Word: crisises
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Of course, the vast majority of the 2 million new corporations formed in the U.S. every year are legitimate businesses, taking advantage of these vehicles' ability to fence off liability so that entrepreneurs are not risking their entire financial viability in any one venture. In practice there can be multiple...
But it was the largest firms that survived the crisis. Could one argue that financial firms need to get bigger, not smaller? There is no evidence that large, multiplatform banks are more efficient or able to sustain risk than smaller banks. When I was on Wall Street, we used to...
You've just completed an 80-year history of Wall Street. What did you learn? There is now about $140 trillion in market capitalization in the word's financial markets looking for investments. That money can now move around very easily. But even if a relatively small portion of that...
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...
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...