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 is a succinct analysis of why “more begets more,” why big finance is leading us…
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 wake of the Financial Crisis—the likes of Bernie Madoff, Nevin Shapiro, Raj Rajaratnam and Rajat…
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 huge losses it experiencing as a result of the technology meltdown, its “mis-selling” of interest…
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