Taming The Megabanks
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Taming The Megabanks
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Author : Arthur E. Wilmarth
language : en
Publisher:
Release Date : 2020
Taming The Megabanks written by Arthur E. Wilmarth and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Business & Economics categories.
In Taming the Megabanks, Arthur E. Wilmarth, Jr. argues that we must break up universal banks by enacting a new Glass-Steagall Act. Drawing from an analysis of the Great Depression of the 1930s and the Global Financial Crisis of 2007-09, Wilmarth demonstrates that a new Glass-Steagall Act would make our financial system much more stable and less likely to produce boom-and-bust cycles.
Taming The Megabanks
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Author : Arthur E. Wilmarth Jr
language : en
Publisher: Oxford University Press
Release Date : 2020-09-18
Taming The Megabanks written by Arthur E. Wilmarth Jr and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-09-18 with Business & Economics categories.
Banks were allowed to enter securities markets and become universal banks during two periods in the past century - the 1920s and the late 1990s. Both times, universal banks made high-risk loans and packaged them into securities that were sold as safe investments to poorly-informed investors. Both times, universal banks promoted unsustainable booms that led to destructive busts - the Great Depression of the early 1930s and the Global Financial Crisis of 2007-09. Both times, governments were forced to arrange costly bailouts of universal banks. Congress passed the Glass-Steagall Act of 1933 in response to the Great Depression. The Act broke up universal banks and established a decentralized financial system composed of three separate and independent sectors: banking, securities, and insurance. That system was stable and successful for over four decades until the big-bank lobby persuaded regulators to open loopholes in Glass-Steagall during the 1980s and convinced Congress to repeal it in 1999. Congress did not adopt a new Glass-Steagall Act after the Global Financial Crisis. Instead, Congress passed the Dodd-Frank Act. Dodd-Frank's highly technical reforms tried to make banks safer but left in place a dangerous financial system dominated by universal banks. Universal banks continue to pose unacceptable risks to financial stability and economic and social welfare. They exert far too much influence over our political and regulatory systems because of their immense size and their undeniable "too-big-to-fail" status. In Taming the Megabanks, Arthur Wilmarth argues that we must again separate banks from securities markets to avoid another devastating financial crisis and ensure that our financial system serves Main Street business firms and consumers instead of Wall Street bankers and speculators. Wilmarth's comprehensive and detailed analysis demonstrates that a new Glass-Steagall Act would make our financial system much more stable and less likely to produce boom-and-bust cycles. Giant universal banks would no longer dominate our financial system or receive enormous subsidies. A more decentralized and competitive financial system would encourage banks and securities firms to fulfill their proper roles as servants - not masters - of Main Street businesses and consumers.
Taming The Megabanks
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Author : Arthur E. Wilmarth Jr
language : en
Publisher: Oxford University Press
Release Date : 2020-09-15
Taming The Megabanks written by Arthur E. Wilmarth Jr and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-09-15 with Business & Economics categories.
Banks were allowed to enter securities markets and become universal banks during two periods in the past century - the 1920s and the late 1990s. Both times, universal banks made high-risk loans and packaged them into securities that were sold as safe investments to poorly-informed investors. Both times, universal banks promoted unsustainable booms that led to destructive busts - the Great Depression of the early 1930s and the Global Financial Crisis of 2007-09. Both times, governments were forced to arrange costly bailouts of universal banks. Congress passed the Glass-Steagall Act of 1933 in response to the Great Depression. The Act broke up universal banks and established a decentralized financial system composed of three separate and independent sectors: banking, securities, and insurance. That system was stable and successful for over four decades until the big-bank lobby persuaded regulators to open loopholes in Glass-Steagall during the 1980s and convinced Congress to repeal it in 1999. Congress did not adopt a new Glass-Steagall Act after the Global Financial Crisis. Instead, Congress passed the Dodd-Frank Act. Dodd-Frank's highly technical reforms tried to make banks safer but left in place a dangerous financial system dominated by universal banks. Universal banks continue to pose unacceptable risks to financial stability and economic and social welfare. They exert far too much influence over our political and regulatory systems because of their immense size and their undeniable "too-big-to-fail" status. In Taming the Megabanks, Arthur Wilmarth argues that we must again separate banks from securities markets to avoid another devastating financial crisis and ensure that our financial system serves Main Street business firms and consumers instead of Wall Street bankers and speculators. Wilmarth's comprehensive and detailed analysis demonstrates that a new Glass-Steagall Act would make our financial system much more stable and less likely to produce boom-and-bust cycles. Giant universal banks would no longer dominate our financial system or receive enormous subsidies. A more decentralized and competitive financial system would encourage banks and securities firms to fulfill their proper roles as servants - not masters - of Main Street businesses and consumers.
