Nomi Prins

Nomi Prins, a former investment banker at Goldman Sachs, Bear Stearns and Lehman Brothers, is a senior fellow at the public policy organization Demos and the author of "Other People's Money: The Corporate Mugging of America."

 

Articles by this author

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Thursday, December 19, 2013 - 8:23am
Volcker Rule Made Meaningless by Abundant Exemptions
The subject of heated debate in financial circles, the Volcker Rule, which was originally passed as part of the 2010 Dodd–Frank Wall Street Reform and Consumer Protection Act, was finally approved by regulators. It will begin taking effect in April 2014 with full compliance required by July 2015. They say the devil is in the details. Regarding the Volcker Rule, the devil is in the details of its abundant exemptions.
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Tuesday, November 9, 2010 - 9:27am
Wall Street Wins Again
The Republicans may have stormed the House, but it was Wall Street and the Fed that won the election. Regardless of party power plays and posturing, there are two constants that remain unaltered after the election. First, Wall Street will continue on with business as usual while shifting its campaign and lobbying dollars to the new winning team. And second, the Fed will keep on pretending to prop up the economy by buying more U.S. debt, thereby keeping interest rates low, the dollar weak and money cheap for the banking system to inhale.
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Friday, January 22, 2010 - 9:22am
Obama's Half-Baked Bank Reform
Seeing Paul Volcker, former Fed Chair and chairman of the Economic Recovery Advisory Board, lord over President Obama yesterday as he made his proposal to limit the scope and size of financial institutions, it was easy to imagine him saying "I told you so." Volcker, after all, has been a long time advocate of slicing up banks and prohibiting them from the majority of speculative activities.
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Thursday, December 3, 2009 - 9:24am
Ten Reasons Bernanke Should Hit the Road
If Ben Bernanke’s predecessor as Federal Reserve chairman, Alan Greenspan, could be dubbed the Maestro, Bernanke surely deserves to be called the Magician. His mastery of illusion and deflection is impeccable. Bernanke, who goes before the Senate Banking Committee on Thursday in a bid to be confirmed to a second term, still wants us to believe he “done good” by cleaning up the financial mess that was created on his watch. But here are 10 reasons Bernanke shouldn’t be reconfirmed:
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Tuesday, December 1, 2009 - 8:09am
Worse Than Enron?
Enron was the financial scandal that kicked off the decade: a giant energy trading company that appeared to be doing brilliantly-until we finally noticed that it wasn't. It's largely been forgotten given the wreckage that followed, and that's too bad: we may be repeating those mistakes, on a far larger scale.
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Tuesday, September 15, 2009 - 8:17am
Obama Banking Too Much On Banks
On Monday-one year after the once-mighty Lehman Brothers collapsed in the nation's biggest bankruptcy-President Obama addressed the state of the economy and again outlined his proposals for what he calls reform. The location-Federal Hall at 26 Wall Street, near the New York Stock Exchange and New York Federal Reserve Bank-was fitting. George Washington took his presidential oath there, a precursor for how intertwined Washington and Wall Street would become.
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Thursday, July 30, 2009 - 8:00am
How You Finance Goldman Sachs’ Profits
This is perhaps the most important thing I learned over my years working on Wall Street , including as a managing director at Goldman Sachs : Numbers lie. In a normal time, the fact that the numbers generated by the nation's biggest banks can't be trusted might not matter very much to the rest of us.
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Monday, June 15, 2009 - 10:35am
The Big Bank Bailout Payback Bamboozle
Last week was a milestone for US treasury secretary Tim Geithner. He finally got to play the hero. The morning of June 9, Treasury notified 10 financial institutions, including JPMorgan Chase, Goldman Sachs, Morgan Stanley, US Bancorp, and Capital One Financial, that they were "eligible to complete the repayment process" for the capital they received under the Troubled Assets Recovery Program (TARP). In other words, they would be allowed to pay back $68.3 billion. Even though they really owe $229.7 billion. That we know of. But Geithner didn't mention that last bit.
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Friday, April 24, 2009 - 9:59am
The Unbearable Vagueness of Timothy Geithner
On Friday, the Treasury Department will share the preliminary results of its so-called "stress tests" with the nation's troubled banks-but this week Timothy Geithner missed another opportunity to open up the books and tell the American public what's really happening with the country's financial system. When the treasury secretary addressed the five-member panel overseeing the Troubled Asset Relief Program on Tuesday, he stressed the administration's commitment to "transparency, accountability, and oversight." Then he proceeded to deliver a characteristically opaq
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Wednesday, March 25, 2009 - 11:17am
Panning Geithner's Plan: Why Treasury's Toxic Assets Program Stinks
Though the stock market may have lifted off on news of Treasury Secretary Timothy Geithner's purchase plan for toxic assets, don't be fooled by Wall Street's optimism. The plan is even worse than the one floated by Geithner's predecessor, Henry Paulson, last fall. At least Paulson wanted the government simply to buy the banking industry's junk outright-and spend less doing so.
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