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First came the financial sector. Bankruptcy has never really worked for banks, because mere rumors that a bank is headed for failure can drive it under. That's why Congress long ago created a separate regulatory system and reorganization process for banks, with the Fed and the fdic at the center. Over the past quarter-century, though, a "shadow banking system" of investment firms, hedge funds and derivatives dealers grew up that was subject to the same risks as banks but not the same rules. In September, Lehman Brothers, a major cog in this system, filed for Chapter...
...American Bankers Association. The panel, entitled “Financial Re-Regulation: The Economics and the Politics,” was moderated by Richard Parker, a senior fellow at the Shorenstein Center and a HKS lecturer. Former U.S. Senate Staff Attorney Jack Blum—who has worked on bank and securities firm compliance, international financial crime, money laundering, and offshore tax evasion—rounded out the panel. The panel spent much of the time addressing the root causes of the economic crisis, and generally agreed that the lack of transparency in the financial markets was a top reason...
...complicated. Negotiating Bill Clinton's portfolio has been one sticking point. The conundrum was on display on Nov. 16 even as Bill hailed his wife's potential to be "really great as a Secretary of State." He made that comment while giving a paid speech for the National Bank of Kuwait, which is the kind of thing for which he earned more than $10 million last year alone. Beyond his six-figure speaking fees, there are also a myriad of undisclosed contributions to the former President's far-flung charitable endeavors and to his presidential library, many of which have...
...TIME estimates that as many as 285,000 Minnesota voters submitted absentee ballots. The number of rejected ballots is not yet known. Still, if Franken gets the state's other counties to give him voter information for their rejected absentee ballots, he might be able to move toward a bank of 16,000 uncounted ballots, if each county rejected a similar percentage as Ramsey. "If [Franken] can get those rejected ballots in the mix I think he's got a much stronger opportunity to win the race," says David Schultz, a Hamline University professor who specializes in elections...
...Kong, which in the third quarter grew at their slowest pace in more than six years. Hit by higher costs, slowing orders and tightening credit, thousands of factories owned by Hong Kong firms are closing up in southern China's industrial heartland. This week, HSBC, the city's largest bank, said it would layoff about 450 people in Hong Kong due to deteriorating business conditions and a poor outlook for next year. Supply chain-management firm Li and Fung, which sources clothing and other consumer goods for major American retailers and brands, announced this month that it was "undertaking...