The Regulation Of Megabanks
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Author : Katarzyna Parchimowicz
language : en
Publisher: Taylor & Francis
Release Date : 2022-11-22
The Regulation Of Megabanks written by Katarzyna Parchimowicz and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-11-22 with Law categories.
Global systemically important banks (G-SIBs) are the largest, most complex and, in the event of their potential failure, most threatening banking institutions in the world. The Global Financial Crisis (GFC) was a turning point for G-SIBs, many of which contributed to the outbreak and severity of this downturn. The unfolding of the GFC also revealed flaws and omissions in the legal framework applying to financial entities. In the context of G-SIBs, it clearly demonstrated that the legal regimes, both in the USA and in the EU, grossly ignored the specific character of these institutions and their systemic importance, complexity, and individualism. As a result of this omission, these megabanks were long treated like any other smaller banking institutions. Since the GFC, legal systems have changed a lot on both sides of the Atlantic, and global and national lawmakers have adopted new rules applying specifically to G-SIBs to reduce their threat to financial stability. This book explores whether the G-SIB-specific regulatory frameworks are adequately tailored to their individualism in order to prevent them from exploiting overly general rules, as they did during the GFC. Analyzing the specific character and individualism of G-SIBs, in relation to their history, normal functioning, as well as their operations during the GFC, this book discusses transformation of banking systems and the challenges and opportunities G-SIBs face, such as Big Tech competitors, climate-related requirements, and the COVID-19 pandemic. Taking a multidisciplinary approach which combines financial aspects of operations of G- SIBs and legal analysis, the book describes G-SIB-oriented legal frameworks of the EU and the USA and assesses whether G-SIB individualism is adequately reflected, analyzing trends in supervisory action when it comes to discretion in the G-SIB context, all in order to contribute to the ongoing discussions about international banking law, its problems, and potential remedies to such persistent flaws.
Principles Of Financial Regulation
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Author : John Armour
language : en
Publisher: Oxford University Press
Release Date : 2016
Principles Of Financial Regulation written by John Armour and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Business & Economics categories.
Examining the subject from a holistic and multidisciplinary perspective, Principles of Financial Regulation considers the underlying policies and the objectives of financial regulation.
Fintech With Artificial Intelligence Big Data And Blockchain
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Author : Paul Moon Sub Choi
language : en
Publisher: Springer Nature
Release Date : 2021-03-08
Fintech With Artificial Intelligence Big Data And Blockchain written by Paul Moon Sub Choi and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-08 with Technology & Engineering categories.
This book introduces readers to recent advancements in financial technologies. The contents cover some of the state-of-the-art fields in financial technology, practice, and research associated with artificial intelligence, big data, and blockchain—all of which are transforming the nature of how products and services are designed and delivered, making less adaptable institutions fast become obsolete. The book provides the fundamental framework, research insights, and empirical evidence in the efficacy of these new technologies, employing practical and academic approaches to help professionals and academics reach innovative solutions and grow competitive strengths.
The Black Box Society
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Author : Frank Pasquale
language : en
Publisher: Harvard University Press
Release Date : 2015-01-05
The Black Box Society written by Frank Pasquale and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-05 with Computers categories.
Every day, corporations are connecting the dots about our personal behavior—silently scrutinizing clues left behind by our work habits and Internet use. The data compiled and portraits created are incredibly detailed, to the point of being invasive. But who connects the dots about what firms are doing with this information? The Black Box Society argues that we all need to be able to do so—and to set limits on how big data affects our lives. Hidden algorithms can make (or ruin) reputations, decide the destiny of entrepreneurs, or even devastate an entire economy. Shrouded in secrecy and complexity, decisions at major Silicon Valley and Wall Street firms were long assumed to be neutral and technical. But leaks, whistleblowers, and legal disputes have shed new light on automated judgment. Self-serving and reckless behavior is surprisingly common, and easy to hide in code protected by legal and real secrecy. Even after billions of dollars of fines have been levied, underfunded regulators may have only scratched the surface of this troubling behavior. Frank Pasquale exposes how powerful interests abuse secrecy for profit and explains ways to rein them in. Demanding transparency is only the first step. An intelligible society would assure that key decisions of its most important firms are fair, nondiscriminatory, and open to criticism. Silicon Valley and Wall Street need to accept as much accountability as they impose on others.
