The single best thing we could do for financial reform: Triple the budgets of all financial regulatory agencies. Immediately. Regulators are woefully understaffed; this is fact.
Obama has proposed banning banks' prop trading desks and internal hedge funds. I'm fine with that, as long as it's done properly. From a P&L perspective, this is obviously bad for the Street. From a public policy perspective though, there's really no compelling reason why the banks need to have prop trading desks or internal hedge funds.
But you can't simply prohibit banks from buying and selling securities for their own account, because that's precisely what market-makers do. Market-makers have to stand ready and willing to buy or sell securities for their own account, at firm bid and offer prices. If an investor is looking to sell a security, the market-maker will buy the security using its own capital, and hold it in inventory until an investor who's looking to buy the security surfaces. This is different from having a prop trading desk, which has no market-making obligations, and essentially acts as a hedge fund (except it has the not-insubstantial advantage of being inside the prime broker).
Some people will claim that it's impossible to distinguish between market-making trades and propietary trades, but that argument is completely baseless. The banks themselves already distinguish between their market-making trades and their proprietary trades, as there's a whole different set of rules for proprietary versus market-making trades. So don't be fooled by that argument.
In any event, I don't even know why I took the time to write about this, because there's zero chance the proposals Obama announced today will ever be law. This was a fairly transparent political stunt — the White House needed to do something to take the media's focus off of health care 24/7, so they flew in Volcker and announced some proposals that sound good to the media. The two Senate staffers I talk to regularly both said their offices were basically ignoring Obama's proposals, because even if the White House fights for them (which they won't), Chris Dodd has no intention of inserting them into his committee's bill. I like how some people think Obama's proposals represent a fundamental turning point on financial reform, because....well, clearly this is their first rodeo. (Hence the uber-quixotic language they use to describe financial reform.)
[Update: Just to clarify, when I said Obama's announcement was a "fairly transparent political stunt," I wasn't criticizing the Obama administration. We live in a political world, and political stunts are often useful. If I were Rahm Emanuel, I'd be a dick have done the same thing. I think it was probably a savvy move, and if health care reform ends up passing, then it was worth it.]
"[N]ot one counterparty, derivative counterparty to Lehman, filed for bankruptcy after the Lehman case. The major creditors who did not fail. So it's hard to find a direct knock on effects from that in the data."
What?! First of all, Lehman's biggest derivatives counterparties — the other dealers — were virtually all bailed out by their governments. Second of all, there were lots of hedge funds that failed because of their open derivatives positions with Lehman, and especially with Lehman Brothers International (Europe). The fact that John Taylor didn't know about these hedge fund liquidations at the time doesn't mean they never occurred. They occurred. Oh believe me, they occurred.
Just so. Not only is this their first rodeo, they don't seem to know anyone who has ever seen a horse before.
Minor cavils: I'm not sure something like this won't become law. The Obama team needs a win, and I can't see Republicans squandering their new political capital defending Goldman Sachs. And I think even the media Amen corner finds this transparently political and likely ineffectual if it doesn't actually blow up in the administration's face. Mort Zuckerman's tirade in the Daily Beast probably says what many elite media types think.
"The Obama team needs a win, and I can't see Republicans squandering their new political capital defending Goldman Sachs."
The GOP will not 'defend' G-S, or any other Wall St firm. They will attack 'Evil Librul Job-Killing Socialism, which Collapsed the Bush-conomy'. And after watching 'keep government out of my medicare' signs this last summer and fall, they'll be successful.
Remember, the big money is in Wall St; it'll defend itself. And the MSM will support the big money.
I agree that the Obama team needs a win, but they're pretty clueless about how to get one, starting at the top. I really think that Obama did not think that the GOP would have and maintain a strategy of 100% obstruction. He also didn't seem to have a clue as to what to do when his alleged 60-senator block turned into 40-odd senators + a bunch of backstabbing b*stards.
Oh, about the John Taylor BS - somebody pointed out that economics is a field where, to find stupid or lying BS, one can fill one's basket in the elite departments. One doesn't need to go to AIE or Heritage or....Hoover; one ca find all of the crazy, lying and batsh*t insane one needs in the top 10 departments. Without looking hard.
For what will this frightened congress vote? They're running scared. They are going to guess, vote for the guess, and hope for the best. First off, Bernanke is going down. Obama will have to find a Main Street alternative, and none, other than straight-up idiots, exists.
"In any event, I don't even know why I took the time to write about this, because there's zero chance the proposals Obama announced today will ever be law. This was a fairly transparent political stunt — the White House needed to do something to take the media's focus off of health care 24/7, so they flew in Volcker and announced some proposals that sound good to the media. The two Senate staffers I talk to regularly both said their offices were basically ignoring Obama's proposals, because even if the White House fights for them (which they won't), Chris Dodd has no intention of inserting them into his committee's bill. I like how some people think Obama's proposals represent a fundamental turning point on financial reform, because....well, clearly this is their first rodeo. (Hence the uber-quixotic language they use to describe financial reform.)"
Wow, talk about an attempt to dampen expectations. It's not going to work. People want change. Frustrate their expectations and they will just come back all the angrier.
"Economics of contempt" should spend less time talking to senate staffers and more time to people who have never seen a rodeo and don't care. I say this because he believes that this is some kind of scheme dreamed up by the White House for political reasons. I don't believe it; I believe Obama means what he says.
Yesterday Obama recruited Anger in his fight against the financial industry. He can only channel it and he can only channel it in a way that doesn't frustrate its expectations. That's a different kind of rodeo, which I suspect financial lawyers and senate staffers are about to learn they can turn off or ignore.
