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A Crisis Is a Terrible Thing to Waste
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Paul Barrett, Assistant Managing Editor of Business Week says the year 2009 will represent a year of lost opportunity to reform the financial system. The Obama administration and Congress did not have the courage to do what is needed, and did not take Paul Volcker's advice on the danger of ahandful of banking institutions controllig a major portion of global banking assets. The WSJ reported that the world's 10 biggest banks account for about 70% of global banking assets, up from 59% before the crisis. It is ayear he says of missed opportunities and little was done in so many areas, including derivatives regulation and the credit rating agencies continue doing business as before with clear conflict of interest inherent in their practices. Barrett says genuine reform fizzled, and we will regret it. The Obama administration and Congress let themselves be influenced by the banking lobbyists and bankers, just as they allowed genuine health reform opportunities to slip in 2009.
The lack of action in the "too big to fail" and systemically important financial institutions area one year into the Obama administration.
04/21/2009
Regulatory reform proposals and other actions taken in the first 6 months still leave many banking and financial nstitutions that are too big to fail. Consolidations of banks have actually increasd their size. The dangers in additional bailout assistance if banks suffer huge losses.
Grouped Articles
GE Capital, AIG to Get More Government Oversight
Wall Street Journal 07/09/2013
Weâre All Still Hostages to the Big Banks
New York Times 08/25/2013
Wall Street Journal 05/01/2013
Economists Seek Breakup of Big Banks
Wall Street Journal 04/21/2009
Banks Need Fewer Carrots and More Sticks
Wall Street Journal 05/07/2009
What Does the Market Focus on After the Stress Tests?
Wall Street Journal 05/07/2009
Frank Rich on the lobbying industy and its activities which aim at gutting most of the U.S. President's reform proposals.
07/24/2009
Is this a bad omen for the lobbyists or the Obama administration, or both, asks Rich in this NYT piece. Rich comments on a series of Washigton post articles showing the cooperation of lobbyists and senior members of Congress and the Obama administration. The Republicans too have the same pattern. In this context see Brooks article about the coming culture wars that cut across party lines and are based on values.
Grouped Articles
Banks' Lobbyists Help in Drafting Financial Bills
New York Times 05/23/2013
Obama's Health Expert Gets Political
Wall Street Journal 07/24/2009
New York Times 10/04/2009
New York Times 10/19/2009
No Walk in the Park: For Obama One Year Later, It’s the Slog of Governance
New York Times 11/04/2009
In House, Many Spoke With One Voice: Lobbyists’
New York Times 11/15/2009
The watering down of banking reforms in Congress.
10/15/2009
Not allowing states to regulate banks risks repeating some of the mistakes made in the events leading to the mortgage related global financial crisis,
Grouped Articles
Trench Warfare: Send In the Deputies
New York Times 04/16/2010
New York Times 04/18/2010
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Volcker Rule to Curb Bank Trading Proves Hard to Write
Wall Street Journal 09/10/2013
Compromise Bill Could Block States on Bank Rules
New York Times 10/22/2009
Obama Promises Butchers No New Financial Regulations
Unknown 10/25/2009
The inadeqacy and shortcomings of the House Financial Reform package of December 2009.
12/16/2009
For one thing the fund of money to be set aside for closing a bank is $150 billion which is only 20% of Bank of America's assets.
Grouped Articles
Trench Warfare: Send In the Deputies
New York Times 04/16/2010
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Finance Fixers Still Living in Denial
Wall Street Journal 12/16/2009
A Crisis Is a Terrible Thing to Waste
BusinessWeek 12/17/2009
The Other Plot to Wreck America
New York Times 01/10/2010
A Dubious Way to Prevent Fiscal Crisis
New York Times 06/04/2010
The lack of meaningful reform of credit rating agencies.
10/01/2009
Grouped Articles
Rating Firms Steer Clear of an Overhaul
Wall Street Journal 05/12/2013
A Warning Light to Alert the I.M.F.
New York Times 09/21/2011
The Stone Unturned: Credit Ratings
New York Times 03/22/2014
S. & P. E-Mails on Mortgage Crisis Show Alarm and Gallows Humor
New York Times 02/05/2013
S.&P. Settlement Leaves Future Unclear for Ratings
New York Times 02/03/2015
Wall Street Journal 10/01/2009
Financial regulatory reform and lobbying by the U.S. financial industry.
01/02/2009
The extensive influence of lobbyists for the banking industry in the Obama administration The cozy relationship of bankers at Chase and Goldman with Rahm Emmanuel, White House chief of staff, and Geithner, the Treasury Secretary.
Grouped Articles
Banks' Lobbyists Help in Drafting Financial Bills
New York Times 05/23/2013
New York Times 12/27/2011
Trench Warfare: Send In the Deputies
New York Times 04/16/2010
New York Times 04/18/2010
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Failure to reform the credit ratings system in the aftermath of the massive 2008 crisis.
12/08/2009
Grouped Articles
Rating Firms Steer Clear of an Overhaul
Wall Street Journal 05/12/2013
Five Years On, Confidence Still Lacking in Conflicted Ratings System
Wall Street Journal 09/11/2013
S&P to Pay $1.5 Billion to Resolve Crisis-Era Litigation
Wall Street Journal 02/04/2015
S.&P. Settlement Leaves Future Unclear for Ratings
New York Times 02/03/2015
Debt Raters Avoid Overhaul After Crisis
New York Times 12/08/2009
A Crisis Is a Terrible Thing to Waste
BusinessWeek 12/17/2009
Post crisis Derivatives Trading Reforms 2009-2013
12/17/2009
The failure in derivatives regulation. New derivatives rules under the Dodd-Frank legislation.
Grouped Articles
Big Banks Get Break in Rules To Limit Risks
New York Times 05/15/2013
Derivatives Reform on the Ropes
New York Times 05/19/2013
New York Times 04/18/2010
Economist 04/29/2010
How Wall Street Gamed Derivatives Reform
BusinessWeek 05/27/2010
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Volcker, the Volcker Rule, and the risks of the concentration of assets in a few banks in the U.S. financial system
12/17/2009
Linked Articles
Charlie Rose Talks to Paul Volcker
BusinessWeek 10/27/2011
A Crisis Is a Terrible Thing to Waste
BusinessWeek 12/17/2009
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