Download or read book Taming the Megabanks written by Arthur E. Wilmarth Jr and published by Oxford University Press. This book was released on 2020-09-18 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Taming the Megabanks written by Arthur E. Wilmarth Jr and published by Oxford University Press. This book was released on 2020-09-15 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Afterword written by Arthur E. Wilmarth and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This essay was published as part of a law review symposium that evaluated my work on theregulation of large, complex financial institutions. Part I of my essay discusses the other articlespublished in the symposium issue and describes their relationship to my own work. Part IIanalyzes the global financial crisis that began in March 2020, following the outbreak and rapidspread of the COVID-19 virus. Part II also reviews the extraordinary actions taken bygovernments and central banks in response to that crisis. Part II argues that the pandemic-induced financial crisis and its aftermath confirm two lessons we should have learned from theglobal financial crisis of 2007-09. First, “universal banks” (financial holding companies thatconduct a wide range of banking and capital markets activities) and “shadow banks” (largenonbank financial institutions that engage in bank-like activities) pose unacceptable risks to thestability of financial markets and economies around the globe.Second, the world remains trapped in a “global doom loop,” despite the financial reformsadopted by many countries after 2009. The “global doom loop” is a toxic web of mutualdependence that connects universal banks and shadow banks to governments and central banks.The “global doom loop” produces continually rising levels of private and public debts, which inturn promote dangerous boom-and-bust cycles. Those boom-and-bust cycles require ever-largerbailouts when significant financial or economic disruptions occur. In view of the massive debtburdens that many nations have assumed since 2007, it is highly doubtful whether theirgovernments and central banks could arrange similar rescues in the near future withouttriggering sovereign debt crises. Accordingly, the goal of “taming the megabanks” - of both “universal” and “shadow” varieties - must remain at the top of the agenda for financial regulators and policymakers. A new Glass-Steagall Act would provide the most direct and effective way to (1) greatly reduce the risks posed by universal and shadow banks and (2) end the destructive boom-and-bust cycles generated by the "global doom loop."
Download or read book The Regulation of Megabanks written by Katarzyna Parchimowicz and published by Taylor & Francis. This book was released on 2022-11-22 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Global Banks on Trial written by Pierre-Hugues Verdier and published by Oxford University Press. This book was released on 2020-02-14 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the years since the 2008 financial crisis, U.S. federal prosecutors have brought dozens of criminal cases against the world's most powerful banks, charging them with manipulating financial indices, helping their customers evade taxes, evading sanctions, and laundering money. To settle these cases, global banks like UBS, Barclays, HSBC and BNP Paribas paid tens of billions of dollars in fines. They also agreed to extensive reforms, hiring hundreds of compliance officers, spending billions on new systems, and installing independent monitors. In effect, they agreed to become worldwide enforcers of U.S. law, including financial sanctions-sometimes despite their own governments' protests. This book examines the U.S. enforcement campaign against global banks across four areas: benchmark manipulation, tax evasion, sanctions violations, and sovereign debt. It shows that U.S. prosecutors have unilaterally carved out a new role as global bank regulators, heralding a fundamental shift in how international finance is overseen. Their ability to do so stems from U.S. control over access to vital hubs of the international financial system. In some areas, unilateral U.S. actions have ushered in important multilateral reforms, such as the rise of automatic tax information exchange and better-regulated financial indices. In other areas, such as financial sanctions, unilateralism has attracted protests from other states and spurred attempts to challenge U.S. dominance of international finance.
Download or read book Principles of Financial Regulation written by John Armour and published by Oxford University Press. This book was released on 2016 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examining the subject from a holistic and multidisciplinary perspective, Principles of Financial Regulation considers the underlying policies and the objectives of financial regulation.
