By Simon Johnson, James Kwak
Inspite of its key function in growing the ruinous monetary obstacle of 2008, the yankee banking has grown larger, extra ecocnomic, and extra immune to rules than ever. Anchored through six megabanks whose resources quantity to greater than 60 percentage of the country’s gross family product, this oligarchy proved it may first carry the worldwide economic system hostage after which use its political muscle to struggle off significant reform. 13 Bankers brilliantly charts the increase to strength of the monetary quarter and forcefully argues that we needs to get a divorce the massive banks if we wish to stay away from destiny monetary catastrophes.
Updated, with new research of the government’s contemporary try and reform the banking undefined, this can be a well timed and professional account of our political economic system.
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Extra info for 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown
Certainly, no one is implementing any real reform of the system that created the catastrophe. It is clear that real change won’t occur unless the public demands it. reform The problem is that more is being done to change the perception of what went wrong than to change the underlying factors that caused the rot. Overriding any one element of reform is the general need for a more tightly regulated system of corporate rules and stiffer penalties for not adhering to them, including, at a minimum, steeper jail sentences and ﬁnes and, ideally, dissolution of a corporation’s right to exist if it violates those rules.
He was a key architect of the Glass-Steagall repeal that enabled megabanks, which funded these operations, to form. When Gramm left Congress, he landed an executive position at UBS, the big Swiss bank that bought Enron’s trading business. There, in the leveraged buyout division, he’ll be able to guide UBS to proﬁt by picking up the pieces of the energy market he helped destroy. Colin Powell, another triangle ﬁgure, was on the board of AOL. He introduction 21 resigned on January 11, 2000, the same day the FCC issued its approval of the AOL Time Warner merger, an all-stock deal whose value has only plummeted since it took place.
Hank Paulson, the CEO himself, took credit derivatives on board as his personal pet project. They were hot because they offered a new way to trade the future value of a corporation’s ability to repay debt without buying or selling corporate bonds. They were proﬁtable for investment banks because they were new, and like any new ﬁnancial product, the spread or differential between the buying and selling price was wide, which meant there was more room to extract trading proﬁts or sales commission.
13 Bankers: The Wall Street Takeover and the Next Financial Meltdown by Simon Johnson, James Kwak