Bailout Riches
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TARP and other Bank Bailouts and Bail-Ins around the World
| Author | : Allen N. Berger |
| Publisher | : Academic Press |
| Total Pages | : 476 |
| Release | : 2020-06-19 |
| Genre | : Business & Economics |
| ISBN | : 0128138645 |
Financial crises are recurring phenomena that result in the financial distress of systemically important banks, making it imperative to understand how to best respond to such crises and their consequences. Two policy responses became prominent for dealing with these distressed institutions since the last Global Financial Crisis: bailouts and bail-ins. The main questions surrounding these responses touch everyone: Are bailouts or bail-ins good for the financial system and the real economy? Is it essential to save distressed financial institutions by putting taxpayer money at risk in bailouts, or is it better to use private money in bail-ins instead? Are there better options, such as first lines of defense that help prevent such distress in the first place? Can countercyclical prudential and monetary policies lessen the likelihood and severity of the financial crises that often bring about this distress? Through careful analysis, authors Berger and Roman review and critically assess the extant theoretical and empirical research on many resolution approaches and tools. Placing special emphasis on lessons learned from one of the biggest bailouts of all time, the Troubled Asset Relief Program (TARP), while also reviewing other programs and tools, TARP and Other Bank Bailouts and Bail-Ins around the World sheds light on how best to protect the financial system on Wall Street and the real economy on Main Street. Presents a well-informed and rich account of bailouts, bail-ins, and other resolution approaches to resolve financially distressed banks. Uses TARP as a key case study of bailouts that has been thoroughly researched. Provides valuable research and policy guidance for dealing with future financial crises.
Borrowed Time
| Author | : James Freeman |
| Publisher | : HarperCollins |
| Total Pages | : 226 |
| Release | : 2018-08-07 |
| Genre | : Business & Economics |
| ISBN | : 0062669885 |
The disturbing, untold story of one of the largest financial institutions in the world, Citigroup—one of the " too big to fail" banks—from its founding in 1812 to its role in the 2008 financial crisis, and the many disasters in between. During the 2008 financial crisis, Citi was presented as the victim of events beyond its control—the larger financial panic, unforeseen economic disruptions, and a perfect storm of credit expansion, private greed, and public incompetence. To save the economy and keep the bank afloat, the government provided huge infusions of cash through multiple bailouts that frustrated and angered the American public. But, as financial experts James Freeman and Vern McKinley reveal, the 2008 crisis was just one of many disasters Citi has experienced since its founding more than two hundred years ago. In Borrowed Time, they reveal Citi’s history of instability and government support. It’s not a story that either Citi or Washington wants told. From its founding in 1812 and through much of its history the bank has been tied to the federal government—a relationship that has benefited both. Many of its initial stockholders had owned stock in the Bank of the United States, and its first president, Samuel Osgood, had been a member of the Continental Congress and America’s first Postmaster General. From its earliest years, Citi took massive risks that led to crisis. But thanks to private investors, including John Jacob Astor, they survived throughout the nineteenth century. In the twentieth century, Senator Carter Glass blamed Citi CEO "Sunshine Charlie" Mitchell for the 1929 stock market crash, and the bank was actually in violation of the senator’s signature achievement, the Glass-Steagall law, in the late 1990s until then U.S. Treasury Secretary Robert Rubin engineered the law’s repeal. Rubin later became the chairman of the executive committee of Citigroup, helping to oversee the bank as it ramped up its increasing mortgage risks before the 2008 crash. The scale of the financial panic of 2008 was not, as the media and experts claim, unprecedented. As Borrowed Time shows, disasters have been relatively frequent during the century of government-protected banking—especially at Citi.