If today, Anger is fighting for reform with pitchforks, frustrate it, shut the gates on it, and Anger will be back with the battering ram, and battle axe.
When the gates to real reform fall and anger has its day. It will no longer just be looking for victory but vengeance. And when the financial community and its congressional allies asks for quarters they will get none.
It doesn't make any difference if Dodd is interested in Obama's reforms or not. It doesn't make any difference if he doesn't feel the pressure because he won't be running for the senate. It doesn't make any difference because if Angers expectation can't be dampened his fellow senators will feel the pressure. If the choice is between letting Dodd retire to a cushy job in the finance industry or saving there own skins. Dodd is toast.
That is why it is important that any attempt to lower expectations should be resisted.
"Some people will claim that it's impossible to distinguish between market-making trades and propietary trades, but that argument is completely baseless. The banks themselves already distinguish between their market-making trades and their proprietary trades, as there's a whole different set of rules for proprietary versus market-making trades. So don't be fooled by that argument."
you sure about that? i think that's exactly the problem. there is a very fine line between principal and proprietary. i know you read my recent post - i'd be curious as to what you thought of the few examples i laid out regarding this fine line.
The MSM will rush out in defence of Wall Street? Who do you think is whipping up all the hysteria about the bonuses? Or about "evil" Goldman Sachs who dared to make a profit and is daring to reward people for success?
Well, obviously I can't vouch for every single bank, and a lot happened during my 2 years on the beach, but I'm quite sure that several major dealer banks distinguish internally between market-making and proprietary trades. How rigorously each bank enforces this is another matter (and obviously it varies widely, as all things like this do). The point is that the banks' legal departments have already proven that it can be done.
I'm not saying it's not difficult to distinguish between market-making and proprietary trading -- obviously, it is. I'm just saying that it's certainly not impossible. I'd seen several people say that it's flat-out impossible to do -- mostly in a half-mocking, "oh they just don't understand" way -- and that's total crap. Now, are there going to be situations where the difference is quite subtle, and accurate line-drawing is going to be difficult? Sure. But we engage in line-drawing like this all the time, and, in fact, several major banks do it themselves already. (I remember when we had this debate back in '97/'98 when the SEC was designing the "Broker-Dealer Lite" rules.)
I'll definitely try to address the examples you gave in your post, as you obviously hit on the most difficult situation (that is, when a market-making desk takes a position that it anticipates will be customer-related and will only be held for a short amount of time, but for whatever reason ends up becoming a long-term position.) But since I just made it home from a trip, and I'm pretty tired, it'll have to wait until tomorrow.
EOC - funny, i've been on the beach for two years also.
in all my time on the trading desk, we never distinguished between market making and proprietary trades. COULD WE? usually - of course WE knew - but that doesn't mean any regulator could ever enforce that. and then again, there are always trades that walk the line between prop and principal.
It's conceivable that every trading desk could have a regulator who would oversee them and sit down at the end of the day in a trade recap meeting and make them explain each and every trade - but not practically feasible.
the important thing is that the populace gets EDUCATED so they aren't so angry. It's actually pretty hard (And rare, i'd say ) for the big b/d's to frontrun their customers - all the data is captured and easily compared - even the NYSE and the SEC makes inquiries along this front. Never mind the fact that the traders at the real firms simply don't need to take this risk of getting cuffs slapped on them - i've never met one who did.
Similarly, it's important for people to understand that the b/d's are in the money making game, not the money management game (see the whole GS client disclosure letter when they said they may have positions in trading ideas). Once we put aside all the uninformed anger, we can get past the populist reactionary policies, and try to fix what's actually wrong, which, in a word, is leverage.
wjd123 and the traders will leave for foreign shores in the far east. I left the UK nearly 5 years ago and never ever regretted it. I mainly only read about the changes the UK and US are making to cheer myself up!
I will ask you the same question i ask the other angry men... you planning to make up the tax the banks brought in all these years? You personally going to lend to all the sub-prime borrowers who got a house they otherwise wouldn't have got?
"The important thing is that the populace gets EDUCATED so they aren't so angry. "
I'm not sure it's the population that needs the education. What Wall Street does not seem to understand is that until the bailout, no one cared really HOW they made money on Wall Street - no one really much cared about the bonuses or the massive golden parachutes the leaders got, regardless of performance.
And then the bailout happened.
What has upset the residents on Main Street is that whatever way they traded over there on Wall Street was done in such a way as to require a massive government bailout "or else the economy would collapse," or so Henry Paulson informed us in September 2008.
Profits made in the years up to the crash belonged to the banks - the losses the same banks acquired in that same run up the hill (and off the cliff) became the property of the US government.
So to salvage the economy, we made the move to privatize profits and socialize loss for some of the wealthiest companies in America. That's a really bastardized version of capitalism we've got going these days.
Now, if the the bailout had resulted in economic growth outside of Wall Street, if unemployment had been halted by TARP, again, I don't think any one would have cared much about how they run their shops over there on Wall Street - or about their bonsuses.
That's not what happened. The economy tanked. Unemployment skyrocketed. (There's a report issued by the Brookings Institute the day before GS's quarterly statement was released that says 30 percent of Americans are now living below the poverty level. 30 percent!
You can access that report here: http://www.brookings.edu/papers/2010/0120_poverty_kneebone.aspx)
People aren't stupid. They're unemployed. They're poor. And they're growing unwilling to stomach the idea that our government and our economy exists to provide profit and absorb losses for the financial sector.
great points, anne, and i agree with you. my point is that Wall Street exists to make money. it's important to realize that - it's not about charity, and it's not about the good of society. Thus, we need to hold the people responsible for these ill advised bailouts accountable - those are the congressmen who voted for TARP, and yes, Hank Paulson for ramming it through. TARP/EESA was enacted with little forethought of the consequences, and now the administration is trying to impose populist solutions after the fact - which almost never works to solve the problem.
