Word: banks
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...times, the top executives did contend that regulation might have been too loose leading up to the crisis, but they stressed that that was no longer the case. All thought that the government needed the power to resolve large troubled institutions. Brian Moynihan, CEO of Bank of America, said the resolution authority could be based on the way the Federal Deposit Insurance Corp. closes down smaller banks, which involves auctioning off troubled institutions to stronger competitors, often with a government guarantee for risky assets. Also questioned by the panel was Morgan Stanley's chairman, John Mack. (See 25 people...
...restrictions on the way large Wall Street firms like Goldman do business, Blankfein said there were already too many constraints. He said that since his firm began to be regulated by the Federal Reserve and not the Securities and Exchange Commission - a switch that happened when Goldman became a bank-holding company in late 2008 - the oversight of his firm had increased to a level that, given all that had happened, seemed right. "Perhaps there should have been more [regulation] than there was before September 2008," he said in response to a question about whether regulators had done their...
...more interesting exchanges came when FCIC members asked the CEOs if they thought that Wall Streeters should get a portion of their compensation in the products they were selling to customers, like mortgage bonds or stocks. In late 2008, investment bank UBS instituted such a plan. The executives, however, said forcing banks and other employees to hold on to products they were selling would cause conflicts of interest and limit their ability to do business. Instead, the executives said they instituted so-called clawback provisions, which allow banks to reclaim compensation from bankers who sell products that cause the firm...
...Which of the following types of investment would best protect the purchasing power of a family's savings in the event of a sudden increase in inflation? A. A 10-year bond issued by a corporation B. A certificate of deposit at a bank C. A 25-year corporate bond D. A house financed with a fixed-rate mortgage 36% of high school seniors answered this question correctly
Rosenberg believed that Colom was involved in the Musa killings, which remain unsolved. In the video, recorded the week before his death, Rosenberg alleged that Colom, his wife and two associates were using the state-owned development bank for money laundering. The group then ordered the Musa killings to conceal the scheme, Rosenberg alleged...