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...
The best way for us to approach financial reform is to understand financial markets and the financial system itself as a series of highly complex adaptive systems–a rich and diverse ecology. These ecologies are continually evolving. They are inhabited by highly complicated organisms–all behaving in very complicated ways–such as banks, exchanges, regulators and people....
Today the Financial Crisis Inquiry Commission released its long-awaited report ( The Financial Crisis Inquiry Report: Financial Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States). The Report of the ten-member, bipartisan Commission, consists of the official report adopted by a majority (six) of the...
Brooke Masters describes in today’s Financial Times how the original ambition of global regulators, in the midst of the Great Financial Crisis, to develop a unified and determined approach for addressing global financial stability and averting financial crises has steadily degenerated into a diaspora of different approaches by various countries and regions. In her...
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...
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