Download or read book The Payoff written by Jeff Connaughton and published by Easton Studio Press, LLC. This book was released on 2012-08-16 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lobbyist, White House Lawyer, and Senate Aide on the Power of America’s Plutocracy to Avoid Prosecution and Subvert Financial Reform Beginning in January 2009, THE PAYOFF lays bare Washington’s culture of power and plutocracy. It’s the story of the twenty-month struggle by Senator Ted Kaufman and Jeff Connaughton, his chief of staff, to hold Wall Street executives accountable for securities fraud, to stop stock manipulation by high-frequency traders, and to break up too-big-to-fail megabanks. This book takes us inside their dogged crusade against institutional inertia and industry influence as they encounter an outright reluctance by the Obama administration, the Justice Department, and the Securities and Exchange Commission to treat Wall Street crimes with the gravity they deserve. On financial reforms, Connaughton criticizes Democrats for relying on the very Wall Street technocrats who had failed to prevent the crisis and Republicans for staunchly opposing real reforms primarily to enjoy a golden opportunity to siphon fundraising dollars from the Wall Street executives who had raised millions to elect Barack Obama president. Connaughton, a former lawyer in the Clinton White House, illuminates the pivotal moments and key decisions in the fight for financial reform that have gone largely unreported. His arch, nonpartisan account chronicles the reasons why Wall Street’s worst offenses were left unpunished, and why it’s likely that the 2008 debacle will happen again.
Download or read book Predatory Value Extraction written by William Lazonick and published by Oxford University Press. This book was released on 2019-12-04 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Predatory Value Extraction explains how an ideology of corporate resource allocation known as 'maximizing shareholder value' (MSV) that emerged in the 1980s came to dominate strategic thinking in business schools and corporate boardrooms in the United States. Undermining the social foundations of sustainable prosperity, it resulted in employment instability, income inequity, and slow productivity growth. In explaining what happened to sustainable prosperity, William Lazonick and Jang-Sup Shin focus on the growing imbalance between value creation and value extraction in the U.S. economy, and the corporate-governance institutions that determine this balance in the nation's major business corporations. The imbalance has become so extreme that predatory value extraction is now a central economic activity, to the point at which the U.S. economy as a whole can be aptly described as a value-extracting economy. Balancing the contributions of economic actors to value creation with their power to extract value provides the foundation for stable and equitable economic growth. When certain economic actors are able to assert their power to extract far more value than they contribute to the value-creation process, an imbalance occurs which, when extreme, leads to dire economic, political, and social consequences. This book not only explores these consequences, but also sets out an agenda for restoring sustainable prosperity.
Download or read book Power to the People written by Audrey Kurth Cronin and published by Oxford University Press. This book was released on 2019-10-01 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Never have so many possessed the means to be so lethal. The diffusion of modern technology (robotics, cyber weapons, 3-D printing, autonomous systems, and artificial intelligence) to ordinary people has given them access to weapons of mass violence previously monopolized by the state. In recent years, states have attempted to stem the flow of such weapons to individuals and non-state groups, but their efforts are failing. As Audrey Kurth Cronin explains in Power to the People, what we are seeing now is an exacerbation of an age-old trend. Over the centuries, the most surprising developments in warfare have occurred because of advances in technologies combined with changes in who can use them. Indeed, accessible innovations in destructive force have long driven new patterns of political violence. When Nobel invented dynamite and Kalashnikov designed the AK-47, each inadvertently spurred terrorist and insurgent movements that killed millions and upended the international system. That history illuminates our own situation, in which emerging technologies are altering society and redistributing power. The twenty-first century "sharing economy" has already disrupted every institution, including the armed forces. New "open" technologies are transforming access to the means of violence. Just as importantly, higher-order functions that previously had been exclusively under state military control - mass mobilization, force projection, and systems integration - are being harnessed by non-state actors. Cronin closes by focusing on how to respond so that we both preserve the benefits of emerging technologies yet reduce the risks. Power, in the form of lethal technology, is flowing to the people, but the same technologies that empower can imperil global security - unless we act strategically.
Download or read book Bailout written by Irvine H. Sprague and published by Beard Books. This book was released on 1986 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the high interest times in the 1970's and 1980's, the banks and the savings and loan associations were under heavy financial pressure. Hundreds of them failed. The Home Loan Bank Board permitted the savings and loan associations to treat goodwill as capital, thereby allowing them to remain open and to build up enormous losses that eventually cost the taxpayers billions of dollars. The Federal Deposit Insurance Corporation took a different approach. It closed the banks or sold them, all at no cost to the taxpayers. Bailout is the engrossing story of how the FDIC handled four of these failures. Book jacket.
Download or read book The Sinews of State Power written by Juan Wang and published by Oxford University Press. This book was released on 2017 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on original fieldwork, The Sinews of State Power seeks to understand continuous rural instability in China despite national reforms in the post-2000s. It offers a fresh perspective by revisiting the fundamental components of a capable government - a coherent and robust local leadership - and tracing its rise and demise since the Maoist era.
