Banking, Regulations

Prosecute The Bankers, Not The Banks

DealBook ran an interesting piece by Peter J. Henning on Monday about the continued legal problems faced by major U.S. and European banks. It seems that all the losses, fines, convictions, and bad publicity over the last few years has not stopped the illegal behavior in the sector. In fact, notes Henning, some of the biggest names […]

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Banking, Regulations

NY FED: It’s Time to Rewrite the Rules of Wall Street

Regular readers of this blog know that I strongly believe that the U.S. has so far wasted the opportunity the last financial crisis gave us to reform Wall Street. Despite the chorus of voices saying that it’s time to fix the heart of the capitalist system, regulatory responses have been weak or inconsistent, and that is putting it mildly. So […]

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Banking

FT: “Mood on banking turns full circle”

FT has some good news for bankers: apparently, the storm in over and they can even “admit their profession at dinner parties these days” An excerpt: Bob Diamond was three years ahead of his time. When the former head of Barclays told a parliamentary committee in January 2011 that the “period of remorse and apology . . . needs to […]

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Banking, Economics

Is the Fed Santa or Grinch?

Continuing our Christmas theme, there’s a short piece by Amy Farber at on the NY Fed’s web page, which asks if the Fed is more like Santa or the Grinch? Because the Federal Reserve has something to do with how much money is flowing and how much consumers believe they can spend, the Fed itself […]

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Banking, Finance, Regulations

The Lure of Quanxi: East and West

The Economist posted an interesting small piece yesterday about the current investigation of US bank’s hiring of Chinese “princelings” in their China offices. Of course, as the article points out, no one in China would be surprised to learn that the latest intern to join a team was the son/daughter/niece/nephew/etc. of a government official. As […]

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Banking, Economics

SOMA: History and Analysis

The NY Fed has started an interesting series on its “System Open Market Account” (SOMA), which is basically the Fed’s open market portfolio.   As the Fed notes: Given increased interest in the Fed’s balance sheet and income, we’re writing a series of blog posts on the SOMA portfolio and the income it generates. The […]

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Banking, Books, Economics, Finance, Society

Recent Read: “The Unwinding” by George Packer

Bottom line: American society is experiencing economic disintegration, driven by selfishness and a disregard for the fundamental rule of law. Rating: Must (if depressing) Read  The book jacket off George Packer’s The Unwinding says that the book is a profile of “a superpower in danger of coming apart at the seams.” After finishing this sweeping and […]

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