The House of Commons Treasury Committee Ninth Report of Session 2009–10 Report, together with formal minutes Ordered by the House of Commons, to be published 22 March 2010 Too important to fail– too important to ignore Summary The banking crisis of the last two years resulted in government support for the sector around the world amounting to almost a [...]
Also filed in Creativity, Launching..., Liquidity, Open engines, Pricing, Recession busters..., Regulatory, Restructuring, Transparency
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Tagged audit the Fed, Congress, credit ratings, crisis, economic justice, Federal Reserve, global hot money, risk, Wall Street
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Thursday, December 17, 2009
I’m at the Senate Banking Committee hearing on the Ben Bernanke. I’ll keep a running tab. Yes – 16 No – 7 Majority Christopher Dodd, Chairman, Connecticut Yes Tim Johnson, South Dakota Yes Jack Reed, Rhode Island Yes Chuck Schumer, New York Yes Evan Bayh, Indiana Yes Robert Menendez, New Jersey Yes Daniel Akaka, Hawaii Yes Sherrod Brown, Ohio Yes (soft may [...]
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Thursday, December 3, 2009
The WSJ reports… ~~~~”Morningstar Inc., the research firm known for its mutual-fund analysis, is now wading into the controversial realm of credit ratings. The firm on Wednesday for the first time published credit ratings on about 100 companies using a similar alphabetical scale to major credit-ratings services like Standard & Poor’s, Moody’sCorp.’s Moody’s Investors Service and [...]
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Thursday, December 3, 2009
If President Obama wants to be serious about financial reform there is an idea from our cousins across the pond … a “post bank” like the Japanese pre-privatization… (Update 12/5/09 — Japanese halt privatization of Japan Post Holdings Co) Dovetail this idea with an results of a study released today by the FDIC which says that [...]
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Tuesday, December 1, 2009
Presentation slides[PDF] Speech by Adair Turner, Chairman, FSA British Embassy, Paris 30 November 2009 The financial crisis of 2007/08 was the worst for at least 70 years. Economic catastrophe was only prevented by extreme policy responses: even with these responses, the world has faced huge economic cost. We must therefore identify the root causes as [...]
Thursday, November 26, 2009
The Real Story of the First Thanksgiving By Benjamin Franklin (1785) “There is a tradition that in the planting of New England, the first settlers met with many difficulties and hardships, as is generally the case when a civiliz’d people attempt to establish themselves in a wilderness country. Being so piously dispos’d, they sought relief [...]
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Thursday, November 5, 2009
I’m attending a conference at the IMF on “Financial Frictions and Macroeconomic Adjustment” First panel: Panel Chair: Jonathan D. Ostry (Deputy Director, Research Department, IMF) First paper: Household Leverage and the Recession of 2007 to 2009 Atif Mian (University of Chicago and NBER) and Amir Sufi (University of Chicago and NBER) Discussant: Kevin Lansing (Federal Reserve [...]
Tuesday, October 27, 2009
America’s largest banks are the prime underwriters of muni debt and swaps… this area of the market has been a particularly abusive part of Wall Street. Their behavior against municipalities is a charge against them in the discussion of whether they should be broken up. There are many stories of predatory behavior towards municipal officials… muni swaps [...]