Banking and finance roundup

  • Advice to Mark Calabria, newly installed as head of the Federal Housing Finance Administration, or FHFA [Arnold Kling; more on what to do with Fannie and Freddie]
  • Bad blood between Joe Biden and Elizabeth Warren on consumer bankruptcy issue goes back decades [Matthew Yglesias, Vox]
  • “Financial planning websites consistently emphasize paying off revolving high-interest debt before saving for retirement (unless a company offers a match rate).” But state-mandated auto-IRAs nudge workers the other way [Aaron Yelowitz, Cato, earlier]
  • Competition for incorporation: “Nevada adopts fee-shifting: Should Delaware worry?” [Stephen Bainbridge]
  • “The True Winners and Losers of Financial Regulation” [Diego Zuluaga] Fed vs. narrow banks [John Cochrane, more]
  • FATCA was the bad fairy’s curse at the royal baby shower: “Welcome to Tax Hell, Little Earl of Sussex” [Suzanne Lucas, earlier]


  • Biden’s son Hunter, right out of law school, got a cushy job with Biden’s credit card company buddies.

  • Re: FATCA—you’ve never set foot in America, and your parents cannot renounce your citizenship? If Due Process means anything . . . .

    Speaking of Due Process, or less Process than is Due:

    The curse of Daryl Foster lives on . . . .

  • SPO,
    The article you linked is some good, inflammatory stuff. But I can’t take it seriously until they name names. What strange obeisance compels this omission? ‘Til then it’s just some people did something.

    • Two points:

      First, Daryl Foster was an attorney in the Civil Rights Division. He ran personal travel expenses through the government reimbursement system. He was lightly punished. Senator Grassley pushed the issue, but the Holder DOJ stiffed him, and the MSM didn’t really care about it.

      Second, one of the incidents, the shoplifting at the Marine Corps commissary seems to be true as a quick Google search turns up a couple of hits.

      With respect to some of these cases, the IRS should be knocking on their doors.