Posts tagged with: "Economic+Perspectives"
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21 Dec 2011, 6:18 am
As Alan White reported recently, the Uniform Law Commission in the U.S. has named a committee to consider the need for and feasibility of proposing a uniform foreclosure act and to report back to the ULC by early 2012. A letter from the ULC president includes a list of questions that the committee is charged to consider. But what principles will guide their analysis of these questions?
Especially before the foreclosure crisis, the traditional law review scholarship on residential foreclosure… [read post]
1 Mar 2011, 1:31 pm
A friend alerted me to "Building a Better America -- One Wealth Quintile at a Time," an article by Michael Norton of the Harvard Business School and Dan Ariely of Duke University and that appears in the current issue of Perspectives on Psychological Science. Although a discussion of the paper kicked around in the blogosphere last fall, I missed it. Credit Slips readers might find the paper interesting but, if you're like me, might not otherwise see it. Here is the abstract:
Disagreements about the… [read post]
27 Feb 2010, 5:23 pm
I'm sure our current guest blogger will have more to say about the current state of the sovereign debt markets, but I could not resist commenting on this rather confusing and odd article in today's FT about Goldman and Greece. Turns out part of the problem is that the article uncritically rehashes this letter from Representative Maloney, which is itself confusing and odd.The key quote from both is this: "The increase in demand for insurance on government debt through
credit default swaps harkens… [read post]
8 Dec 2010, 11:56 am
I wade into the "states in bankruptcy" debate over at Dealbook. [read post]
30 Mar 2011, 11:15 am
A very good discussion over at the Economist about why political (and water cooler) discussions of the USD are so often just wrong. [read post]
16 Nov 2010, 9:35 am
A paper that I wrote while an employee of the Federal Reserve System a couple years back documents the presence of ‘redlining’ in the issue of credit cards. Credit Slips picked it up here (link).
(To ensure there are no misunderstandings, this paper did not and does not represent the views of the Federal Reserve Bank of Boston or the Federal Reserve System; in fact, both entities did their utmost to prevent its release) ... continue…
To be more specific: I find that credit issuers use the… [read post]
5 Mar 2010, 6:20 pm
The small banks are dropping like flies. At this rate the only banks left are all is going to be too big to fail. [read post]
26 Feb 2010, 2:08 pm
My new Economist arrived today, cover story is The Data Deluge, And How to Handle It: A 14-Page Special Report. Next week they'll have a cover story on irony. [read post]
1 Jun 2011, 4:39 pm
Andrew Ross Sorkin and I debate the Madoff/Divorce/Paul Weiss thing in the comments to this post over at Dealbook.
BTW, I do agree with Andrew about the pro bono point that Felix Salmon brought up -- this is not really pro bono work, rather a benefit that all employees of big firms get (even the associates, to some degree: for example, coop closing are done by "in house" people.). Of course, one might wonder how much family law experience the folks at Paul Weiss actually have . . . [read post]
28 Jan 2010, 7:32 pm
The Lehman bankruptcy court is out with a new decision that has the financial community somewhat miffed, since it removes one more piece of their mistaken belief that they don't have to understand or deal with the Bankruptcy Code. The decision will also lead to some interesting discussions with members of the English bench, who reached a contrary decision with regard to the same issue and parties. I'm extending an open invitation to all the judges to join me for coffee and bagels at my apartment on… [read post]
1 Apr 2010, 8:32 am
Fascinating article over at Bloomberg detailing all the distressed assets that the Fed took onto its balance sheet during the financial crisis. Among other things, it appears that the Fed will be a beneficiary of the recent moves at Ambac, since ISDA has decided that the Wisconsin partial-bankruptcy triggered Ambac CDS. But the article also suggests the Fed is now exposed to the commercial real estate market, which one of our co-bloggers has been warning might be the next big problem area. [read post]
10 Apr 2013, 7:31 am
