Limits to What Lender of Last Resort Can Do
The acute phase of the financial crisis in 2008 showed central banks in their role of lender of last resort are unable... Read More
The Fog of Accounting
Accounting standards do not guarantee investors will have access to the information they need in order to know what they own. In... Read More
Contagion: A Product of Opacity on Wall Street
Bankers are great story tellers. Perhaps their greatest self-serving story is the one they tell about contagion. By definition, contagion occurs when... Read More
Yale Professor: Basically You Don’t Understand the Crisis
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Yale professor Gary Gorton is the gift that keeps on giving. His latest gift was to inform a Wall Street journal reporter... Read More
To Know or Not to Know Should be a Choice
Opacity is an asset class. Prior to the formation of the Transparency Label Initiative, opacity was an unrecognized asset class. There was... Read More
Minsky Moments and the Information Matrix
When the acute phase of the Great Financial Crisis hit in the fall of 2008, many Economists were quick to call it... Read More
Pathology, Prophylactics and Palliatives
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Prospect Magazine asked a number of PhD Economists and Economic commentators what is the one lesson they wish Economists would learn. Imagine... Read More
Wall Street Phishes for Fools, aka Confident Idiots
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One of the central themes of this blog is Wall Street’s business model of selling opaque investments. Wall Street understands everyone likes... Read More
The Committee to Save the Banks – Part II: Opacity and Bank Runs
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In Part II, I’ll show how the Committee to Save the Banks discussion of the panic, fear and bank runs of 2008... Read More
The Committee to Save the Banks – Part III: Paulson the Puppet Master
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Before looking at how the Committee to Save the Banks reacted to the acute phase of the financial crisis in 2008, it... Read More
The Committee to Save the Banks – Part IV: Defending the Indefensible
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The Committee to Save the Banks put on a clinic in their ongoing effort to defend their choice to save the banks... Read More
PhD Economist Derp: Are Banks Opaque? No!
PhD Economists at the BIS set off to find out if banks are opaque (hint: the BoE’s Andy Haldane referred to them in... Read More
Information Matrix and Brevan Howard Centre Research Agenda
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Recently, I stumbled across the research agenda for the Imperial College London’s Brevan Howard Centre for Financial Analysis. The Lion’s Share of... Read More
PhD Economist Derp: Shadow Banking is a Creature of the Night
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Since the acute phase of the Great Financial Crisis began in September 2008, there has been an explosion of articles by PhD... Read More
Clayton led SEC Highlighting Importance of Transparency Label Initiative
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To no one’s surprise, the latest member of the Opacity Protection Team to be appointed chairman of the SEC is looking to... Read More