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Category Archives: financial regulation
Reckless
The UK Parliamentary Commission on Banking Standards has just released its 500+ page report “Changing Banking for the Good.” Among the report’s more intriguing proposals is the creation of a new criminal offense: “reckless misconduct in the management of a … Continue reading
Not far enough
The International Organization of Securities Commissioners (IOSCO) published a report this week calling for the London interbank offered rate (Libor) and other such benchmark interest rates to be tied more closely to actual transactions. Sadly, the proposal does not go … Continue reading
There ought to be a law
Have you ever watched a major league infielder boot a routine ground ball and thought: “For the amount of money he’s being paid, he shouldn’t make that kind of rookie mistake”? As a fan, it is frustrating. That is how … Continue reading
Don’t Be a Regulatory Neigh-Sayer
Europe has again been rocked by a crisis. The problem was first diagnosed in Ireland in January, but it very soon became clear that its tentacles extend to Britain, France, the Netherlands, Luxembourg, Sweden, Romania, and Cyprus. What is this … Continue reading
Talking about the mortgage settlement and Basel Accords
…with Chuck Coppoloa on First Business TV.
Posted in Financial Crisis, financial regulation, Uncategorized
Tagged Chuck Coppoloa, First Business
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Wanted: Central Banker
A couple of weeks ago, the Economist magazine ran an unusual “help wanted” ad. The Governor of the Bank of England, Sir Mervyn King, will retire in June and the British government is looking for a replacement. On the one … Continue reading
Libor needs to be scrapped—not reformed
Last Friday, a top British top financial regulator issued a report suggesting numerous reforms to the London Interbank Offered Rate (Libor). Libor, a benchmark interest rate that affects more than $300 trillion in financial transactions, is constructed from the cost … Continue reading
The biggest threat to capitalism
Most of us spend more time thinking about the latest London Olympics results than the scandal surrounding the London InterBank Offered Rate, or Libor. That is a big mistake. We should be paying more attention to the Libor scandal. And … Continue reading
Posted in Financial Crisis, financial regulation
Tagged intermediation, Libor, Lloyd Blankfein, Madoff, MF Global, Subprime crisis
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Enforce the regulations that we already have
Republicans and Democrats are arguing over how many regulations we should add—or remove—from the financial services industry. Before we think about altering the regulations, we should think about enforcing the ones we currently have. Ever since the sub-prime meltdown erupted … Continue reading
