Wallace Stevens’ Thirteen Ways of Looking at a Blackbird came to mind Friday while watching bankers and regulators testify before the Senator Levin-lead bipartisan subcommittee hearing on “JPMorgan Chase Whale Trades: A Case History of Derivatives Risks and Abuses.” I…
Teaching and research distractions have again kept me from blogging for a while. I guess my defense is that learning the facts is always an important precursor to writing about them. This morning, however, I decided to divert from class…
Andy Haldane’s speech at Jackson Hole today, The Dog and the Frisbee, is the single best speech by a regulator or financier anywhere in 2012. It is a splendid application of complexity science to the field of financial regulation. It…
In the aftermath of the Savings & Loan (S&L) crisis of the 1980s, there were over 1800 criminal prosecutions and more than a thousand financial executives went to prison. So far the financiers who have met a similar fate in the…
Less than a month ago I discussed the disaster being experienced by the Royal Bank of Scotland (RBS) and its Irish subsidiary as a result of a software installation screwup. For RBS the nightmare continues as it now calculates the…
“Tim Geithner had evidence of a financial crime of epic proportion — so he wrote a memo,” quipped Charles Gasparino in the New York Post yesterday. This one-sentence observation of Geithner’s inaction in the face of concrete evidence of Libor-rigging…
follow: RSS