PwC auditor explains why transparency is necessary
The Irish Banking Inquiry turned to the bank auditors for an explanation of how the Irish banking system collapsed. In particular, the... Read More
Can bankers behave? Behind a veil of opacity, no
In an article in The Atlantic, William Cohan looks at a study conducted by three economists at the University of Zurich. The study... Read More
Is the global financial system safer?
I admit “is the global financial system safer” is a trick question. Answering it requires two pieces of knowledge: what are the... Read More
Volcker highlights needs for the Initiative
Paul Volcker unveiled his contribution to further financial legislation, also known as Dodd-Frank 2.0, with his Reshaping the Financial Regulatory System. In... Read More
Dodd-Frank 2.0: reforming regulatory structure
In an interesting speech, Senator Elizabeth Warren throws down the gauntlet and calls for reform of the financial regulatory structure that was... Read More
Paul Volcker and meaningful financial reform
In a Washington Post editorial, Paul Volcker laid out why meaningful reform of the financial regulatory structure is needed. In doing so,... Read More
Transparency not needed, investors are stupid
It never ceases to amaze me how many different ways Wall Street’s Opacity Protection Team has of saying “there is no need... Read More
How Wall Street captures the asset management industry
Most investors don’t realize it, but Wall Street has significant leverage over the asset management industry. This leverage results from the asset... Read More
How Wall Street captured disclosure
In Transparency Games, I explain in long form how Wall Street, through the various members of its Opacity Protection Team, managed to capture... Read More
Economists, financial markets and theory-induced blindness
In Transparency Games, I get to talk about how economists, both academic and those working for the financial regulators, have theory-induced blindness when... Read More
Value of opacity to bankers: $100 billion per year
In a very interesting article, David Dayen looks at the incentive bankers had to hide behind the opacity of the securities they... Read More
Gaming the stress tests
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The Fed released the results of its annual stress tests and the question was why were JPMorgan and Goldman so close to... Read More