I've written at length about the concept of "don't hate the player, hate the game." Don't expect GS to change their stripes - they exist to make money (although i'm pretty surprised that they set aside zero dollars for comp out of their 4th quarter, yielding to populist anger it appears) - so you need to remove the feeders - the Dodds and Franks of the world (who enacted the horrible legislation) - from the equation.
anne, no one cared when there was a bubble. No one cared when anyone could get a mortgage for anything,when you could refinance to buy any amount of tat. All they demanded was more of the same.
What seems to have been lost in all this is WHY these products were so popular and that is because YOU the retail investor looked at the very short term looking at the return and not the risk, an attitude that flows through into the mutual funds and pension funds who bought the products. Most funds that were more prudent in this time got killed, the ones who filled their boots got more inflows.
I find it extraordinary you have such ill-informed bile for GS. GS was pretty much the ONLY investment bank that DIDN'T need a government bailout. As far as I can tell you seem to simultaneously believe that they made lots of profits "immorally" at the same time as losing lots of money. I can only salute your ability to be so illogical.
As usual, it is the onion who expresses the "anger" you feel:
"The single best thing we could do for financial reform: Triple the budgets of all financial regulatory agencies. Immediately. Regulators are woefully understaffed; this is fact."
EoC - are you saying some bankers have acted in violation of existing regulations but avoided penalties because underfunded/understaffed regulatory agencies didn't have the capacity to deal with the violations?
And Danny, You really think the retail investor's focus on short term gains is the root of this crisis?Who got bailed out? And why? (It wasn't the retail investor.)
What's illogical about expressing concern that our financial sector exists today (and yes, that includes Goldman Sachs) only because of a massive federal bailout?
"What's illogical about expressing concern that our financial sector exists today (and yes, that includes Goldman Sachs) only because of a massive federal bailout? ..."
In isolation, it most definitely does not include GS.
In the global sense, Main Street and Wall Street still exist because of the bailout, and that includes Goldman Sachs and Anne.
I totally disagree with KD that the bailout was ill-advised.
I really hope the financial reform gets solved properly. I was talking with some Broker Dealer Lawyers and they made me feel good about the future of the financial state.
Thanks for your great assorted thoughts and I really appreciate your insight.
To be sure the Obama staff demands a earn, but they're Cheap Guild Wars 2 Goldquite clueless about how to obtain one, starting up at the summit. I seriously believe that Obama did not believe the GOP would've and maintain a method involving 100% impediment. Younger crowd decided not to have an idea about what to try and do any time the assumed 60-senator obstruct turned into 40-oddRS Gold senators + a variety of backstabbing b*stards.
Haben Sie Sie guild wars 2 gold kaufen einmal fing das Spiel an, das erste Ding, das Sie tun sollten, soll Ihren Charakter zu den 10 Niveaus ebnen. Daneben können Sie einen anderen Tipp nehmen, die Sie wieder beginnen, um nach Ungeheuern und dem Ungeheuer zu suchen, das gelb ist, sind für Sie sehr nützlich. Diese Art des Ungeheuers wird Ihnen mehr Erfahrung geben, und Sie guild wars 2 erscheinungsdatum werden sehr leicht nie sterben. Einer der besten Tipps, Nun, keine Angst vor irgendetwas haben, können Sie voller Vertrauen zu Ihrem WoW PvP und andere wow Reise zu beginnen. Viel Glück! wie Sie finden können,die ich Ihnen geben kann, soll immer in einem Gasthof oder Hauptstädten loggen. Und nehmen Sie eine Brechung, erinnern Sie Sich, dass das gerade ein Spiel ist es ist nicht dabei, gold kaufen sicher Sie zu töten, um eine Brechung davon zu nehmen.
The article on this site is very interesting, thank you Selamat datang di LENOVOPOKER™ Top 1 Judi Online Promo Terbaru LENOVOPOKER : - Bonus New Member Depo +20% - Bonus All Member Next Depo +5% - Bonus All Member Refferal 30% - Bonus All Member Rollingan 0.5% Contact : BBM : LENOVO88 WA : +6281375260652 Agen Domino 99 Bandar Poker Agen Ceme Bandar Ceme Judi Poker Terpercaya
Getting a study a sure way to pass any external exams or job interview, in order to bring closer to success in passing any exams we bring you a SUBEB past questions and answers which is the next in line for recruitment.
Before you go into investing on crypto, visit this website to know the legitimacy of the coin or token. Check coinreviews if the coin or token is safe to invest.
That is to say that you will be receiving the past question papers in a PDF format. The Kano School of Nursing entrance exam past questions PDF will be delivered to your email instantly after your order is complete. As you read through, free samples of the past questions you are about to download will be provided for you so as to go through them and also verify the authenticity of CIBN past questions in view.
I'm a finance lawyer in New York. I used to focus on derivatives and structured finance (you know, back when there was a structured finance market). I spent the majority of my career at one of the major investment banks. My background is in economics and, unfortunately, politics.
I'm also on Twitter, with the name @EconOfContempt. I consider my Twitter usage to be a major technological accomplishment, so I will be hurt if you don't follow me.
This site is intended for educational purposes only. The content on this site DOES NOT constitute, nor should it be construed as, specific legal advice. The opinions expressed on this site are the author's personal views, and may not represent the opinions of the author's employer(s), past or present. Your use of this site does not form the basis for an attorney-client relationship. Sending the author an email does not create an attorney-client relationship.