Last Resort
| Author | : Eric A. Posner |
| Publisher | : University of Chicago Press |
| Total Pages | : 226 |
| Release | : 2018-04-02 |
| Genre | : Law |
| ISBN | : 022642023X |
The bailouts during the recent financial crisis enraged the public. They felt unfair—and counterproductive: people who take risks must be allowed to fail. If we reward firms that make irresponsible investments, costing taxpayers billions of dollars, aren’t we encouraging them to continue to act irresponsibly, setting the stage for future crises? And beyond the ethics of it was the question of whether the government even had the authority to bail out failing firms like Bear Stearns and AIG. The answer, according to Eric A. Posner, is no. The federal government freely and frequently violated the law with the bailouts—but it did so in the public interest. An understandable lack of sympathy toward Wall Street has obscured the fact that bailouts have happened throughout economic history and are unavoidable in any modern, market-based economy. And they’re actually good. Contrary to popular belief, the financial system cannot operate properly unless the government stands ready to bail out banks and other firms. During the recent crisis, Posner agues, the law didn’t give federal agencies sufficient power to rescue the financial system. The legal constraints were damaging, but harm was limited because the agencies—with a few exceptions—violated or improvised elaborate evasions of the law. Yet the agencies also abused their power. If illegal actions were what it took to advance the public interest, Posner argues, we ought to change the law, but we need to do so in a way that also prevents agencies from misusing their authority. In the aftermath of the crisis, confusion about what agencies did do, should have done, and were allowed to do, has prevented a clear and realistic assessment and may hamper our response to future crises. Taking up the common objections raised by both right and left, Posner argues that future bailouts will occur. Acknowledging that inevitability, we can and must look ahead and carefully assess our policy options before we need them.
$700 Billion Bailout
| Author | : Paul Muolo |
| Publisher | : John Wiley & Sons |
| Total Pages | : 223 |
| Release | : 2008-12-10 |
| Genre | : Business & Economics |
| ISBN | : 0470462566 |
The book is an analysis of the controversial Emergency Economic Stabilization Act and explains in easy to understand language what the bailout bill means for individuals. $700 Billion Bailout answers questions such as: What does the bill say, exactly? Who is making decisions about how the $700 billion will be spent, and what does it mean now that the government is investing directly in our banks? Who’s footing the bill? What is the impact on homeowners, businesses, retirement, and taxes? Where do I put my money in the meantime? Veteran reporter Paul Muolo shows both the challenges and opportunities of the credit crisis and proposed bailout, including its impact on: Mortgages: While rates may be lower, there will be more fees imposed on mortgages. Lenders will be far more cautious in lending, and people who cannot meet their mortgages are likely to lose these homes. This may create a “contrarian” plays in foreclosures and vacation homes.. Stocks and Other Investments: Is now the time to get into the stock market or is it safer to stick with CDs, bonds, and gold? Taxes: With the tax breaks, there will be less tax revenue leading to a huge shortfall to the government over the next few years. He will offer insight into these areas and many others, including how the structure of the bailout bill allows for unprecedented authority that has altered the financial landscape, perhaps permanently. Will the plan work, and how we can prevent this from happening again remains to be seen, but with $700 Billion Bailout Paul Muolo gives us a critical tool for deciphering perhaps the most sweeping piece of legislation since the Patriot Act.
Other People's Houses
| Author | : Jennifer Taub |
| Publisher | : Yale University Press |
| Total Pages | : 538 |
| Release | : 2014-05-27 |
| Genre | : History |
| ISBN | : 0300206941 |
The clearest explanation yet of how the financial crisis of 2008 developed and why it could happen again In the wake of the financial meltdown in 2008, many claimed that it had been inevitable, that no one saw it coming, and that subprime borrowers were to blame. This accessible, thoroughly researched book is Jennifer Taub’s response to such unfounded claims. Drawing on wide-ranging experience as a corporate lawyer, investment firm counsel, and scholar of business law and financial market regulation, Taub chronicles how government officials helped bankers inflate the toxic-mortgage-backed housing bubble, then after the bubble burst ignored the plight of millions of homeowners suddenly facing foreclosure. Focusing new light on the similarities between the savings and loan debacle of the 1980s and the financial crisis in 2008, Taub reveals that in both cases the same reckless banks, operating under different names, received government bailouts, while the same lax regulators overlooked fraud and abuse. Furthermore, in 2013 the situation is essentially unchanged. The author asserts that the 2008 crisis was not just similar to the S&L scandal, it was a severe relapse of the same underlying disease. And despite modest regulatory reforms, the disease remains uncured: top banks remain too big to manage, too big to regulate, and too big to fail.
