Word: bankses
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Much of the shadow-banking system is now gone or in hibernation. Two of its leading institutions, Goldman Sachs and Morgan Stanley, have become commercial banks. With fewer competitors, banks have a lot more pricing power, while Federal Reserve lending programs and Federal Deposit Insurance Corporation (FDIC) guarantees of deposits...
The question is, Would that be a good thing? Many outside observers have argued that the financial system needs shock treatment, in which the government takes over more banks and forces the entire banking system to flush bad assets from its books. If you priced all bank assets at current...
That's looking now to be a far likelier course of action than it seemed just a few weeks ago, meaning that our banking system may survive more or less intact. This seems like a terrible cop-out, until you consider that this financial crisis wasn't initiated by the...
Before the inflation and deregulation of the 1970s put an end to old financial ways, the formula for successful banking was said to be 3-6-3: bankers borrowed at 3%, lent at 6% and hit the golf course by 3 p.m. It was an inefficient, seemingly archaic system. But...
But although Vargas enjoys conspicuous wealth in the U.S., his banking career in the country has met obstacles. In 1993 he paid the Federal Reserve Bank of New York $1.5 million in fines after it determined Vargas had lied about his knowledge of fraud that executives had committed at a...