Download or read book Cryptoassets written by Chris Brummer and published by Oxford University Press. This book was released on 2019-09-12 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cryptoassets represent one of the most high profile financial products in the world, and fastest growing financial products in history. From Bitcoin, Etherium and Ripple's XRP-so called "utility tokens" used to access financial services-to initial coin offerings that in 2017 rivalled venture capital in money raised for startups, with an estimated $5.6 billion (USD) raised worldwide across 435 ICOs. All the while, technologists have hailed the underlying blockchain technology for these assets as potentially game changing applications for financial payments and record-keeping. At the same time, cryptoassets have produced considerable controversy. Many have turned out to be lacklustre investments for investors. Others, especially ICOs, have also attracted noticeable fraud, failing firms, and alarming lapses in information-sharing with investors. Consequently, many commentators around the world have pressed that ICO tokens be considered securities, and that concomitant registration and disclosure requirements attach to their sales to the public. This volume assembles an impressive group of scholars, businesspersons and regulators to collectively write on cryptoassets. This volume represents perspectives from across the regulatory ecosystem, and includes technologists, venture capitalists, scholars, and practitioners in securities law and central banking.
Download or read book Luxury written by Peter McNeil and published by Oxford University Press. This book was released on 2016-05-19 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: We live in a world obsessed by luxury. Long-distance airlines compete to offer first-class sleeping experiences and hotels recommend exclusive suites where you are never disturbed. Luxury is a rapidly changing global industry that makes the headlines daily in our newspapers and on the internet. More than ever, luxury is a pervasive presence in the cultural and economic life of the West - and increasingly too in the emerging super-economies of Asia and Latin America. Yet luxury is hardly a new phenomenon. Today's obsession with luxury brands and services is just one of the many manifestations that luxury has assumed. In the middle ages and the Renaissance, for example, luxury was linked to notions of magnificence and courtly splendour. In the eighteenth century luxury was at the centre of philosophical debates over its role in shaping people's desires and oiling the wheels of commerce. And it continues to morph today, with the growth of the global super-rich and increasing wealth polarization. From palaces to penthouses, from couture fashion to lavish jewellery, from handbags to red wine, from fast cars to easy money, Peter McNeil and Giorgio Riello present the first ever global history of luxury, from the Romans to the twenty-first century: a sparkling and ever-changing story of extravagance, excess, novelty, and indulgence.
Download or read book The Color Factor written by Howard Bodenhorn and published by . This book was released on 2015 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the many advances that the United States has made in racial equality over the past half century, numerous events within the past several years have proven prejudice to be alive and well in modern-day America. In one such example, Governor Nikki Haley of South Carolina dismissed one of her principal advisors in 2013 when his membership in the ultra-conservative Council of Conservative Citizens (CCC) came to light. According to the Southern Poverty Law Center, in 2001 the CCC website included a message that read "God is the one who divided mankind into different races.... Mixing the races is rebelliousness against God." This episode reveals America's continuing struggle with race, racial integration, and race mixing-a problem that has plagued the United States since its earliest days as a nation. The Color Factor: The Economics of African-American Well-Being in the Nineteenth-Century South demonstrates that the emergent twenty-first-century recognition of race mixing and the relative advantages of light-skinned, mixed-race people represent a re-emergence of one salient feature of race in America that dates to its founding. Economist Howard Bodenhorn presents the first full-length study of the ways in which skin color intersected with policy, society, and economy in the nineteenth-century South. With empirical and statistical rigor, the investigation confirms that individuals of mixed race experienced advantages over African Americans in multiple dimensions - in occupations, family formation and family size, wealth, health, and access to freedom, among other criteria. The Color Factor concludes that we will not really understand race until we understand how American attitudes toward race were shaped by race mixing. The text is an ideal resource for students, social scientists, and historians, and anyone hoping to gain a deeper understanding of the historical roots of modern race dynamics in America.