More Money Than God
| Author | : Sebastian Mallaby |
| Publisher | : A&C Black |
| Total Pages | : 497 |
| Release | : 2011-05-03 |
| Genre | : Business & Economics |
| ISBN | : 1408809753 |
Wealthy, powerful, and potentially dangerous, hedge-find managers have emerged as the stars of twenty-first century capitalism. Based on unprecedented access to the industry, More Money Than God provides the first authoritative history of hedge funds. This is the inside story of their origins in the 1960s and 1970s, their explosive battles with central banks in the 1980s and 1990s, and finally their role in the financial crisis of 2007-9. Hedge funds reward risk takers, so they tend to attract larger-than-life personalities. Jim Simons began life as a code-breaker and mathematician, co-authoring a paper on theoretical geometry that led to breakthroughs in string theory. Ken Griffin started out trading convertible bonds from his Harvard dorm room. Paul Tudor Jones happily declared that a 1929-style crash would be 'total rock-and-roll' for him. Michael Steinhardt was capable of reducing underlings to sobs. 'All I want to do is kill myself,' one said. 'Can I watch?' Steinhardt responded. A saga of riches and rich egos, this is also a history of discovery. Drawing on insights from mathematics, economics and psychology to crack the mysteries of the market, hedge funds have transformed the world, spawning new markets in exotic financial instruments and rewriting the rules of capitalism. And while major banks, brokers, home lenders, insurers and money market funds failed or were bailed out during the crisis of 2007-9, the hedge-fund industry survived the test, proving that money can be successfully managed without taxpayer safety nets. Anybody pondering fixes to the financial system could usefully start here: the future of finance lies in the history of hedge funds.
Clarity
| Author | : Steven Cesari |
| Publisher | : Advantage Media Group |
| Total Pages | : 247 |
| Release | : 2010-11 |
| Genre | : Self-Help |
| ISBN | : 1599322145 |
People in all stages of life can be adrift, overcommitted, distracted, or just plain stuck, which can keep them from reaching their full potential. Steve Cesari understands that developing clarity, then making proper adjustments, is the first step towards leading a happier and healthier life. In his new audiobook, Cesari draws on his own personal and professional experiences to help others realize their full potential, by empowering, encouraging, and developing a clear vision to achieve desired results. Each chapter is like illuminating a light bulb within the listener, allowing them to see and think clearly, in turn igniting their motivation, to take action. Take control and improve your life. In this inspiring and motivating audiobook, Steve Cesari will encourage you to evaluate your life through action items and exercises, enabling you to gain a better understanding of things in your life that might not be working, and develop the clarity you need to make appropriate personal and professional changes.
Financing Failure
| Author | : Vern McKinley |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2011 |
| Genre | : Business & Economics |
| ISBN | : 9781598130539 |
With information obtained through Freedom of Information Act requests, McKinley disproves the claim that federal financial regulators and politicians prevented a more severe financial crisis and argues that reining in federal regulators is a necessary step toward truly promoting the safety and soundness of the financial system. From publisher description.
Bailout Riches!
| Author | : Bill Bartmann |
| Publisher | : John Wiley & Sons |
| Total Pages | : 223 |
| Release | : 2009-06-05 |
| Genre | : Business & Economics |
| ISBN | : 0470498420 |
What is the investment opportunity from America's financial crisis? Somewhere north of one trillion dollars of debt--mortgages, credit cards, and other forms--will be written off and sold to buyers at pennies on the dollar. It gets even better: There are ways to buy that debt with no money of your own. Society's collective pain from this crisis means that it's unlikely to occur ever again on this scale. Investors with the right roadmap are poised to profit spectacularly. Bartmann lays out a step by step plan on how to find the best deals from the federal government, local Financial Institutions, and loan brokers. The spectrum of loans that are available include: credit card debt, consumer loans, business loans, commercial loans, and real estate loans. You’ve heard about the massive government bailout of the financial sector and its cost to taxpayers. Couple that with skyrocketing unemployment and a shrinking stock market and you might think this is a terrible time to invest in anything. But you’d be wrong. In Bailout Riches!, Bill Bartmann shows you how to invest in the bailout itself and take your own cut of the trillion-dollar pie. What does Bartmann know about bailouts? Only that the last big-time government bailout-involving the savings and loan crisis and the government’s Resolution Trust Corporation- made him a billionaire. This time around, the bailout is much bigger and opportunities for profit are much greater. "Who better to teach you how to prosper from this economic chaos than a man who actually took himself from ‘bankruptcy to billionaire’ during the last crisis." --Ken Blanchard, coauthor, The One Minute Entrepreneur "Bill Bartmann is more than a great financial success story; he is a phenomenal teacher who has helped thousands of my students achieve success. Bailout Riches will show you how you can prosper during these tumultuous times." --T. Harv Eker, author, New York Times #1 bestseller, Secrets of the Millionaire Mind "When the economy is in crisis, Bill Bartmann finds the diamond in the rough. The information in this book made him a billionaire fourteen years ago during the S&L crisis. Now the economy is cratering again and his methods are working better than ever. Read this book and discover a hidden source of wealth all around you." --David Lindahl, author of Emerging Real Estate Markets and Multi-Family Millions