You should seek professional legal counsel authorized to practice law in your jurisdiction before acting on any information contained on this site. I expressly disclaim any and all liability of any kind or nature with respect to any act or omission based wholly or in part in reliance on anything contained on this site.
Posts
65 comments:
Just so. Not only is this their first rodeo, they don't seem to know anyone who has ever seen a horse before.
Minor cavils: I'm not sure something like this won't become law. The Obama team needs a win, and I can't see Republicans squandering their new political capital defending Goldman Sachs. And I think even the media Amen corner finds this transparently political and likely ineffectual if it doesn't actually blow up in the administration's face. Mort Zuckerman's tirade in the Daily Beast probably says what many elite media types think.
"The Obama team needs a win, and I can't see Republicans squandering their new political capital defending Goldman Sachs."
The GOP will not 'defend' G-S, or any other Wall St firm. They will attack 'Evil Librul Job-Killing Socialism, which Collapsed the Bush-conomy'. And after watching 'keep government out of my medicare' signs this last summer and fall, they'll be successful.
Remember, the big money is in Wall St; it'll defend itself. And the MSM will support the big money.
I agree that the Obama team needs a win, but they're pretty clueless about how to get one, starting at the top. I really think that Obama did not think that the GOP would have and maintain a strategy of 100% obstruction. He also didn't seem to have a clue as to what to do when his alleged 60-senator block turned into 40-odd senators + a bunch of backstabbing b*stards.
Oh, about the John Taylor BS - somebody pointed out that economics is a field where, to find stupid or lying BS, one can fill one's basket in the elite departments. One doesn't need to go to AIE or Heritage or....Hoover; one ca find all of the crazy, lying and batsh*t insane one needs in the top 10 departments. Without looking hard.
For what will this frightened congress vote? They're running scared. They are going to guess, vote for the guess, and hope for the best. First off, Bernanke is going down. Obama will have to find a Main Street alternative, and none, other than straight-up idiots, exists.
Joseph Stiglitz to head the Federal Reserve? Lol.
"In any event, I don't even know why I took the time to write about this, because there's zero chance the proposals Obama announced today will ever be law. This was a fairly transparent political stunt — the White House needed to do something to take the media's focus off of health care 24/7, so they flew in Volcker and announced some proposals that sound good to the media. The two Senate staffers I talk to regularly both said their offices were basically ignoring Obama's proposals, because even if the White House fights for them (which they won't), Chris Dodd has no intention of inserting them into his committee's bill. I like how some people think Obama's proposals represent a fundamental turning point on financial reform, because....well, clearly this is their first rodeo. (Hence the uber-quixotic language they use to describe financial reform.)"
Wow, talk about an attempt to dampen expectations. It's not going to work. People want change. Frustrate their expectations and they will just come back all the angrier.
"Economics of contempt" should spend less time talking to senate staffers and more time to people who have never seen a rodeo and don't care. I say this because he believes that this is some kind of scheme dreamed up by the White House for political reasons. I don't believe it; I believe Obama means what he says.
Yesterday Obama recruited Anger in his fight against the financial industry. He can only channel it and he can only channel it in a way that doesn't frustrate its expectations. That's a different kind of rodeo, which I suspect financial lawyers and senate staffers are about to learn they can turn off or ignore.
If today, Anger is fighting for reform with pitchforks, frustrate it, shut the gates on it, and Anger will be back with the battering ram, and battle axe.
When the gates to real reform fall and anger has its day. It will no longer just be looking for victory but vengeance. And when the financial community and its congressional allies asks for quarters they will get none.
It doesn't make any difference if Dodd is interested in Obama's reforms or not. It doesn't make any difference if he doesn't feel the pressure because he won't be running for the senate. It doesn't make any difference because if Angers expectation can't be dampened his fellow senators will feel the pressure. If the choice is between letting Dodd retire to a cushy job in the finance industry or saving there own skins. Dodd is toast.
That is why it is important that any attempt to lower expectations should be resisted.
"Some people will claim that it's impossible to distinguish between market-making trades and propietary trades, but that argument is completely baseless. The banks themselves already distinguish between their market-making trades and their proprietary trades, as there's a whole different set of rules for proprietary versus market-making trades. So don't be fooled by that argument."
you sure about that? i think that's exactly the problem. there is a very fine line between principal and proprietary. i know you read my recent post - i'd be curious as to what you thought of the few examples i laid out regarding this fine line.
The MSM will rush out in defence of Wall Street? Who do you think is whipping up all the hysteria about the bonuses? Or about "evil" Goldman Sachs who dared to make a profit and is daring to reward people for success?
Stay off the crack man, just say no...
Danny
Kid Dynamite,
Well, obviously I can't vouch for every single bank, and a lot happened during my 2 years on the beach, but I'm quite sure that several major dealer banks distinguish internally between market-making and proprietary trades. How rigorously each bank enforces this is another matter (and obviously it varies widely, as all things like this do). The point is that the banks' legal departments have already proven that it can be done.
I'm not saying it's not difficult to distinguish between market-making and proprietary trading -- obviously, it is. I'm just saying that it's certainly not impossible. I'd seen several people say that it's flat-out impossible to do -- mostly in a half-mocking, "oh they just don't understand" way -- and that's total crap. Now, are there going to be situations where the difference is quite subtle, and accurate line-drawing is going to be difficult? Sure. But we engage in line-drawing like this all the time, and, in fact, several major banks do it themselves already. (I remember when we had this debate back in '97/'98 when the SEC was designing the "Broker-Dealer Lite" rules.)
