The Case Against Larry Summers – Obama’s Chief Economic Advisor isn’t immune to criticism, after all. Elizabeth MacDonald presents a pretty damning case, including details on these issues that Summers would rather forget:

  • Summers Supported Repeal of Glass-Steagall
  • He Pressured Congress to Stop Exec Pay Caps
  • His Role in the California Energy Crisis
  • His Remarks About Aptitude of Women
  • He was Soft on Derivatives Regulation (as we covered back in April)

(Must Read) A Walk Down Maiden Lane – The Fed is reporting losses on taxpayer investments? Willem Buiter writes a great piece on Maiden Lane debacle with great charts.

Morgan Stanley Settles Precious Metal Fraud Suit – Do people really own all that gold/silver they think they do? “The suit, filed in August 2005, alleged that Morgan Stanley told clients it was selling them precious metals that they would own in full and that the company would store.”

Financial Bailouts May Cost $23.7 Trillion Dollars – That’s according to Neil Barofsky, TARP chief inspector (Bloomberg)

Commercial Real Estate Prices Down 35% from Peak (chart):

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