June 30

What you need to know to navigate today’s economic debates.

A Sound Funeral Plan Can Prolong a Bank’s Life (FT)
Anil Kashyap argues credible dissolution plans are need to reduce the systemic risk posed big and interconnected firms.

Madoff Gets 150 years for Massive Investment Fraud (Reuters)
Judge gives Madoff maximum sentence for his “extraordinarily evil” crimes.

Street to Log Best Quarter Since Crisis (WSJ)
The securities firms still standing on Wall Street are about to close the most lucrative quarter since the credit crisis erupted. Sound suspicious? 

Uncertainty Clouds Recovery of U.S. Investment in GM (WP)
U.S. financial aid for New GM will expand to nearly $50 billion, but there is no telling how much of the public money will be repaid.

Understanding Obama’s Financial Overhaul (DerivativeDribble)
Charles Davi brakes down the complexities of Obama’s financial regulatory fix.

We’ll Need to Raise Taxes Soon (WSJ)
Former deputy secretary of the Treasury, Roger Altman says the issue is no longer whether to do something about the national deficit, but how.

Taxpayers to have say on AIG (CNN)
AIG’s shareholders meeting on Tuesday will put in place the government’s choices for new leadership, but repaying the taxpayers is still a ways off.

Derivatives Tug of War Takes Shape (NYT)
The derivatives industry has started a public relations campaign arguing that it is helpful to businesses.

Bernanke’s ‘Green Shoots’ Take Over the Lexicon, If Not U.S. (BLM)
Since Bernanke first described signs of a thaw in frozen credit markets, instances of the “green shoots” metaphor in the press have climbed sevenfold.