Remember derivatives? The financial products that Warren Buffett compared to weapons of mass destruction? The ones that were at the heart of the financial crisis? Well, they’ve been doing just fine. As recently as last spring, banks were increasing their derivatives’ holdings. But that may be changing. In the second half of 2011, the total value of derivatives contracts by insured U.S. commercial declined by 0.6 percent—the “first year-over-year decline on record,” according to the Office of the Comptroller of the Currency. The decline continued through the last quarter of 2011, when the notional value of derivatives experienced the biggest drop-off in history, falling by $17 trillion. Read full article > >

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Is Wall Street already shrinking?

The arrest, the first of a member of City Comptroller John Liu’s inner circle, is part of a widening investigation into his fund-raising practices.

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Liu’s Campaign Treasurer Arrested on Fraud Charges

The 14 largest U.S. mortgage servicers must pay back homeowners for losses from foreclosures or loans that were improperly handled following the housing collapse, according to a consent decree issued Wednesday by the Office of the Comptroller of the…

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Banks Must Repay Homeowners

Back in September, Gov. Rick Perry (R-TX) guessed that his state was facing a $10-11 billion budget shortfall for its fiscal 2012-2013 budget, and refused to entertain reports that his budget gap might be larger until he received the state Comptroller’s official report. He even poo-pooed pronouncements from his 2010 election opponent, Houston Mayor Bill White, that Texas’ deficit may be twice what he was estimating. read more

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After Lecturing DC on His "Prudent Fiscal Decisions," Perry’s Deficit More Than Twice What He Thought