Word: bankes
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Dates: during 2000-2009
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...weak dollar is helping America's exports. But it is also spooking holders of U.S. debt, whose continued purchases of U.S. Treasury bills allow Washington to fund its deficit spending. Last week, the International Monetary Fund (IMF) announced that the Reserve Bank of India had bought 200 tons of IMF gold reserves, the biggest single purchase by a central bank in 30 years. That pushed the price of gold past $1,100 an ounce, the latest record breaker in a string of new highs, as the market anticipated gold buying by other central banks to hedge against a falling dollar...
...often by the seat of their pants, how events would unfold. In Too Big to Fail, Sorkin, a New York Times reporter, takes us inside the cozy world of Wall Street chieftains and their Washington alter egos. Why did the U.S. Treasury Department ask Congress for $700 billion in bank-bailout funds? Because $500 billion felt too small and $1 trillion politically impossible; one staffer, charged with justifying the figure, laughed "at the absurdity of it all." Sorkin's meeting-by-meeting account reveals just how close we came to any number of alternate realities: Morgan Stanley going bankrupt...
With Goldman Sachs employees on track for their best bonus year ever, the investment bank's executives have been making the case that their bounty is good for all of us. "We contribute to growth," CEO Lloyd Blankfein said at a breakfast put on by FORTUNE. "Once the economy starts to turn, we get very involved." In a discussion about morality and markets at St. Paul's Cathedral in London, Goldman Sachs International vice chairman Brian Griffiths, a former adviser to Margaret Thatcher, described giant paychecks for bankers as an economic necessity. "We have to tolerate the inequality...
...Dodd would like to gut bank regulators like the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Federal Reserve and the Office of Thrift Supervision (OTS). He would give their power to supervise and regulate banks to a new, single bank regulator with power to set capital requirements and ensure stability. By contrast, the Frank-Geithner-negotiated bill in the House would do away with only the OTS, leaving the FDIC in charge of state-chartered-bank supervision, the OCC in charge of nationally chartered banks and the Fed in charge of complex...
...Dodd proposal would likewise strip the existing regulators of their consumer-watchdog role, putting that authority in a new, separate body, the Consumer Financial Protection Agency (CFPA). In this Dodd, Frank and Geithner agree that a single agency should not be responsible for both ensuring bank stability (read: profitability) and protecting consumers. The CFPA would have rule-making, supervisory and enforcement authority to hunt abuses in lending and fee-setting. The FDIC would continue to exist as an insurer of deposits, while the Fed would continue to control monetary policy and oversee national financial stability...