SEC Wants Disclosures For Asset Backed Securities Written In Python

SEC Wants Disclosures For Asset Backed Securities Written In Python

“Waterfall” provisions of asset backed securities are the rules that explain the flow of funds in the transaction, and they are are very hard to read. Blogger/professor Jayanth Varma calls them “horrendously complicated,” leading trustees to make mistakes or pull stunts that investors never expected. To remedy this, the SEC is proposing that the provisions be written in a programming language, filed on EDGAR, and made available as downloadable Python source code. [More]

The Baseball Card Bubble — Swallower Of Childhood Dreams

Slate excerpts the Dave Jamieson book Mint Condition, which details the rise and fall of the baseball card futures market of the 1980s and 1990s. [More]

"Move Your Money" Profiled On NPR

"Move Your Money" Profiled On NPR

Last month, the Huffington Post launched a campaign called Move Your Money that urged people to support community banks. The idea is that by moving your money to a community bank, you can help put the “too big to fail” banks on a diet so that they get smaller, while at the same time help a local bank remain competitive. The NPR program All Things Considered took a look at the campaign over the weekend, and talked to some experts about whether it’s worth making the switch. [More]

Prosper.com May Be Riskier Than You Thought

Prosper.com May Be Riskier Than You Thought

The person-to-person loan website Prosper.com has been talked about in mostly positive ways since it launched a few years ago. Mark Gimein at Slate’s The Big Money says it’s a lot less awesome than you’ve been led to believe. In fact, he says it’s just a microcosm of what happened in the real financial world: “Loans to unqualified borrowers; reliance on mathematical models that turn out to be a lot less useful than they seemed; failed hopes that high interest rates could make subprime loans profitable; sky high default rates [of 39%]—Prosper has it all.” [More]

How To Make Sure Your Marriage Isn't Costing You Money

How To Make Sure Your Marriage Isn't Costing You Money

Liz Davidson at Forbes has an article about ways you and your spouse can fine-tune spending and investment patterns so that your marriage isn’t a financial drain. It’s easy enough to compare financial health before marriage (although lots of couples don’t do it, she notes), but even if your net income increases, your net worth could flatline or drop:

You might be doing well with your expenses as a married couple but making poor investment decisions, causing your financial situation to worsen even though your day-to-day money management has improved. [More]

Learn The Secret Language Of Money

Learn The Secret Language Of Money

Think that just because you know what a credit default swap is, you can speak the secret language of money? Think again. Psychiatrist/executive coach David Krueger has studied how we relate to our cash, and has put his research into a new book, “The Secret Language of Money: How to Make Smarter Financial Decisions and Live a Richer Life.” Lesson one from Dr. Krueger: “Money speaks to us and we speak with money. It’s kind of a Rorschach; we imbue it with whatever values or meanings we want.” Uh, okay.

There's A New Ponzi Schemer Under Arrest, And He Has A Mail Order Porn Business

There's A New Ponzi Schemer Under Arrest, And He Has A Mail Order Porn Business

The smaller versions of Madoff are still out there, convincing people to hand over their savings for foolproof investments that don’t actually exist, but every once in a while the authorities nab another one. This week it’s Philip G. Barry, a Brooklyn-based guy who operated out of my own neighborhood and happened to run a pornography business.

Why You Should Pay Off That Mortgage Before You Retire

Why You Should Pay Off That Mortgage Before You Retire

If you planned on retiring soon you’ve probably had to readjust your expectations. But even if you’re still on target to take it easy soon, you should reconsider until you’ve paid off your mortgage.

WSJ: Jackson Collectibles Are A Poor Investment

WSJ: Jackson Collectibles Are A Poor Investment

First, let me say that I am furious that I ate my Cheetos from my collectible Cheeto experiment a while back, because Chuck Jaffe at the Wall Street Journal says one with an MJ likeness just sold for $35 on eBay. What that really underscores, though, is the only surefire way to make any money on Jackson memorabilia is to be the one selling the crap to unwise shoppers.

Be Your Own Financial Regulator

Be Your Own Financial Regulator

Any sort of federal agency to protect consumers from abuse from the financial industry is months, or possibly years, away, notes Linda Stern of Reuters. That’s why you shouldn’t depend on such an agency to protect you in the meantime. In fact, you can take her advice and use it no matter what happens at the federal level.

Madoff Asks Judge For 12-Year Sentence

Madoff Asks Judge For 12-Year Sentence

“Mr. Madoff is currently 71 years old and has an approximate life expectancy of 13 years,” wrote Sorkin, whose letter was released on Tuesday. “A prison term of 12 years – just short of an effective life sentence – will sufficiently address the goals of deterrence, protecting the public and promoting respect for the law.”

http://consumerist.com/2009/06/20/here-are-5-personal-finance/

Here are 5 personal finance podcasts to subscribe to, download, and argue with during your commute or workout. [Automatic Finances] (Photo: uhuru1701)

Should I Reduce My 401k And Put The Money Toward Credit Card Debt?

Should I Reduce My 401k And Put The Money Toward Credit Card Debt?

Given the state of the economy today, is it better for me to reduce my 401k to a minimum and use the extra funds to pay off my credit card debt? This is a good time to put money into the markets, based on my admittedly limited understanding, but with interest rates going through the roof (my personal Chase card went from 12.99 to 23.99), I would like to kick down my cc debt (now at around $6,000) faster. I’m currently only putting 6% in my 401k, and I’m fairly young (35). Have you advice for me?

WSJ Asks, "Is Your Home A Good Investment?"

WSJ Asks, "Is Your Home A Good Investment?"

Brett Arends at The Wall Street Journal has compared Case-Shiller house price data to annual inflation rates, and speculates that owning a home may not be a very good investment. “You can often do better on long-term inflation protected government bonds,” he writes.

Seth Green Gives Sound Financial Advice In Special Cribs Clip

Seth Green Gives Sound Financial Advice In Special Cribs Clip

Seth Green takes you on a tour of his crib in this clip from Un-Broke, a financial program airing next Friday on ABC. “BOOM! That’s math all over your face!”

Advanta Shuts Down Small Business Credit Card Accounts

Advanta Shuts Down Small Business Credit Card Accounts

UPDATE: Advanta Moves Up Credit Freeze Deadline, Still Doesn’t Notify Customers

Since When Is Dropping $1600 On A Purse An Investment?

Since When Is Dropping $1600 On A Purse An Investment?

How do you turn the purchase of a purse with a four-figure price tag into a sound financial decision in a recession? That’s the task luxury brand marketers and fashion magazines have right now, and their solution is to spin luxury purchases as an “investment.” But is it a good investment? Not really.

How Does The Chrysler Bankruptcy Impact Your Mutual Fund?

How Does The Chrysler Bankruptcy Impact Your Mutual Fund?

What impact does the Chrysler bankruptcy have on regular investors who hold bond funds? Most likely little to none, it turns out. Consumer Reports points out that most mutual funds have been avoiding Chrylser, GM, and Ford debt for years now—and if your fund does include Chrysler, it’s probably a tiny portion of your overall investment.