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Word: bankses (lookup in dictionary) (lookup stats)
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To halt these abuses Democratic Senator Carl Levin has reintroduced a bill he co-sponsored last year, with then Senator Barack Obama, that makes a seemingly simple new demand - that states add a single additional question to their incorporation application: Who are the beneficial owners? (Foreigners would also have to...

Author: /time Magazine | Title: Why U.S. Law Helps Shield Global Criminality | 2/2/2010 | See Source »

Like what? One approach is to lay on a heavy cost of being big. Too-big-to-fail banks should have a capital cost that will make it a disadvantage to compete in the riskiest parts of the financial-services market. I also like President Obama's recent proposal, the...

Author: /time Magazine | Title: An Ex–Goldman Partner Lets Loose on Wall Street | 2/2/2010 | See Source »

A lot of people are saying that proprietary trading didn't cause the financial crisis. So why focus on that? Proprietary investing certainly played a big role in the financial crisis. Bear Stearns, Merrill Lynch, Lehman Brothers, UBS and Citigroup all had large amounts of mortgage bonds or real estate...

Author: /time Magazine | Title: An Ex–Goldman Partner Lets Loose on Wall Street | 2/2/2010 | See Source »

Wall Street also seems unhappy about a fee for being big. Financial executives don't like the idea of having to pay a too-big-to-fail tax, but nonetheless I think they get it. Banks pay for deposit insurance - this just extends the idea to the rest of the...

Author: /time Magazine | Title: An Ex–Goldman Partner Lets Loose on Wall Street | 2/2/2010 | See Source »

Why not just break up the biggest firms? I'm a Republican and a former Wall Streeter and don't favor government intervention in markets. But I can see where breaking up the banks would be a positive for the free markets. We want a system where firms are able...

Author: /time Magazine | Title: An Ex–Goldman Partner Lets Loose on Wall Street | 2/2/2010 | See Source »

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