Banker misbehavior becomes cost of doing business
According to the Boston Consulting Group, since 2008, fines for banker misbehavior have cost bank shareholders $312 billion. As a result, As... Read More
Will China discover financial transparency?
In its search for a way to wean investors off of implicit government guarantees, will the Chinese government discover financial transparency? As... Read More
Transparency and climate change
In a recent column in the Guardian, Mark Carney and Michael Bloomberg talked about how managing climate change required information. From rising... Read More
Donald Trump, the SEC and Transparency
After his election victory, the question is: “Will Donald Trump champion restoring transparency in the global financial system?” In my opinion, the... Read More
The Information Matrix
As I was reading a Bloomberg column by Noah Smith, I was reminded of the simple fact the economics profession doesn’t fully... Read More
Fed goes all in on fantasy of “safe” assets
Periodically I read a speech by a Fed Governor that reveals how the economists at the Federal Reserve have absolutely no idea... Read More
SEC begins project “Information Overload”
In Transparency Games, I discuss in detail how SEC Chairwoman Mary Jo White’s highest priority upon taking office was and still is... Read More
Bank living wills not fit for purpose
The US Office of Financial Research released a report in which it concluded bank living wills haven’t ended the market’s perception of... Read More
EU officials slowly concluding transparency needed to revive structured finance
Paul Tang, the EU parliament’s lead on reviving structured finance, released a working document on the EU effort to create a framework... Read More
Dodd-Frank supporters struggle to claim it has had a big impact
In a classic main stream media puff piece, the New Yorker ran an article defending the Dodd-Frank Act and asserting its impact... Read More
Goldman using opacity to screw its clients shows why Transparency Label Initiative needed
To great fanfare, Obama’s Justice Department announced a $5 billion settlement with Goldman Sachs over how it sold mortgage-backed securities in the... Read More
MetLife and why the SIFI designation is a bad idea
As regular readers know, the Dodd-Frank Act is a collection of bad ideas that substitute regulators and complex regulations for transparency and... Read More
Myth: required disclosure means investors can know what they own
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As a result of the SEC calling itself the “investors’ advocate”, a dangerous myth has taken hold in the global financial system.... Read More
Will Transparency Label Initiative’s labels work?
Will the Transparency Label Initiative’s labels make a difference? Yes. Spurred on by its regulators, a large, $200 billion in assets Dutch... Read More
Another day, another opaque market rigged by bankers
It seems like only yesterday and the large banks were paying fines for rigging the price of money (Libor), the foreign exchange... Read More