Download or read book How to Do Your Social Research Project Or Dissertation written by Tom Clark and published by Oxford University Press, USA. This book was released on 2019-10 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to do your Social Research Project or Dissertation provides a straight-talking, easy-to-navigate, and reassuring guide to support final-year social science undergraduates. Uniquely shaped by real social science undergraduates from a range of institutions, the book includes their advice to help you through with what can be a daunting, but rewarding stage of your degree. From the look and feel of the book, to the development of the chapter content and the advice it provides, students have been involved at every stage of the book's development to ensure it is focused on what's important to you. Expert advice from real supervisors across the subject disciplines in the 'Working with your supervisor' feature also helps you to make the most of research supervision, and learn from the experience of real researchers in your chosen field. By providing anecdotes, words of wisdom, scenarios, or simply reminders, hints, and tips on how best to prepare for meetings, and communicate effectively, How to do your Social Research Project or Dissertation is the most complete guide to facilitate the student-supervisor working relationship. Dedicated chapters cover all the typical stages of a research project or dissertation in the social sciences, while their carefully constructed structure allows you to quickly and efficiently navigate the content. Throughout the book, you'll focus on three key questions: 'What do I need to know?', 'What do I need to think about?' and 'What do I need to do?'. In so doing, each chapter gives you a clear and direct checklist of actions as you progress through your dissertation or research project, keeping you organized, motivated, and confident. The book's online resources include a wealth of free-to-access materials, including: DT Author-led videos for each chapter of the book focussing on key areas of social research including supervision, thinking up research questions and ethical challenges in social research among others. DT Student videos focussing on key issues in undertaking a research project or dissertation and how these have been overcome. DT 'Finding your Way' research pitfalls and how to avoid them. DT General dissertation template. DT Good and bad examples of various research tools: questionnaires, interview questions, observation plans. DT Good and bad examples of extracts from literature reviews. DT Downloadable research checklist. DT Further reading/research suggestions, broken down by chapter. DT A list of links to online time-management tools. DT Research plan templates. DT Links to freely available datasets. DT Tips on increasing your sample size. DT SPSS/NVIVO links/resources. DT Interactive activity to help narrow down research topics. DT Mind-mapping tool. DT Interactive editing exercise to practise writing-up, and making efficient use of word count.
Download or read book Summary Study Guide The Finance Curse written by Lee Tang and published by LMT Press. This book was released on 2020-03-25 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: How global finance is making us all poorer. This book is a summary of “The Finance Curse: How Global Finance Is Making Us All Poorer,” by Nicholas Shaxson. As a country’s financial sector develops, it improves the nation’s economic well-being and quality of life—but only up to a point. After that point, it reduces economic growth and inflicts much damage. We call this the finance curse. The United States, Britain, and many other Western economies passed this optimal point long ago. The 2008 Great Recession was part of the damage. As an economy becomes financialized, there is a massive growth in the financial, insurance, and real estate sectors, but not in the manufacturing and industrial sectors. Rather than creating wealth, the goal of finance becomes extracting value from the underlying economy. This way of thinking also becomes internalized into the economy, society, and culture, generating economic discrimination that underpins all discriminations—racial, gender, sexual, and geographical. This book documents the story of how finance got a stranglehold on society and reveals how we might release ourselves from its grasp. This guide includes: * Book Summary—helps you understand the key concepts. * Online Videos—cover the concepts in more depth. Value-added from this guide: * Save time * Understand key concepts * Expand your knowledge
Download or read book Financial Regulation and Supervision written by Eddy Wymeersch and published by OUP Oxford. This book was released on 2012-08-16 with total page 659 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive account of financial regulation and supervision in times of crisis analyses the complex changes under way regarding the new financial regulatory structures in the EU. Focusing on the organisation of financial supervision, it deals with the background to the reforms, the architecture of the regulatory system, the likely implications for the financial institutions and the challenge of international co-operation. Changes in the US have been heavily criticised and in Europe a brand new regulatory system with three new regulatory agencies and a systemic risk board has been developed. National systems are in the process of being updated. International cooperation, although still difficult, has made progress, with the Financial Stability Board now acting on behalf of the G.20. Central bank cooperation has improved significantly and in the meantime, sectoral regulations are being adapted in full speed, such as Basel III, AIDMD, MiFID and many others. This book gives an overall view of these complex changes. The first section of the book provides an assessment of the reforms and considers the background to their making. In the section on regulatory structure there is analysis of the new regulatory bodies, their complex competences and actions. The book also takes a critical look at their likely effectiveness. The final section of the work considers the actual implementation of the new rules in a cross-border context.