I'll definitely try to address the examples you gave in your post, as you obviously hit on the most difficult situation (that is, when a market-making desk takes a position that it anticipates will be customer-related and will only be held for a short amount of time, but for whatever reason ends up becoming a long-term position.) But since I just made it home from a trip, and I'm pretty tired, it'll have to wait until tomorrow.
EOC - funny, i've been on the beach for two years also.
in all my time on the trading desk, we never distinguished between market making and proprietary trades. COULD WE? usually - of course WE knew - but that doesn't mean any regulator could ever enforce that. and then again, there are always trades that walk the line between prop and principal.
It's conceivable that every trading desk could have a regulator who would oversee them and sit down at the end of the day in a trade recap meeting and make them explain each and every trade - but not practically feasible.
the important thing is that the populace gets EDUCATED so they aren't so angry. It's actually pretty hard (And rare, i'd say ) for the big b/d's to frontrun their customers - all the data is captured and easily compared - even the NYSE and the SEC makes inquiries along this front. Never mind the fact that the traders at the real firms simply don't need to take this risk of getting cuffs slapped on them - i've never met one who did.
Similarly, it's important for people to understand that the b/d's are in the money making game, not the money management game (see the whole GS client disclosure letter when they said they may have positions in trading ideas). Once we put aside all the uninformed anger, we can get past the populist reactionary policies, and try to fix what's actually wrong, which, in a word, is leverage.
wjd123 and the traders will leave for foreign shores in the far east. I left the UK nearly 5 years ago and never ever regretted it. I mainly only read about the changes the UK and US are making to cheer myself up!
I will ask you the same question i ask the other angry men... you planning to make up the tax the banks brought in all these years? You personally going to lend to all the sub-prime borrowers who got a house they otherwise wouldn't have got?
Danny
"The important thing is that the populace gets EDUCATED so they aren't so angry. "
I'm not sure it's the population that needs the education. What Wall Street does not seem to understand is that until the bailout, no one cared really HOW they made money on Wall Street - no one really much cared about the bonuses or the massive golden parachutes the leaders got, regardless of performance.
And then the bailout happened.
What has upset the residents on Main Street is that whatever way they traded over there on Wall Street was done in such a way as to require a massive government bailout "or else the economy would collapse," or so Henry Paulson informed us in September 2008.
Profits made in the years up to the crash belonged to the banks - the losses the same banks acquired in that same run up the hill (and off the cliff) became the property of the US government.
So to salvage the economy, we made the move to privatize profits and socialize loss for some of the wealthiest companies in America. That's a really bastardized version of capitalism we've got going these days.
Now, if the the bailout had resulted in economic growth outside of Wall Street, if unemployment had been halted by TARP, again, I don't think any one would have cared much about how they run their shops over there on Wall Street - or about their bonsuses.
That's not what happened. The economy tanked. Unemployment skyrocketed. (There's a report issued by the Brookings Institute the day before GS's quarterly statement was released that says 30 percent of Americans are now living below the poverty level. 30 percent!
You can access that report here:
http://www.brookings.edu/papers/2010/0120_poverty_kneebone.aspx)
People aren't stupid. They're unemployed. They're poor. And they're growing unwilling to stomach the idea that our government and our economy exists to provide profit and absorb losses for the financial sector.
great points, anne, and i agree with you. my point is that Wall Street exists to make money. it's important to realize that - it's not about charity, and it's not about the good of society. Thus, we need to hold the people responsible for these ill advised bailouts accountable - those are the congressmen who voted for TARP, and yes, Hank Paulson for ramming it through. TARP/EESA was enacted with little forethought of the consequences, and now the administration is trying to impose populist solutions after the fact - which almost never works to solve the problem.
I've written at length about the concept of "don't hate the player, hate the game." Don't expect GS to change their stripes - they exist to make money (although i'm pretty surprised that they set aside zero dollars for comp out of their 4th quarter, yielding to populist anger it appears) - so you need to remove the feeders - the Dodds and Franks of the world (who enacted the horrible legislation) - from the equation.
anne, no one cared when there was a bubble. No one cared when anyone could get a mortgage for anything,when you could refinance to buy any amount of tat. All they demanded was more of the same.
What seems to have been lost in all this is WHY these products were so popular and that is because YOU the retail investor looked at the very short term looking at the return and not the risk, an attitude that flows through into the mutual funds and pension funds who bought the products. Most funds that were more prudent in this time got killed, the ones who filled their boots got more inflows.
I find it extraordinary you have such ill-informed bile for GS. GS was pretty much the ONLY investment bank that DIDN'T need a government bailout. As far as I can tell you seem to simultaneously believe that they made lots of profits "immorally" at the same time as losing lots of money. I can only salute your ability to be so illogical.
As usual, it is the onion who expresses the "anger" you feel:
http://www.theonion.com/content/news/recession_plagued_nation_demands
See you moaning again after the next bubble bursts...
Danny
"The single best thing we could do for financial reform: Triple the budgets of all financial regulatory agencies. Immediately. Regulators are woefully understaffed; this is fact."
EoC - are you saying some bankers have acted in violation of existing regulations but avoided penalties because underfunded/understaffed regulatory agencies didn't have the capacity to deal with the violations?
And Danny, You really think the retail investor's focus on short term gains is the root of this crisis?Who got bailed out? And why? (It wasn't the retail investor.)
What's illogical about expressing concern that our financial sector exists today (and yes, that includes Goldman Sachs) only because of a massive federal bailout?
"What's illogical about expressing concern that our financial sector exists today (and yes, that includes Goldman Sachs) only because of a massive federal bailout? ..."
In isolation, it most definitely does not include GS.
In the global sense, Main Street and Wall Street still exist because of the bailout, and that includes Goldman Sachs and Anne.
I totally disagree with KD that the bailout was ill-advised.
