The Financial Regulation Forum
financial crisis
IMF the road ahead for Europe
Speaking at the Warsaw School of Economics, IMF Managing Director Dominique Strauss-Kahn said that while the recent financial crisis had exposed some weaknesses in Europe’s institutional framework, there is now an opportunity to strengthen integration and cooperation across the continent. “The crisis has been a setback, but the benefits of integration are beyond doubt,” he [...]
Heading off the next financial crisis – why we need financial regulation
A public good is something that the free market tends not to provide on its own, to the detriment of society. Pollution laws and police departments are classic examples. In the case of finance — and of the crisis of the past two years — this missing good has been strong regulation. A weak system [...]
The Lehman report
The 2,200-page report into Lehman Brothers’ downfall by its court-appointed bankruptcy examiner may do more to clean up finance than any number of new regulations. It paints a remarkably detailed, and damning, picture of Dick Fuld, Lehman’s ex-boss, and the executives around him. Their spectacularly ill-advised strategy was to take on lots more risk in [...]
Snippet: Greg Mankiw on Greenspan’s The Crisis
21 Mar. Greg Mankiw, the Harvard economist, has posted his response to Greenspan’s The Crisis on his website, he differs on one key point: The issue concerns the importance of leverage to the viability of a financial intermediary, Mankiw says. Alan proposes raising capital requirements and reducing leverage, but he suggests that there are limits [...]
Book choice: The Devil’s Casino (about Lehman Brothers)
The Devil’s Casino: Friendship, Betrayal and the High Stakes Games Played Inside Lehman Brothers by Vicky Ward They were the Rat Pack of Wall Street. Four close friends: one a decorated war hero, one an emotional hippie, and two regular guys with big hearts, big dreams, and noble aims. They were going to get rich [...]
Book choice: Union Atlantic (non fiction)
Union Atlantic by Adam Haslett The Federal Reserve, not surprisingly, figures in a number of non-fiction accounts of the financial crisis. Now comes something lighter – a novel. In Haslett’s excellent first novel (following Pulitzer and National Book Award finalist short story collection You Are Not a Stranger Here), a titan of the banking industry [...]
Book choice: On the Brink: Inside the Race to Stop the Collapse of the …
On the Brink: Inside the Race to Stop the Collapse of the Global Financial System by Henry Paulson When Hank Paulson, the former CEO of Goldman Sachs, was appointed in 2006 to become the nation’s next Secretary of the Treasury, he knew that his move from Wall Street to Washington would be daunting and challenging. [...]
Book choice: Freefall: America, Free Markets, and the Sinking of the World Economy
Freefall: America, Free Markets, and the Sinking of the World Economy by Joseph E. Stiglitz Nobel Prize winner Joseph E. Stiglitz explains the current financial crisis—and the coming global economic order. The current global financial crisis carries a “made-in-America” label. In this forthright and incisive book, Nobel Laureate Joseph E. Stiglitz explains how America exported [...]
Wall Street ethos under scrutiny
The 10 members of the Financial Crisis Inquiry Commission squared off against the Wall Street chiefs in Washington over the billions in bonuses, and who was really to blame for bringing the financial system to its knees. Phil Angelides, chairman of the Commission, asked Lloyd C. Blankfein, Goldman Sachs’s chairman, to explain how his firm [...]
Snippet: Banks execs face grilling
14 Jan. Top bank executives can expect a grilling when they appear before Financial Crisis Inquiry Commission investigating the causes of the 2008 financial collapse. Four of Wall Street’s most powerful leaders: Goldman Sachs Chairman-CEO Lloyd Blankfein; JPMorgan Chase CEO James Dimon; Morgan Stanley Chairman John Mack; and Bank of American CEO-President Brian Moynihan were [...]
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