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Bloomberg View: Worrying About Big Banks’ Afterlives; GOP Intransigence on Taxes
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Bloomberg View says it is important for the living wills for U.S. banks that are "too big to fail" to be ready by the end of August 2011. This is required under the Dodd-Frank legislation. The living wills are designed to provide the government and the FDIC with an orderly pathway for winding down the business of a bank. On August 8, 2011, when the Dow Jones Averages dropped by 634 points, shares of Bank of America and Citigroup led the decline. Bloomberg points out that investors think Bank of America's net worth is only one third of what the bank claims, and for Citigroup this is less than half. Investors view the stocks of these banks as risky because they are likely to need to raise fresh capital and this would dilute the value of existing shares.
Evidence of "Too Big To Fail" in the US Federal Reserve's 2008 Bailout Files
01/20/2009
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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 12/02/2010
Wall Street Journal 12/02/2010
Hedge Funds Tapped Rescue Program
Wall Street Journal 12/02/2010
Liquidity Facility Was Lifeline for Wall Street
Wall Street Journal 12/02/2010
Not just "too big to fail" but too big to run.
10/01/2009
Bank of America is 10 times the size of Exxon. It has $2.3 trillion in assets.
Grouped Articles
Weâre All Still Hostages to the Big Banks
New York Times 08/25/2013
Soothing Words on 'Too Big to Fail' But With Little Meaning
New York Times 12/11/2013
Wall Street Journal 05/01/2013
Economist 10/08/2009
Economist 10/01/2009
Irreversible Damage: Why Little Action on Banking Can Do Great Harm.
New York Times 04/30/2010
Thomas Hoenig and other experts on the "too big to fail" banking crisis that hovers over the U.S. economy
09/23/2010
Former Fed Governor of the Kansas City Federal Reserve Bank for 20 years, Thomas Hoenig, has followed Fed policy over a long period. He has maintained throughout that government backing takes away an essential element in the safe and conservative practices of financial institutions by encouraging the taking of excessive risks. The only way to ensure their safety is for creditors to know they bear serious risks and for the systemically important financial insitutions to know that not following safe financial practices can put these institutions and management out of business.
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
Soothing Words on 'Too Big to Fail' But With Little Meaning
New York Times 12/11/2013
BusinessWeek 09/23/2010
Wall Street Journal 05/01/2013
Banks Ordered to Add Capital to Limit Risks
New York Times 04/08/2014
Barney Frank on the Dodd-Frank financial reform law, one year later in 2011
04/16/2010
Frank gives the CFTC, and S.E.C. good grades for working in difficult conditions to write the rules. He gives the Comptroller of the Currency a D grade His main fear is the Republicans in Congress stalling and crimping the resources and functioning of the regulatory agences. He fears that Republican politicians with financial backing from the banking industry are looking at 2012 elections as an opportunity to reverse the changes. Chris Dodd is now a lobbyist for the Motion Picture Industry.
Grouped Articles
Banks Criticize Strict Controls for Foreign Bets
New York Times 04/30/2013
New York Times 12/27/2011
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
Obama Presses for Action on Bank Rules
New York Times 08/19/2013
Volcker Rule to Curb Bank Trading Proves Hard to Write
Wall Street Journal 09/10/2013
How the U.S. Federal Reserve and Treasury define "Systematically Important" or "Too Big to Fail"
02/09/2011
The Fed defines the term as required by the Dodd-Frank financial regulation law.
Grouped Articles
GE Capital, AIG to Get More Government Oversight
Wall Street Journal 07/09/2013
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Wall Street Journal 05/01/2013
Fed’s Tarullo Reiterates Support for Raising “Systemically Important” Threshold
Wall Street Journal 03/20/2015
Fed Moves to Label 'Systemically Important' Nonbank Firms
Wall Street Journal 02/09/2011
The Fed's A-Team Hunts for Signs of Risk
BusinessWeek 02/17/2011
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
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
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