Have a good day.
http://forextraderclubs.com
"From a public policy perspective though, there's really no compelling reason why the banks need to have prop trading desks or internal hedge funds."
A bank might have an expertise on something that can be monetized. They dont want to give it away, so they do prop trading.
From a public policy perspective, obviously, that should not endanger their other activities.
re: Hedge fund BKs due to Lehman BK.
"They occurred. Oh believe me, they occurred."
Links please...this is the internet.
I really hope the financial reform gets solved properly. I was talking with some Broker Dealer Lawyers and they made me feel good about the future of the financial state.
Thanks for your great assorted thoughts and I really appreciate your insight.
To be sure the Obama staff demands a earn, but they're Cheap Guild Wars 2 Goldquite clueless about how to obtain one, starting up at the summit. I seriously believe that Obama did not believe the GOP would've and maintain a method involving 100% impediment. Younger crowd decided not to have an idea about what to try and do any time the assumed 60-senator obstruct turned into 40-oddRS Gold senators + a variety of backstabbing b*stards.
Haben Sie Sie guild wars 2 gold kaufen einmal fing das Spiel an, das erste Ding, das Sie tun sollten, soll Ihren Charakter zu den 10 Niveaus ebnen. Daneben können Sie einen anderen Tipp nehmen, die Sie wieder beginnen, um nach Ungeheuern und dem Ungeheuer zu suchen, das gelb ist, sind für Sie sehr nützlich. Diese Art des Ungeheuers wird Ihnen mehr Erfahrung geben, und Sie guild wars 2 erscheinungsdatum werden sehr leicht nie sterben. Einer der besten Tipps, Nun, keine Angst vor irgendetwas haben, können Sie voller Vertrauen zu Ihrem WoW PvP und andere wow Reise zu beginnen. Viel Glück! wie Sie finden können,die ich Ihnen geben kann, soll immer in einem Gasthof oder Hauptstädten loggen. Und nehmen Sie eine Brechung, erinnern Sie Sich, dass das gerade ein Spiel ist es ist nicht dabei, gold kaufen sicher Sie zu töten, um eine Brechung davon zu nehmen.
"From a public policy perspective though, there's really no compelling reason why the banks need to have prop trading desks or internal hedge funds."
A bank might have an expertise on something that can be monetized. They dont want to give it away, so they do prop trading.
From a public policy perspective, obviously, that should not endanger their other activities.Cheap GW2 gold
Trần Duy Thuận Blog đang cần nhận gia công tại nhà. Ai có cần người nhận gia công tại nhà tphcm liên hệ mình nhé. Truy cập vào đặt vé máy bay giá rẻ vietjet để có thêm kinh nghiệm khi đi máy bay nhé.
thuốc điều trị xương khớp cho mọi lứa tuổi, thích hợp với những người già đang bị loãng xương, có thể dùng thêm thuốc hỗ trợ tim mạch bổ trợ thêm, làm tăng tuổi thọ, sức khỏe.
Bạn đang tự ti về vòng 1 khiêm tốn của mình ? Đừng lo hiện nay đã có rất nhiều sản phẩm thuốc nở ngực an toàn đem lại hiệu quả tốt nhất cho các bạn
Bạn có thể xem them qua những sản phẩm: thuoc chong ung thu hieu qua
thuốc hỗ trợ điều trị sỏi thận
thuốc chống lão hóa
kẹo bỏ thuốc lá
kem trị rạn da
Thằng ghờm shop nơi cung cấp dien may cu tphcm hàng đầu. Khi bạn cần mua máy lạnh cũ, cần máy giặt cũ tphcm hay đang thắc mắc mua tủ lạnh cũ ở đâu tphcm thì không cần nữa. Chỉ việc ghé qua shop thằng ghờm.
Hãy cùng cập nhật kiến thức qua chuyên mục tổng hợp kiến thức bạn sẽ đáp được những thắc mắc như debit là gì, thẻ tín dụng là gì....
kemaluan keluar cairan nanahmengapa cairan nanah keluar dari kemaluan mengapa cairan nanah keluar dari kemaluan mengapa kemaluan keluar nanah mengapa kemaluan keluar nanah ujung kemaluan keluar nanah ujung kemaluan keluar nanah obat kemaluan keluar nanah obat kemaluan keluar nanah obat penis keluar cairan nanah mengobati kemaluan keluar nanah pada pria mengobati kemaluan keluar nanah pada pria mengobati kemaluan keluar cairan nanah pada pria mengobati kemaluan keluar cairan nanah pada pria mengobati kelamin keluar nanah mengobati kelamin keluar nanah mengobati kemaluan pria yang keluar nanah nanah keluar dari kemaluan nanah keluar dari kemaluan kencing perih dan keluar cairan nanah cairan nanah keluar dari kemaluan cairan nanah keluar dari kemaluan obat ujung kemaluan keluar cairan nanah obat ujung kemaluan keluar cairan nanah
