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December 17, 2014 | baselinescenario.com | 30 comments
By Simon Johnson
Antonio Weiss has been nominated to become Undersecretary for Domestic Finance at the Treasury Department. A growing number of people and organizations have expressed reservations about this potential appointment, which requires Senate confirmation – including Senator Dick Durbin (D., IL), Senator Jeanne Shaheen (D.,NH), Senator Joe Manchin (D., WV), the American Federation of Teachers (in a press release on December 17th), and other groups. And, from another part of the political spectrum, the Independent Community Bankers of America has also come out strongly against Mr. Weiss.
In a speech last week, Senator Elizabeth Warren detailed her concerns about Mr. Weiss's background:
"He [Mr. Weiss] has focused on international corporate mergers and companies buying and selling each other. It may be interesting, challenging work, but it does not sufficiently qualify him to oversee consumer protection and domestic regulatory functions at the Treasury that are a critical part of the job."
And Senator Warren made it clear that the Weiss nomination needs to be seen in this broader context:
"Time after time in government, the Wall Street view prevails, and time after time, conflicting views are crowded out."
A line must be drawn and, as Senator Warren said on Friday evening, with regard to the Wall Street view that what is good for executives at big banks is good for the country,
"Enough is enough."
The latest round of pushback from Weiss supporters against Senator Warren makes three points. First, this administration is not captured by the Wall Street view. Second, Mr. Weiss is not captured by the Wall Street view. And, third, that Mr. Weiss is so perfectly qualified for the job that all these broader issues are irrelevant or even illegitimate. None of these points has a substantive basis or can withstand scrutiny. The ICBA, AFT, and Senators Durbin, Machin, Shaheen, and Warren are right to continue opposing Mr. Weiss's appointment. Continue reading →
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December 17, 2014 | baselinescenario.com | 30 comments
By Simon Johnson
Antonio Weiss has been nominated to become Undersecretary for Domestic Finance at the Treasury Department. A growing number of people and organizations have expressed reservations about this potential appointment, which requires Senate confirmation – including Senator Dick Durbin (D., IL), Senator Jeanne Shaheen (D.,NH), Senator Joe Manchin (D., WV), the American Federation of Teachers (in a press release on December 17th), and other groups. And, from another part of the political spectrum, the Independent Community Bankers of America has also come out strongly against Mr. Weiss.
In a speech last week, Senator Elizabeth Warren detailed her concerns about Mr. Weiss's background:
"He [Mr. Weiss] has focused on international corporate mergers and companies buying and selling each other. It may be interesting, challenging work, but it does not sufficiently qualify him to oversee consumer protection and domestic regulatory functions at the Treasury that are a critical part of the job."
And Senator Warren made it clear that the Weiss nomination needs to be seen in this broader context:
"Time after time in government, the Wall Street view prevails, and time after time, conflicting views are crowded out."
A line must be drawn and, as Senator Warren said on Friday evening, with regard to the Wall Street view that what is good for executives at big banks is good for the country,
"Enough is enough."
The latest round of pushback from Weiss supporters against Senator Warren makes three points. First, this administration is not captured by the Wall Street view. Second, Mr. Weiss is not captured by the Wall Street view. And, third, that Mr. Weiss is so perfectly qualified for the job that all these broader issues are irrelevant or even illegitimate. None of these points has a substantive basis or can withstand scrutiny. The ICBA, AFT, and Senators Durbin, Machin, Shaheen, and Warren are right to continue opposing Mr. Weiss's appointment. Continue reading →
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pgl said in reply to am...When banks complain that a regulation is harmful to the greater good of growth and only harmful to themselves in as much as it is harmful to the greater good, I tend to the view that the regulation is good.
Monday, December 22, 2014 at 11:43 AM
am said in reply to pgl...Add to this that the bankers claim is utterly bogus per any reasonable read of financial economics. Ah but bankers tell us that they are experts at finance. OK, then they are lying to us.
