Monthly Archives: March 2011

Alan Greenspan is disappointed in Dodd-Frank

I am devastated. Writing in the Financial Times today, Alan Greenspan, argues that the Dodd-Frank Wall Street Reform and Consumer Protection Act will have–indeed is already having–unintended consequences. He cites five specific cases. 1) Making credit ratings agencies legally liable … Continue reading

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On low probability-high cost events

Earthquakes, tsunamis, and nuclear accidents are low probability-high cost events. So are financial crises. There is nothing we can do to prevent earthquakes and tsunamis.  Sure, with improving technology, we are sometimes able to get a bit of advance warning.  … Continue reading

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Japanese tragedy

The tragedy unfolding in Japan at the moment is of unfathomable proportions.  Natural disasters, nuclear disasters, and a great deal of worry that the worst is not yet passed. This is, of course, not the first time Japan has been … Continue reading

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Playing Chicken in the City (Chicken à la King?)

It looks the banking news from Britain will continue to be interesting for a while. The Treasury and Bank of England Governor Mervyn King are lining up in support of the as-yet unreleased report of the UK Independent Commission on … Continue reading

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Forum shopping

The Financial Times reports that Oswald Grübel, chief of the Swiss bank UBS, “…has attacked the UK government for its public neglect of the City of London, warning that tougher regulations will see Britain and the rest of Europe cede … Continue reading

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