cara mengobati kemaluan keluar nanah cara mengobati kemaluan keluar nanah cara mengobati ujung kemaluan keluar nanah ujung kemaluan keluar nanah di sertai perih saat kencing ujung kemaluan keluar nanah di sertai perih saat kencing penyebab penis keluar nanah penyebab penis keluar nanah obat untuk kemaluan yang keluar nanah dan perih saat kencing penis keluar nanah pusat pengobatan herbal obat kemaluan keluar nanah mengapa kemaluan keluar nanah mengapa kemaluan keluar nanah obat penis keluar nanah obat penis keluar nanah cairan nanah keluar dari kemaluan pria cairan nanah keluar dari kemaluan pria obat cairan nanah keluar dari kemaluan obat cairan nanah keluar dari kemaluan obat cairan nanah keluar dari kemaluan cairan nanah keluar dari kemaluan cairan nanah keluar dari kemaluan kemaluan keluar nanah di sertai perih saat kencing kemaluan keluar nanah di sertai perih saat kencing
kemaluan keluar cairan nanahmengapa cairan nanah keluar dari kemaluan mengapa cairan nanah keluar dari kemaluan mengapa kemaluan keluar nanah mengapa kemaluan keluar nanah ujung kemaluan keluar nanah ujung kemaluan keluar nanah obat kemaluan keluar nanah obat kemaluan keluar nanah obat penis keluar cairan nanah mengobati kemaluan keluar nanah pada pria mengobati kemaluan keluar nanah pada pria mengobati kemaluan keluar cairan nanah pada pria mengobati kemaluan keluar cairan nanah pada pria mengobati kelamin keluar nanah mengobati kelamin keluar nanah mengobati kemaluan pria yang keluar nanah nanah keluar dari kemaluan nanah keluar dari kemaluan kencing perih dan keluar cairan nanah cairan nanah keluar dari kemaluan cairan nanah keluar dari kemaluan obat ujung kemaluan keluar cairan nanah obat ujung kemaluan keluar cairan nanah
kemaluan keluar cairan nanahmengapa cairan nanah keluar dari kemaluan mengapa cairan nanah keluar dari kemaluan mengapa kemaluan keluar nanah mengapa kemaluan keluar nanah ujung kemaluan keluar nanah ujung kemaluan keluar nanah obat kemaluan keluar nanah obat kemaluan keluar nanah obat penis keluar cairan nanah mengobati kemaluan keluar nanah pada pria mengobati kemaluan keluar nanah pada pria mengobati kemaluan keluar cairan nanah pada pria mengobati kemaluan keluar cairan nanah pada pria mengobati kelamin keluar nanah mengobati kelamin keluar nanah mengobati kemaluan pria yang keluar nanah nanah keluar dari kemaluan nanah keluar dari kemaluan kencing perih dan keluar cairan nanah cairan nanah keluar dari kemaluan cairan nanah keluar dari kemaluan obat ujung kemaluan keluar cairan nanah obat ujung kemaluan keluar cairan nanah
شات بنات مصر
شات بنات مصر
شات مصرى
شات مصرى
شات مصري
بنات مصر
دردشة
شات
شات
شات
شات مصر
شات مصرية
شات مصرى
شات بنات مصر
شات مصرى
بنات مصر
دردشة
شات مصرى
شات بنات
شات مصر
شات مصرية
شات مصرية
شات مصريه
شات بنات مصر
http://moon-masr.blogspot.com/
Jual obat herbal de nature asli untuk berbagai penyakit kelamin dan sebagainya
Obat Wasir Herbal
Obat Wasir Herbal Mujarab
Obat Wasir Herbal Ampuh
Obat Wasir Herbal Pada Pria
Obat Wasir Herbal Di Apotik
Cara Mengobati Wasir Stadium 4
Cara Mengobati Wasir Stadium 4 Tanpa Operasi
Cara Mengatasi Wasir Stadium 4
Cara Penyembuhan Wasir Stadium 4
Cara Mengobati Ambeien Stadium 4 Secara Alami
Cara Pengobatan Wasir Stadium 4
Cara Pengobatan Ambeien Stadium 4
Cara Mengobati Wasir Stadium 3 Dan 4
Cara Mengobati Wasir Stadium 3
Cara Mengobati Wasir Stadium 3 Secara Alami
Obat Wasir Herbal Apotik
Obat Wasir Herbal Untuk Ibu Hamil
Obat Wasir Herbal Terdaftar Bpom
Obat Wasir Herbal Untuk Ibu Menyusui
Obat Wasir Herbal Bandung
Cara Mengobati Wasir Stadium 3 Dan 4
Cara Mengatasi Wasir Stadium 3
Cara Mengobati Ambeien Stadium 3 Tanpa Operasi
Cara Menyembuhkan Wasir Stadium 3
Cara Mengatasi Ambeien Stadium 3
Cara Alami Mengobati Wasir Stadium 3
Cara Mengobati Ambeien Stadium 3 Secara Alami
Obat Wasir Herbal Manjur
Obat Wasir Herbal Semarang
Obat Wasir Herbalife
Obat Wasir Herbal Jogja
Obat Herbal Wasir Berdarah
Obat Herbal Wasir Dalam
Obat Herbal Wasir Akut
Obat Herbal Wasir Stadium 4
Obat Herbal Wasir Terpercaya
Obat Herbal Wasir Stadium 3
Obat Herbal Wasir Internal
Obat Wasir Herbal Alami
The article on this site is very interesting, thank you
Selamat datang di LENOVOPOKER™ Top 1 Judi Online
Promo Terbaru LENOVOPOKER :
- Bonus New Member Depo +20%
- Bonus All Member Next Depo +5%
- Bonus All Member Refferal 30%
- Bonus All Member Rollingan 0.5%
Contact : BBM : LENOVO88
WA : +6281375260652
Agen Domino 99
Bandar Poker
Agen Ceme
Bandar Ceme
Judi Poker Terpercaya
This is really great,unique and very informitive post, I like it. I may need to bookmark the page, Noisemakers | todays latest nigerian news | nairaland | linda ikeji |vanguard news |punch newspaper | mortgage phone number | epl table today | nigerian newspapers| punch| nigeria news| premium times| google translate | google map | google Nigeria | google news| sahara reporters nigeria news| newspaper headlines today
top 10
biography
health benefits
bank branches
offices in Nigeria
dangers of
ranks in
health
top 10
biography
health benefits
bank branches
offices in Nigeria
