Word: streets
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...world economy is showing signs of recovery, stock markets are soaring and bankers are again awarding themselves big bonuses. But one year after the financial conflagration that devastated Wall Street and burned financial institutions around the globe, the main firefighters - central bankers, market regulators and government policymakers - continue to struggle with a central question: How do we prevent it from happening again...
...Andreas Schmitz, head of the Association of German Banks, says "it's not up to the state to decide what banks pay their employees or managers." But like other issues on the table in Pittsburgh, this is a battle bankers are likely to lose. In a speech on Wall Street on Sept. 14, the anniversary of the failure of Lehman Brothers, President Barack Obama warned the banking industry not to fight reform. "We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only...
Holding Wall Street Accountable...
President Barack Obama warned in a speech on Wall Street Sept. 14 that "normalcy cannot lead to complacency." But normalcy is leading to complacency. Consider the financial reforms that Obama's Administration wants to push through Congress: the big ones are creating a Consumer Financial Protection Agency, giving the Federal Reserve the job of systemic-risk regulator and establishing a "resolution regime" to wind down troubled nonbank financial institutions (like Lehman) and complex bank holding companies. Steps in the right direction? Probably. Truly major reforms? Not so much--and even they may not win congressional approval...
...months after Franklin D. Roosevelt took office in 1933, Congress legislated a transformation of the financial sector, establishing a new regime of securities regulation, creating the Federal Deposit Insurance Corporation and segregating commercial banks from Wall Street. It's not obvious that we need such a drastic overhaul now, but the contrast with the 1930s is stark. Ironic, too. By leaving financial markets alone, Mellon and his kindred spirits at the Fed ushered in an economic collapse that led to permanent government intervention in the financial sector. By intervening, Paulson and his kindred spirits at the Fed seem to have...