Word: last
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Dates: during 2000-2009
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...have 25 ways in the program of the show from last night. Any of those ways are fabulous beginning ways to make love to the earth. Give her a massage with your feet...
...Last Thursday, I attended former New York Governor Eliot Spitzer’s timely and stimulating lecture on banking reform. Spitzer exhibited a thorough understanding of the causes of the recent financial crisis and laid out a convincing case for robust regulation of America’s troubled banking system. Among other things, he concluded that the sheer size of American banks was a major contributor to the financial crisis and continues to present a systemic risk to the economy...
...passed the Gramm-Leach-Bliley Act, allowing retail banks (which accept deposits and issue personal loans), investment banks (which trade securities and manage corporate acquisitions), and insurers to merge. Subsequently, the pace of bank mergers accelerated, creating gigantic one-stop financial shops. When these banks teetered on the brink last year, Congress, fearing that their collapse would cause economic cataclysm, was forced to bail them...
Conglomerate banks that are too big to fail are often too big for executives to manage effectively. As Spitzer pointed out last week, most bank CEOs probably did not want to take on ruinous amounts of risk, but the scale of their operations hindered their oversight. Unsurprisingly, these financial behemoths tend to become unwieldy as they attempt to do too much at once. Consider the case of Citigroup, the product of Citibank’s historic 1998 merger with Travelers, an insurance company. The one-time “financial supermarket” was exposed as a bloated, mismanaged basket...
Finally, conglomerate banks are often large enough to stifle competition. Last month, Alan Greenspan argued that institutions deemed “too big to fail” operate under an implicit subsidy from the government, since they would likely be rescued in a future financial emergency. This allows these banks to borrow more cheaply than their competitors and gain even greater market share. Today, four conglomerate banks (JPMorgan, Citigroup, Wells Fargo, and Bank of America) hold 39 percent of all domestic deposits. Placing this many eggs in four baskets will harm the entire economy should one mega-bank falter...