • White House Burns as MIT’s Johnson Broods Over Default

    Alexander Hamilton knew the secret for making public credit “immortal”: Back up your borrowing with taxes, to prove you can pay the money back.

  • Citigroup May Need to Pay More to Keep SEC Accord, Attorneys Say

    Citigroup Inc. may have to pay more than its proposed $285 million settlement with U.S. regulators over a collapsed collateralized debt obligation to satisfy a judge that the accord is fair, said lawyers following the case.

  • Citigroup, MF Global, JPMorgan, Merck, BofA in Court News

    Citigroup Inc., whose $285 million settlement with U.S. regulators over a collapsed collateralized debt obligation was faulted by a federal judge as too lenient, may have to pay more money to avoid admitting it did anything wrong, said lawyers following the case.

  • Credit Suisse, JPMorgan, Barclays, Wal-Mart in Court News

    Kareem Serageldin, the ex-global head of Credit Suisse Group AG’s CDO business charged in a bonus- boosting fraud tied to a $5.35 billion trading book, was surprised by the U.S. indictment since he has been cooperating with investigators for four years, his lawyer said.

  • Dimon $2 Billion Blunder Shows Capital Safer Than Swaps

    JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon railed against higher capital requirements last year at the same time his bank was using derivatives to hedge more than $1 trillion of loans and bonds.

  • How the U.S. Became Banker to the Post-War World (Part 3)

    Both the international monetary system and American fiscal policy began to change in the 1960s. The system developed at the United Nations Monetary and Financial Conference, held in Bretton Woods, New Hampshire, in July 1944, fixed exchange rates to a dollar backed by gold. It worked successfully for years. But it couldn’t last forever.

  • Fiscal Cliff Doesn’t Look So Bad After the Fall

    Just when you thought you could forget about the fiscal cliff and focus on the Republican and Democratic conventions instead, along comes the Congressional Budget Office to remind us of the impending threat.

  • Abandoning Gold Helped Dollar Gain Preeminence (Part 2)

    The birth of the U.S. was paid for by both a debauched paper currency and large debts that it soon defaulted on. When Alexander Hamilton became Treasury secretary in 1789, his job was not just restoring the country’s credit by restructuring the debt and imposing new taxes; he also had to clean up the mess that was money in the early U.S.

  • Bitter Money Fights Shaped U.S History

    On June 1, 1812, President James Madison asked Congress to consider a declaration of war against Britain. The Democratic-Republican majority was happy to oblige.

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