Banking

It’s over for Omarova

Featured image Scott and John have written about Saule Omarova, Joe Biden’s nominee to head the Office of the Comptroller of the Currency. That office is the chief regulator of America’s banks. Omarova is a graduate of Moscow State University (Russia, not Idaho), where she won the 1988-89 Lenin Personal Academic Scholarship. In her current, merely socialist, incarnation, Omarova would like to reimagine banking, as the cliché goes. Along the way, she »

The Omarova omen

Featured image A capable successor to Robert Ludlum might be able to make a good novel out of The Omarova Omen — the Cornell law professor of the lunatic left thought by the minders in the White House daycare operation to be just the right person to regulate our national banks. However, it may be too late for Professor Omarova to constitute an omen. The Omarova omen has already materialized in the »

Oh my, Omarova

Featured image Saule Omarova is the Biden administration’s nominee to head the Office of the Comptroller of the Currency. The OCC is not a well known or well understood agency, but it is the chief regulator of national banks. It is not a bureaucratic backwater or political dumping ground. I got to know it when I worked at TCF Financial Corporation (now absorbed into Huntington Bank). Omarova is of course the proud »

The Omarova Thesis

Featured image There must a Robert Ludlum series lurking in the saga of OCC Comptroller nominee Saule Omarova. One installment of the series would be The Omarova Thesis — the thesis she wrote at Moscow State University on the Lenin Personal Academic Scholarship: “Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital.” It must have been a good one — so good that she has scrubbed it from her »

How Crazy Are the Democrats? This Crazy

Featured image Joe Biden has nominated Saule Omarova to be Comptroller of the Currency. It is an important position. According to the Comptroller’s web site: The OCC charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks. The OCC is an independent bureau of the U.S. Department of the Treasury. So who is Ms. Omarova, whom Joe Biden wants to “charter, »

Paul Volcker, RIP

Featured image News this morning of the passing of Paul Volcker, the chairman of the Federal Reserve during the key period from 1979 – 1987 when inflation was wrung out of the American economy, a painful though necessary move whose long-run benefits we are still experiencing today. The Reuters obituary notice today says: Volcker was appointed Fed chairman by a Democratic president, Jimmy Carter, and then reappointed by a Republican, Ronald Reagan. »

Remy Decodes Bitcoin

Featured image As I mentioned here a couple weeks back, I don’t have a clear grasp on bitcoin, but fortunately we have Remy Munasifi on hand to . . . well, not exactly explain it to us, but at least have some good fun with it, with some rapid-fire sideswipes along the way (I especially like his Al Franken reference): »

Bill Cooper passes and inspires

Featured image As chairman and chief executive officer of TCF Financial Corporation (as it became), Bill Cooper rescued the Minnesota-based bank holding company essentially from insolvency and built it into to a regional powerhouse. I had the great good fortune to work for Bill and TCF general counsel Greg Pulles in the TCF legal department for 12 years. Bill died yesterday at the age of 73. I want to add a personal »

Keep Your Eye on Italy

Featured image Earlier this month we reported here (“Brexit Vote: Italy Hardest Hit?“) about how Italy was the nation to watch in the aftermath of Brexit, as it had the weakest financial profile among EU nations after Greece. Tomorrow Italy will report the results of its “stress tests” of its banks, and if the results are as dismal as expected, it may trigger the next Eurozone political crisis, and the next chapter »

This Is Why We Can’t Have Nice Things

Featured image I’ve been meaning for a while to knock out an article on the theme, “there’s nothing wrong with America that 4 percent growth won’t solve.” That’s an exaggeration, of course, but not much of one. Faster economic growth will alleviate a number of our leading problems, especially stagnant wages, a sinking labor force participation rate, badly unbalanced budgets, adult children living in basements, ESPN’s sinking ratings, etc. One difficulty is »

Kompulsory Keynesianism?

Featured image From time to time you hear people argue we should abolish the penny, because they really are a nuisance, etc. But Abe hangs on. Today the emphasis seems to be going the other way: abolish the $100 bill! You hear it said we should do this to retard “criminal activity,” but I think there’s another reason. One hints comes from this story today about how the circulation of 1,000 Franc »

IRS sued over treatment of Americans who bank abroad

Featured image The Foreign Account Tax Compliance Act (FATCA) requires, in essence, that U.S. citizens who reside outside the U.S. disclose to the IRS all of their foreign banking assets including retirement plans, savings accounts, etc. It also requires foreign banks to assist the IRS in applying the disclosure rules or else face enormous penalties. As its not-so-subtle acronym suggests, the Act purports to be an anti-fat-cat measure through which to crack »