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The Other Plot to Wreck America
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Frank Rich on the ticking bomb in the banking system and the bank lobbying that has kept reform from happening. Phil Angelides leads the Financial Crisis Inquiry Commission which is due to begin hearings soon. But says Rich, Angelides who is following in the footsteps of Ferdinand Pecora who investigated the 1929 crash as chief counsel of the Senate committee that did the investigating, will have to deal with a lot of resistance as he tries to alert the public to the need for action before a new crisis develops. For this to happen there will be aneed for more awareness of what happened, and a serious investigation, and prosecutions where necessary. Interestingly National City Bank was investigated then by Pecora. It is the predecessor of today's Citibank. At the time National City repackaged bad Latin American debt as new securities which it sold eaily to investors who later lost badly. Weill and Rubin at Citigroup made a series of bad decisions at Citigroup leading to huge losses at the bank, for which they have not accepted responsibility.
Greenspan's role in the global financial crisis of 2008.
04/08/2008
The role that Greenspan's philosophy of letting markets do their own thing without any sort of restraint or checks played in the collapse in 2008 across the US, Europe and emerging markets.
Grouped Articles
His Legacy Tarnished, Greenspan Goes on Defensive
Wall Street Journal 04/08/2008
Taking Hard New Look at a Greenspan Legacy
New York Times 10/09/2008
Asian Officials Push Back Against Savings Glut Theory
Wall Street Journal 07/04/2009
A Year After a Cataclysm, Little Change on Wall St.
New York Times 09/12/2009
Summers Says More Regulators Could Join Fed to Police Risk
Wall Street Journal 09/12/2009
Fed Chooses Staff Economist as Head of Bank Supervision
Wall Street Journal 10/21/2009
2008 global financial crisis and the incomprehensible- Are the old faces that put the whole financial system at risk, now the new faces trying to fix it?
01/15/2009
Sir James Crosby is the old face of HBOS bank which needed $17 billion of British government money, he has also been Deputy Chairman of the Financial Services Authorty since 2006. Has part of the problem been that regulatory agencies have been run by the very people they were supposed to regulate. In the process has the regulatory mindset which is supposed to have conservative instincts and to be skeptical of newly contrived schemes and ever vigilant, been destroyed or replaced with something foreign to the task of regulation.
Grouped Articles
Obama's Pick to Head SEC Has Record Of Being a Regulator With a Light Touch
Wall Street Journal 01/15/2009
Schapiro Pledges Vigilance as SEC Chief
Wall Street Journal 01/16/2009
SEC Chief Pledges Effort To Bolster Enforcement
Wall Street Journal 02/07/2009
SEC Expected to Name Khuzami Enforcement Director
Wall Street Journal 02/09/2009
Top Enforcer at the S.E.C. Steps Down
New York Times 02/10/2009
British Regulator Quits as Accusations Mount in Banking Crisis
New York Times 02/12/2009
Business as usual at banks but serious operational problems says Whalen of Institutional Analytics in 2009
08/23/2009
A study of FDIC data for regional and community banks shows situation worsening in 4th quarter 2009. The stress tests for big banks use a 9% loss rate and we are already there says Whalen.
Grouped Articles
Second-Lien Loans May Prompt New Losses for Banks
New York Times 07/16/2011
A Dubious Way to Prevent Fiscal Crisis
New York Times 06/04/2010
What the Stress Tests Didn’t Predict
New York Times 08/23/2009
How the Fed Can Avoid the Next Bubble
Wall Street Journal 10/06/2009
Recession Spells End for Many Family Businesses
Wall Street Journal 10/06/2009
The Banking System Is Still Broken
Wall Street Journal 10/16/2009
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
Paul Volcker's fading influence on the Obama administration.
04/11/2009
Former Fed chairman Paul Volcker added to the credibility of the incoming Obama administration during the early days. Now his advice about the need to reinstate a wall between banking for taking federally insured deposits and making loans, from investment banking's trading in securtities, is beig ignored. He does not think regulation will be effective. One reason our system does not work thay way. Influential bankers can water down financial regulation in Congress.
Grouped Articles
Volcker Assumes Smaller-Than-Expected Role With Obama
Wall Street Journal 04/11/2009
Volcker Fails to Sell a Bank Strategy
New York Times 10/21/2009
Fed Chooses Staff Economist as Head of Bank Supervision
Wall Street Journal 10/21/2009
BOE's King: Big Banks Should Get Broken Up
Wall Street Journal 10/21/2009
Britain and Its Central Bank Disagree on Banking Laws
New York Times 10/22/2009
Fed's Tarullo Shakes Up Bank Rules
Wall Street Journal 10/26/2009
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
Danel Tarullo's lone effort at the Federal Reserve- 2009-2010
10/01/2009
Daniel Tarullo steps in around September 2009, when Congress and the administration have already buckled under pressure from the lobbying by the banking industry to weaken essential regulatory reform in derivatives trading, and in other reforms. Volcker is 82, and rarely uses his Washington office (ignored?), Tarullo is looked at by staff at the Fed from the previous lax regime of regulation with skepticism. Mervyn King at the Bank of England is alone in calling for the breakup of big banks into smaller banks, and separating utility and investment banking, which Volcker supports. As it stands now bank regulation falls under the FSA in England, with the Conservatives under Osborne looking to give the Bank of England this authority. And all the time banking behaviours at investment banks and trading desks continue in a business as usual manner.
