Why We Need a New Glass-Steagall Act
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Köp båda 2 för 713 krAndrew Cornford, Geneva Financial Observatory, International Development Economics Associates Wilmarth's wide-ranging commentary on underlying issues merits close attention in debates on the future of banking regulation.
Andrew Cornford, International Development Economics Associates ...Wilmarth's wide-ranging commentary on underlying issues merits close attention in debates on the future of banking regulation.
Kevin Wack, American Banker Wilmarth's deeply researched book, "Taming the Megabanks: Why We Need a New Glass-Steagall Act," is a testament to his dedication to a topic that has only periodically drawn close attention in Washington.
Saule T. Omarova, Cornell Law School, JOTWELL [Professor Wilmarth's] knowledge of the subject is unparalleled... Taming the Megabanks brings all of that immense knowledge into a compelling narrative of a decades-long process that gave us today's corporate behemoths: Citigroup, JPMorgan, Bank of America, and a few other familiar names... everyone with an interest in, or desire to understand, U.S. financial regulation and prospects for reform should read Professor Wilmarth's book. It is incredibly well-researched, densely packed with facts, deep, and thoughtful. It makes a strong case for an important structural change. And it is bound to be part of the canon.
Joseph A. Smith Jr., Global Financial Markets Center, The FinReg Blog In his new book, Taming the Megabanks, he presents a masterful summation of this critique by chronicling the history of universal banking engagement by banks in securities activities and its consequences. He then makes a powerful argument for the separation of the banking, insurance, and securities industries
Erik F. Gerding, Professor of Law and Wolf-Nichol Fellow, University of Colorado Law School Taming the Megabanks is a rare gem in financial regulation scholarship. It is both magisterial in its scope and urgent and compelling in framing a vital policy debate. This book is meticulous in its legal analysis, while providing a sweeping and lucid narrative of decades of transformation in the financial industry. Arthur Wilmarth provides a vital book for policymakers, scholars, students, and citizens looking to understand what went wrong with financial regulation and where law and policy need to go. They don't make scholars like him anymore.
Thomas Hoenig, Distinguished Senior Fellow, Mercatus Center at George Mason University Taming the Megabanks is an enormous contribution to understanding the two most financially destructive banking crises in recent America history: The Great Depression and the Great Recession. It describes the role megabanks played in each instance, and despite reforms that followed, illustrates the need to make these powerful institutions more accountable for their actions. This is a must-read book for anyone wanting to understand and improve the American banking system.
Patricia A. McCoy, Liberty Mutual Insurance Pr...
Arthur E. Wilmarth, Jr. is Professor of Law at the George Washington University Law School. Wilmarth is the co-editor with Lawrence E. Mitchell of The Panic of 2008: Causes, Consequences, and Implications for Reform and a member of the international advisory board of the Journal of Banking Regulation. He has testified before committees of the U.S. Congress and the California legislature on financial regulatory issues.
Introduction Chapter 1: Origins: The Emergence of Universal Banks in Early 20th Century America Chapter 2: Frenzy: Universal Banks Helped to Promote an Unsustainable Boom in the U.S. Economy during the 1920s Chapter 3: Foreign Affairs: Sales of Risky Foreign Bonds by Universal Banks Produced a Speculative Foreign Lending Boom Chapter 4: Crash: Universal Banks Played Central Roles in the Stock Market Boom and Crash and the Onset of the Great Depression Chapter 5: Nemesis: The Universal Banking Model Failed during the Banking Crises of the Great Depression Chapter 6: Reckoning: Universal Banks Were Discredited by the Pecora Investigation and Abolished by the Glass-Steagall Act Chapter 7: Resurgence, Part I: Federal Agencies and Courts Opened Loopholes in the Glass-Steagall Act during the 1980s and 1990s Chapter 8: Resurgence, Part II: Congress Enacted Three Statutes That Enabled Big Banks to Build Nationwide Financial Conglomerates Chapter 9: See No Evil: Policymakers and Regulators Allowed Large Financial Conglomerates to Inflate a Toxic Credit Bubble on Both Sides of the Atlantic during the "Roaring 2000s" Chapter 10: DeJa Vu - Reckless Lending and Securitization by Financial Conglomerates Triggered a Global Financial Crisis in 2007 Chapter 11: Bailouts Without End: Governments Provided Massive Bailouts to Rescue Troubled Universal Banks during the Financial Crisis Chapter 12: Unfinished Business: Post-Crisis Reforms Do Not Remove the Systemic Dangers Posed by Universal Banks and Shadow Banks Conclusion References Index