Some readers might enjoy this PBS video about a Northern Vermont company that helps people weather financial storms with small loans. Rhino Foods in Burlington found that employees in financial strain were not as good at their jobs and that the small loans improved the company’s bottom line. Rhino brought in a combination social worker/financial advisor, who helped arrange 17% income advance loans paid back through wage deductions. Once a loan is paid off, the default rule is that the… [read post]
12 Jan 2010, 8:04 am
Lots of news today about a Congressional plan to create a special bankruptcy court for financial services firms. One question that jumps to mind: who staffs the court?The most likely answer is that the court would draw from other bankruptcy courts -- there is some precedent for that sort of thing.Another, less likely, option would be to draw the court from a panel of bankruptcy professors. Presumably this would have to come with an obligation to stay current on the state of the art in finance, and… [read post]
11 Mar 2010, 5:28 am
One thing that I think we all agreed on in yesterday's panel on "too big to fail" was that many of the plans for a separate resolution authority are being driven toward a FDIC model by Treasury and the Fed, both are whom are more familiar with that approach, rarely talk to restructuring or chapter 11 people, and continue to have an unbridled fear of chapter 11.More of that can be seen in yesterday's TARP COP report on GMAC, which really seems like the little sister to AIG. I believe both GMAC and… [read post]
27 Feb 2010, 12:52 am
I spent most of Friday at the Financial Crisis Inquiry Commission forum, which we are hosting at the American University Washington College of Law. I am going back on Saturday morning. The forum is open to the public, the papers are posted, and the proceedings are webcast live. At a minimum, this is a pretty high-end conference, featuring some of the top names in the crisology business: Brunnermeier, Geanakoplos, Gorton, Gourinchas, Jaffee, Kashyap, Kroszner, Lusardi and Mayer. The… [read post]
10 Sep 2011, 1:18 pm
Many have chided the financial press for the need to write entirely speculative articles about the prior day's market movements. But at least the financial press can be (somewhat) forgiven for their sins on the basis of tradition. What would the FT do with that big space on the back of the first section if it were otherwise?
But now the Washington crowd is getting in on the act and it must be stopped. The Hill's On the Money blog manages to commit two sins of casual empiricism within the first three… [read post]
23 Apr 2010, 7:08 am
Under the Dodd bill, petitions to invoke the resolution authority are to be presented to a new Liquidation Authority Panel. Under section 202 of the bill, the Panel is to be comprised of three Delaware bankruptcy judges, selected by the Chief Judge. Presently there are seven bankruptcy judges in Delaware, including the Chief.This seems like too small of a pool to select the judges from, and Wilmington seems like an unlikely place to hold the kind of secret hearings contemplated in this legislation.… [read post]
28 Apr 2010, 1:35 pm
Having been involved at the edges of the financial reform legislation for the past few weeks, a few observations to date:
Warren Buffett apparently supports derivative regulation, so long as it does not apply to him. "Me too" say Goldman, JP Morgan, Morgan Stanley, several dozen hedge funds, GM, Union Pacific, . . .:
ISDA and friends have a new argument for why derivatives should get special treatment under the Bankruptcy Code: collateral. "If regulators want everyone to use collateral to back… [read post]
2 Sep 2012, 8:58 am
If you've been tuning out the Euro situation, despite Gelpern's periodic updates, today's Times magazine has a since summary of where things stand.
I also think the end of this bit nicely captures the extant cynicism regarding financial institutions.
4. Is Europe a Lehman in waiting? About 20 percent of U.S. foreign trade is with the E.U. That’s significant, but if the European economy collapses, it’s quite likely that China, India, Brazil and several gulf states will pick up much of the slack.… [read post]
25 Apr 2010, 8:16 am
Presently both the new Financial Stability Oversight Counsel and the Federal Reserve Board must each vote to recommend action under the resolution authority, and each must do so by a 2/3 vote. More over, the Secretary then must decide if a petition actually will be filed.This structure seems overly cumbersome, and essentially means that all three actors must agree before the resolution authority can be invoked. This might create problems in the future – for example, imagine a Secretary that… [read post]