latest news
ranking
biography top 10
biography
health benefits
bank branches
offices in Nigeria
dangers of
ranks in
health
top 10
biography
health benefits
bank branches
offices in Nigeria
latest news
ranking
biography
Thanks for sharing this great content
top 10 biography health benefits bank branches offices in Nigeria dangers of ranks in health top 10 biography health benefits bank branches offices in Nigeria latest news ranking biography
South African music industry booming with new artists and invention of new kinds of music
Kabza De Small Asambeni mp3 download
kabza de small ft samthing soweto mp3 download
Kabza De Small samthing soweto umdanso
Fakaza mp3 download
free hip hop & r&b mp3 download
Fakaza music 2018
cant feel my face amapiano remix mp3 download
ScoopTrend
FIND A JOB IN YOUR COUNTRY
SEARCH JOBS
RECRUITMENT AGENCIES
I Need Job
Job Website
Federal Jobs in Nigeria
Recruitment Update
Ongoing Recruitment in Nigeria
Nigeria Custom Recruitment
INEC Recruitment
First Bank Recruitment
Download NIS Immigration Past Questions PDF
NDA Past Questions PDF
TRCN Past Questions PDF
Nigeria Police Academy Past Questions PDF
Civil Defence Past Questions
Download PTDF Scholarship Past Questions & Answers PDF
Download OYO State TESCOM Past Questions & Answers PDF
ok anh hai
https://bonngamchan.vn/may-massage-chan-hang-nhat-co-tot-nhu-loi-don/
https://bonngamchan.vn/
https://bonngamchan.vn/danh-muc/bon-ngam-chan/
https://bonngamchan.vn/may-ngam-chan/
yes
cửa lưới dạng xếp
cửa lưới chống muỗi
lưới chống chuột
cửa lưới chống muỗi hà nội
ok anh ơi
cửa lưới dạng xếp
cửa lưới chống muỗi
lưới chống chuột
cửa lưới chống muỗi hà nội
ok anh ơi
Dịch vụ vận chuyển chó mèo cảnh Sài Gòn Hà Nội
Chuyên dịch vụ phối giống chó Corgi tại Hà Nội
Phối chó Bull Pháp
ok
https://ngoctuyenpc.com/man-hinh-may-tinh-24-inch
https://ngoctuyenpc.com/mua-ban-may-tinh-cu-ha-noi
https://ngoctuyenpc.com/mua-ban-may-tinh-laptop-linh-kien-may-tinh-cu-gia-cao-tai-ha-noi
https://ngoctuyenpc.com/cay-may-tinh-cu
ok
https://ngoctuyenpc.com/man-hinh-may-tinh-24-inch
https://ngoctuyenpc.com/mua-ban-may-tinh-cu-ha-noi
https://ngoctuyenpc.com/mua-ban-may-tinh-laptop-linh-kien-may-tinh-cu-gia-cao-tai-ha-noi
https://ngoctuyenpc.com/cay-may-tinh-cu
anh đã có bài viết quá hay
máy xông tinh dầu phun sương bottle cap
may xong phong ngu
may xong huong
may phun suong nao tot
CBN Recruitment Past Questions
NIS Past Questions
Yes
máy tính hà nội
màn hình máy tính
mua máy tính cũ
màn hình máy tính cũ
I sometimes visit your blog, find them useful and help me learn a lot, here are some of my blogs you can refer to to support me
mẫu mộ đá đẹp
phát tờ rơi hà nội
bắn cá uy tín
game nổ hũ
doithuong.biz/slot-doi-thuong
làm cavet xe máy
Getting a study a sure way to pass any external exams or job interview, in order to bring closer to success in passing any exams we bring you a SUBEB past questions and answers which is the next in line for recruitment.
Bài viết rất hay và ý nghĩa, cảm ơn tác giả rất nhiều!
5 lý do nên dùng táp đầu giường tân cổ điển
Before you go into investing on crypto, visit this website to know the legitimacy of the coin or token. Check coinreviews if the coin or token is safe to invest.
That is to say that you will be receiving the past question papers in a PDF format. The Kano School of Nursing entrance exam past questions PDF will be delivered to your email instantly after your order is complete. As you read through, free samples of the past questions you are about to download will be provided for you so as to go through them and also verify the authenticity of CIBN past questions in view.
Thật tuyệt
Nhựa PTFE
bạc hợp kim đồng
Trục con lăn
Thật tốt
tư vấn điện
công ty tư vấn điện
nhiệt điện
TRCN Past Questions
Newsflasharena
NDLEA Recruitment Form Portal
Những điều chia sẻ quá hay
What is PP (Polypropylene)? Its Application In our Life
Learn more about FIBC bags
What is Flexo printing technology? Why did FIBC manufacturers choose this technology?
Những chia sẻ quá hay
khảo sát địa hình
điện sinh khối
trạm biến áp
Hưm ha
The best reputable and quality food container bag
What is the application of 4 loops of bulk Tote Bags?
Preeminent advantages of waterproof jumbo bags
3 things to know about 500kg 1000kg baffled bulk bag
Khá là hay
bao fibc
bao jumbo 1000kg
công ty bao bì jumbo
Quá nhiều điều thú vị a
bull pháp hà nội
Phối chó Bull Pháp
Quy trình phối chó phốc sóc tốt
huhi
pp jumbo bag scrap
type a fibc
The great website and information shared are also very appreciable. Oakland A's Starter Jacket
Great information about wilderness for beginners giving the opportunity for new people. Guardians of The Galaxy 3 Star Lord Jacket
Post a Comment