He serves on the advisory board of the University of California, Berkeley’s Financial Fraud Institute. And he was a consultant on season three of the HBO series “Succession.”
He was a regular columnist for The New York Times’s Dealbook section. His work has appeared in The New York Times, The Atlantic, NewYorker.com, The Washington Post, The Baffler, The American Prospect and on NPR and “This American Life.” Before joining ProPublica, he was the Wall Street Editor of Conde Nast Portfolio and a columnist for the Wall Street Journal, covering markets and finance.
He lives in Brooklyn with his wife, the journalist Sarah Ellison, and their daughters.
Since emerging as one of the country’s largest banks, Wells Fargo has continued to let its numbers speak for themselves. That may not be such a good thing.
The federal government, in ways explicit and implicit, profoundly subsidizes and shelters the banking industry, and the protection is so well established that we barely notice it anymore.
Many other banks created deals with similar characteristics to the transaction that resulted in JPMorgan's $154 million settlement with the government. But the SEC still faces big challenges in wresting more settlements from banks.
It has been noted repeatedly that almost no top bankers have faced serious consequences for their actions in the financial crisis. But there is a Wall Street corollary that might be even more pernicious: good guys are punished.
It has been noted repeatedly that almost no top bankers have faced serious consequences for their actions in the financial crisis. But there is a Wall Street corollary that might be even more pernicious: good guys are punished.
Watch carefully, and you'll see how the three men who saved the world—Federal Reserve Chairman Ben Bernanke, NY Fed's Timothy Geithner, and Treasury Secretary Henry Paulson—get it wrong again and again and again.
Under terms being negotiated with state attorneys general, banks would be allowed to treat second liens like first mortgages — and to avoid coming clean on the true extent of their losses.
Later this month, the Federal Reserve is going to let banks know how they did on its most <a href="http://www.nytimes.com/2010/11/18/business/18bank.html?_r=2">recent round</a> of “stress tests.”
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