Sheila Bair’s five-year term as Chairman of the Federal Deposit Insurance Corporation (FDIC) ends today, Friday, July 8th. During her tenure, Bair racked up an impressive list of achievements. Notably, even with the recent wave of bank failures, Bair managed to use only the industry-supplied deposit insurance fund (DIF), and not taxpayer dollars to...
Secretive practices and institutions are common in contemporary finance. For those who’ve ceased the search for long-term value creation, temporary information advantage is key. Even commonplace practices can be reinterpreted as havens of hiddenness. My colleague Michael Simkovic’s article “Secret Liens and the Financial Crisis of 2008” exposes the role of derivatives and securitization...
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A few days after he made the fateful acquisition of Golden West, Ken Thompson, then CEO of Wachovia Corporation exuberantly celebrated the universal bank model that had emerged in the United States in the wake of the repeal of the 1933 Glass-Steagall Act: here is great value in the universal bank model for both...
One might be forgiven for believing that the Republicans have a death wish. No longer able to run on a credible national security platform, they appear to be positioning themselves on another four losing propositions: * refusing to lift the debt ceiling, even though business leaders as prominent as Jamie Dimon have deplored the...
This morning the Federal Aviation Authority’s head of air traffic control, Mr Hank Krakowski, resigned. He was taking responsibility for the recent incidents in which air traffic controllers were found to have been asleep on the job. The FAA Administrator has clearly decided that if Mr Krakowski did not go then he would likely...
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