‘Reforming Global Finance’
News, opinion, proposals for reforming finance at global and national levels. Tracks new laws to curb speculative finance, transaction taxes and how financiers caused the collapse of 2008-9. News on monetary-systems reform of the Federal Reserve, IMF, World Bank, BIS and central banks.
Congressional Oversight Panel Report: The AIG Rescue, Its Impact on Markets, and the Government’s Exit Strategy
Congressional Oversight Panel report concedes that lack of regulatory oversight led to AIG failures requiring total government assistance of $182 billion. The report finds there were other options to a bailout, and that the government's actions have a continuing "poisonous effect" on the marketplace. Read more...
Yesterday, the House and Senate began discussing their two financial reform bills, and they'll begin hammering out the differences between them next week to create a final version. (Click here to see if your Senators and/or Representative serve on the important committee merging the two bills.) They hope to pass, and the President hopes to sign, a [...]
Richard Fisher (Federal Reserve Bank Of Dallas): Larry Summers, The G20, And Financial Dementia Posted: 06 Jun 2010 05:42 PM PDT By Simon Johnson, co-author of 13 Bankers: The Wall Street Takeover and The Next Financial Meltdown Richard Fisher, president of the Dallas Fed, has long been a proponent of serious financial sector reform. As a [...]
Eugene Fama: “Too Big To Fail” Perverts Activities and Incentives Posted: 02 Jun 2010 03:07 AM PDT By Simon Johnson, co-author of 13 Bankers In our continuing financial debate, one of the central myths – put about by big banks and also not seriously disputed by the administration - is that reigning in “too big to fail” banks is [...]
VON/FROM: Peter Wahl Dear friends, the EU commissioner for Internal Market, Michel Barnier - also responsible for the EU package on financial reforms - issued an official communication last Wednesday, May 26th, on a European project of a bank levy with some relevance for the debate on the FTT. (more…)
INTERNATIONAL TRADE UNION CONFEDERATION ITUC OnLine 078/040610 Trade Unions Warn G20 Finance Ministers Against Inaction Brussels, 4 June 2010: As G20 Finance ministers and central bankers meet in Busan , Korea , on June 4-5, 2010, with proposals to introduce new taxes on banks and other financial institutions high on their agenda, trade [...]
Financial Reform Lobbying is Jobs Program for K Street Politico, USA Today, Wall Street Journal, National Journal, and a number of other media organizations and blogs picked up a Center analysis of money and lobbyists deployed in the financial reform debate. Some 850 banks, hedge funds, manufacturers, industry groups and other interests hired [...]
Wall Street CEOs Are Nuts Posted: 26 May 2010 07:15 AM PDT By James Kwak “Geithner’s team spent much of its time during the debate over the Senate bill helping Senate Banking Committee chair Chris Dodd kill off or modify amendments being offered by more-progressive Democrats. A good example was Bernie Sanders’s measure to audit the [...]
Dear friends, the EU commissioner for Internal Market, Michel Barnier - also responsible for the EU package on financial reforms - issued an official communication last Wednesday, May 26th, on a European project of a bank levy with some relevance for the debate on the FTT (see attachment). Very interesting is, that Barnier makes clear, that he [...]
From Barry Ritholtz Posted: 02 Jun 2010 08:30 AM PDT There is a fascinating discussion on the FT, looking for possible causes of the flash crash of May 6th: “During the 2008 financial crisis, trading in the equity markets “continued without a significant hitch. This is in contrast to the liquidity freezes and instability that were [...]