Noble Prize Winning Economist’s False Narrative About Financial Markets
According to David Warsh, a former Boston Globe columnist and now blogger, in August 2008 Bengt Holmström, a Nobel prize winning MIT... Read More
Stress Tests Undermine Capitalism
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The first sign the Obama Administration was seriously uninterested in fixing the US financial system occurred when then US Treasury Secretary Tim... Read More
Bernanke’s New Financial Crisis Narrative
If at first you don’t succeed, publish a new narrative about the Great Financial Crisis. You have to do this when you... Read More
Wall Street’s Derivatives Casino Still Opaque to Regulators
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Michael Greenberger’s paper on the ongoing opacity of Wall Street’s derivatives casino serves as a reminder why restoring transparency is so important.... Read More
Obama and the Too Big to Fail Bank Con
In a speech in South Africa, former president Obama tried out his justification for making lying a central part of his Administration’s... Read More
The Committee to Save the Banks Keeps on Protecting the Banks
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As we approach the tenth anniversary of the 2008 acute phase of the Great Financial Crisis, the Committee to Save the Banks... Read More
The Financial Crisis Response and the Death of Truth
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The 2008 response to the acute phase of the Great Financial Crisis contributed directly to the death of truth. Michiko Kakutani asked... Read More
A Reassuring Lie
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When the Queen of England asked Economists (including finance professors too) in 2008 why they had failed to see the financial crisis... Read More
Kenneth Arrow and the Information Matrix
Nobel prize winning Economist Kenneth Arrow’s 2008 insights into the financial crisis highlighted a giant hole in standard economic theory. Professor Arrow observed... Read More
None are So Blind as Those Whose Finances Depends on Their Not Seeing
In 2009, I first used the term Opacity Protection Team to reference all the financial market participants who objected to the return... Read More
With Such Friends [as Academics], Who Needs Lobbyists?
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The title for this post comes from Stanford business school professor Anat Admati’s “It Takes a Village to Maintain a Dangerous Financial... Read More
How Wall Street Conquered the World Without Firing a Single Shot
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The preface to Transparency Games has aged well and is more relevant today than when I wrote it: There are events, such as the... Read More
Financial Stability and Regulation
Ten years after the acute phase of the Great Financial Crisis has financial stability been restored or are we teetering on the... Read More
From the Transparency Ends Misbehavior File: Money Laundering
One of the benefits of transparency is it ends misbehavior. Further proof of this was provided by Delaware. A state with a... Read More
James Galbraith: There are No Markets Without Governance and Government and Regulations
I don’t know why people are so surprised by and reluctant to accept the narrative we had an opacity driven financial crisis.... Read More