Grouped Articles
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Fed Boosts Pressure on Banks Over Capital Levels
Wall Street Journal 08/20/2013
Banks Ordered to Add Capital to Limit Risks
New York Times 04/08/2014
Fed’s New Bank-Regulation Tune Should Be One Direction
Wall Street Journal 12/02/2014
Washington Strips New York Fed’s Power
Wall Street Journal 03/05/2015
U.K. Banks Face Political Upheaval
Wall Street Journal 10/27/2009
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
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
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
Questions America asks it financial leaders in the light of the cratering going on in the world of finance and ordinary American's retirement savings.
01/28/2008
As a large part of 401 K's disappear and retirement savings are hurt badly Americans are asking questions of public servants and leaders in finance.
Grouped Articles
Chuck Schwab Is Worried About Small Investors. Should We Worry Too?
BusinessWeek 05/27/2010
Paulson’s Deal-Making Revives Treasury’s Relevance
New York Times 01/28/2008
Paulson Drove Plan to Shore Up Fannie Mae, Freddie Mac
Wall Street Journal 07/15/2008
Taking Hard New Look at a Greenspan Legacy
New York Times 10/09/2008
The Guys From ‘Government Sachs’
New York Times 10/19/2008
No More Economic False Choices
New York Times 11/03/2008
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
S.E.C.'s failure in fraud prevention and supervisory role for financial institutions.
08/24/2009
Grouped Articles
SEC's Top Cop Oversaw Deutsche CDOs
Wall Street Journal 04/24/2010
Inside the End of the U.S. Bid to Punish Lehmann Executives
New York Times 09/08/2013
S.E.C. Tension As It Examined Mortgage Cases
New York Times 12/19/2013
Elizabeth Warren: One Way to Rebuild Our Institutions
New York Times 01/29/2016
BofA Ruling Questions an SEC Weapon
Wall Street Journal 09/16/2009
Wall Street Journal 09/15/2009
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
Bank of England governor Mervyn King sees the need to breakup the biggest banks.
01/28/2008
Volcker in the USA and Mervyn King in England both agree that speculative and utility banking should be separated, and too big to fail banks broken up. Regulation to prevent a future banking crisis they agree is something of an illusion.
Grouped Articles
Weâre All Still Hostages to the Big Banks
New York Times 08/25/2013
BOE's King: Big Banks Should Get Broken Up
Wall Street Journal 10/21/2009
Britain and Its Central Bank Disagree on Banking Laws
New York Times 10/22/2009
Less Talk, More Action Needed by Fed
Wall Street Journal 10/24/2009
Fed's Tarullo Shakes Up Bank Rules
Wall Street Journal 10/26/2009
Economist 10/26/2009
Steps to take to prevent a new financial crisis.
10/23/2009
Views of Alan Meltzer and others. Steps that would reduce deficits, reverse excessive easing gradually and early, without hurting a weak economy. Lack of action could blow ahole in the dollar and start a downturn say some experts.
Grouped Articles
Preventing the Next Financial Crisis
Wall Street Journal 10/23/2009
Is the U.S. Economy Turning Japanese?
Wall Street Journal 10/27/2009
The Other Plot to Wreck America
New York Times 01/10/2010
New York Times 08/21/2010
Financial Crisis Was Avoidable, Inquiry Concludes
New York Times 01/25/2011
John Taylor: The Republicans' Shadow Fed Chairman
BusinessWeek 01/20/2011
The right incentives for banking regulators to prevent local regulatory capture.
10/01/2009
The need for financial incentives ad better pay. And the importance of letting supranational institutions handle banking oversight.
Grouped Articles
Economist 10/01/2009
The Other Plot to Wreck America
New York Times 01/10/2010
India and America, Two Peas in a Pod
New York Times 11/08/2011
In Hunt for Securities Fraud a Timid S.E.C. Misses the Big Game
New York Times 12/15/2011
Doubts Greet Plan for Euro Zone Bank Regulator
New York Times 07/01/2012
Jim Rogers has some useful thoughts about the economic crisis.
01/02/2009
Jim Rogers a co-founder of Quantum Funds along with Soros, talks to Maria Bartiromo. He thinks LTCM or Long Term Credit Management, which was rescued by the Fed and Treasury in the Greenspan-Rubin era, should have been allowed to fail. The economy would have been able to handle the resulting dislocation.It would have sent strong signals to the banks and made them cautious about overleveraging and bad bets. Lehman would have taken time to recover and things would be different today.
Grouped Articles
Jim Rogers Doesn't Mince Words About the Crisis
BusinessWeek 02/26/2009
The Other Plot to Wreck America
New York Times 01/10/2010
Greenspan image tarnished by newly released documents - The Washington Post
Washington Post 01/13/2012
Inside the Fed in 2006: A Coming Crisis, and Banter
New York Times 01/12/2012
Fed chief Bernanke urges better financial regulation to prevent crises
Washington Post 01/04/2010
Mr. Rajan Was Unpopular (But Prescient) at Greenspan Party
Wall Street Journal 01/02/2009
Financial engineering at Goldman Sachs
01/09/2010
How Goldman designed financial securties called Abacus to profit from securities if the housing market collapsed.
Grouped Articles
A Moot Effort to Burnish the Reputation of Goldman Sachs
New York Times 10/23/2013
The Other Plot to Wreck America
New York Times 01/10/2010
Wall Street Journal 01/09/2010
Goldman Chief Defends Firmâs Actions on Mortgage Deals
New York Times 04/27/2010
Meet the Real Villain of the Financial Crisis
New York Times 04/27/2010
BusinessWeek 04/22/2010
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