Debt Capital Markets
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Author : Vincenzo Bavoso
language : en
Publisher: Oxford University Press
Release Date : 2024-11-11
Debt Capital Markets written by Vincenzo Bavoso and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-11-11 with Law categories.
Debt capital markets have been at the heart of regulatory and policy debates since the global financial crisis of 2008. In this work, Vincenzo Bavoso explores the role financial markets and products have in fuelling episodes of crises and financial instability. Focussing on the law and regulation, but also drawing on current economics and finance scholarship, Debt Capital Markets examines both the pre-2008 regulatory environment, and the framework that has emerged from post-crisis regulatory corrections since. Charting the evolution of debt capital markets and the transformation and liberalisation of the financial markets throughout the 1980s and 1990s, the book outlines how debt capital markets - from bonds to more sophisticated forms of securitised credit - have become engines of private debt creation, excessive levels of leverage, and inevitably, financial instability. It covers all the main channels of debt intermediation in capital markets (bonds, commercial paper, covered bonds, securitisation, collateralised debt obligations, collateralised loan obligations), and explains relevant synergies with adjacent markets and products (such as credit derivatives, repurchase agreements, or FinTech lending). Bavoso argues that the regulatory response after the 2008 global financial crisis has been insufficient so that debt capital markets remain the main locus of financial instability today. His book provides a complex analysis of financial markets that accounts for theoretical, practical, and regulatory aspects. It provides a multifaceted and contextual appraisal of the role of debt capital markets, together with the legal and regulatory challenges posed by their development.
The Finance Curse
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Author : Nicholas Shaxson
language : en
Publisher: Random House
Release Date : 2018-10-11
The Finance Curse written by Nicholas Shaxson and has been published by Random House this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-11 with Business & Economics categories.
This is a book that none of us can afford to ignore – an agenda-setting, campaigning investigation that shows how global finance works for the few and not the many. ** A Financial Times Book of the Year ** ‘Essential reading’ YANIS VAROUFAKIS We need finance – but when finance grows too big it becomes a curse. The City of London is the single biggest drain on our resources, sucking talent out of every sphere, siphoning wealth and hoovering up government time. Yet to be ‘competitive’, we’re told we must turn a blind eye to money laundering and appease big business with tax cuts. Tracing the curse back through economic history, Nicholas Shaxson uncovers how we got to this point. Moving from offshore tax havens to the bizarre industry of wealth management, he tells the explosive story of how finance established a stranglehold on society – and reveals how we can begin to break free. ‘A radical, urgent and important manifesto for improving our country’ Oliver Bullough, Observer ‘Superbly written... A must-read’ Misha Glenny, author of McMafia ‘Hard-hitting, well written and informative’ Financial Times
Courage To Act A Memoir Of A Crisis And Its Aftermath
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Author : Ben S. Bernanke
language : en
Publisher: W. W. Norton & Company
Release Date : 2015-10-05
Courage To Act A Memoir Of A Crisis And Its Aftermath written by Ben S. Bernanke and has been published by W. W. Norton & Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-05 with Business & Economics categories.
From the winner of the 2022 Nobel Prize in Economics A New York Times Bestseller “A fascinating account of the effort to save the world from another [Great Depression]. . . . Humanity should be grateful.”—Financial Times In 2006, Ben S. Bernanke was appointed chair of the Federal Reserve, the unexpected apex of a personal journey from small-town South Carolina to prestigious academic appointments and finally public service in Washington’s halls of power. There would be no time to celebrate. The bursting of a housing bubble in 2007 exposed the hidden vulnerabilities of the global financial system, bringing it to the brink of meltdown. From the implosion of the investment bank Bear Stearns to the unprecedented bailout of insurance giant AIG, efforts to arrest the financial contagion consumed Bernanke and his team at the Fed. Around the clock, they fought the crisis with every tool at their disposal to keep the United States and world economies afloat. Working with two U.S. presidents, and under fire from a fractious Congress and a public incensed by behavior on Wall Street, the Fed—alongside colleagues in the Treasury Department—successfully stabilized a teetering financial system. With creativity and decisiveness, they prevented an economic collapse of unimaginable scale and went on to craft the unorthodox programs that would help revive the U.S. economy and become the model for other countries. Rich with detail of the decision-making process in Washington and indelible portraits of the major players, The Courage to Act recounts and explains the worst financial crisis and economic slump in America since the Great Depression, providing an insider’s account of the policy response.