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: [T]here is great value in the universal bank model for both customers…
Today the bipartisan National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling released an advance chapter from its final report, to be published on January 11, and a summary of its findings on the blowout of BP’s Macondo well. The summary contains a number of conclusions of which two are critical. First,…
As we move for a moment beyond the pitched partisan battles surrounding financial, health care, environmental and immigration reform, many are beginning to think more earnestly about the challenge of regulation itself. My own work, along with that of a growing band of others influenced by dramatic developments in the natural and social sciences, has…
The seemingly impossible has happened! Congress has just passed massive financial reform legislation. The scale of reform introduced by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which is now certain to be signed into law, is literally monumental. Dodd-Frank contains by far the most sweeping set of reforms to financial activity that we…
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