Monday, December 22, 2014 at 11:58 AM
FYI, this link is in D McBrides Chicago Fed post:
https://www.chicagofed.org/~/media/publications/cfnai/2014/cfnai-december2014-pdf.pdf
As it talks about accelerated growth rather than slower growth, the banks should read it.
Reply Monday, December 22, 2014 at 12:13 PMpgl said...
"the predictions that higher capital requirements would drive up interest margins and reduce credit volumes are very clearly at odds with the evidence of smaller spreads and increased lending. Insofar as there was any macroeconomic impact at all, it appears to have been inconsequential."
Of course. When the bank lobbyists claim higher capital requirements will drive up the cost of capital - this claim violates the Modigliani-Miller proposition. The lobbyists claim is not only at odds with the evidence, it is at odds with one of the most fundamental theorem of modern finance. Monday, December 22, 2014 at 11:57 AM
JF said...
Main Street Muse said...Everyone should read this explanation of how banks work, it is not as this article says (from the Bank of England, Quarterly Bulletin, 2014Q1):
A person's savings account is a liability to a bank. They can not lend a liability or the funds "reserved" by law (which is why they call them reserves).
As this BoE report says right up front, a 'bank' establishes a lending account for another person and enters the financial term of the borrower's contract with the bank as an "asset." As demand for payment is made on that lending account the banks finds the money to cover the demand (they find it in excess vault cash, in its accounts or by borrowing inter-bank, or from a central bank, if need be.
Banks make profit because the cost of the money represented in the lending account is ZERO - that is, it is made up ex nihilo, they create money. Borrowers pay fees, pay interest charges, pay principle payments, and assign other collateral per contractual terms, or make other remunerative promises in order to get the bank to create the money for their investment purposes. A bank wants many such accounts so the flow of money across all of them easily covers demands for payments by the bank.
For each account, how many other accounts are needed to produce the flow of monies from the network of loans made to cover their positions? Is it a large number or a small number, perhaps endless in number?
Because these institutions are backed now by a central bank, it is clear that when demands exceed their ability to pay from their accounts and cash-on-hand, momentarily, they can borrow from the central bank (or from someone else).
So leverage - is this the number of accounts you should prudently establish for every unit of real bank-capital offset by the current stream of fees, interest charge payments, and other earned remunerations arising from the contract with the borrower?
There is a bit of Ponzi character here, as the bank will see the ability to pay on demands made of it using borrowers' principle payments too, even though arguably they are not bank 'earnings', but instead they are capital returned by the borrower - but remember, the money created in the lending account was created from nothing (it is capital for the borrower, don't know what it is called for the bank).
Great business to be in. I know I wouldn't want to be a modern bank examiner, what an impossible job it seems to me.
David said..."But banks protest that these more stringent capital requirements interfere with their ability to provide the financing the economy needs to function optimally, and hence this will slow economic growth."
I really hate it when banks equate their success with economic growth. Banks hurled the economy over a cliff, along with the US housing market. Spare me the protests for lower capital requirements. It worked for Hank Paulson when CEO of $GS, and then he had a generous plan to help the banks that tanked after having too little capital in their coffers.
And last I checked, wages have been stagnant for decades for many American workers - highly profitable companies don't like to share their financial successes with the workers. So unclear what "economic growth" banks have been seeing - it's invisible to most of America. But bankers are doing well, I guess…
Lafayette said...Utter nonsense!
The problem was that the banks were highly leveraged with speculative loans that were of much higher risk than they were listed as. If the loans were made to truly credit worthy borrowers then they would have been highly unlikely to default.
This is the basic argument for bringing back Glass-Steagall so such speculation with the government guaranteed ability of loan origination (i.e. money creation) can't be used for such highly risky, speculative endeavors.
reason said...{MT: This left them highly vulnerable when those assets' prices collapsed and the banks were unable to raise the funds they needed to pay off their loans.}
Actually, the skillful mixing of good-with-high-risk-loans and the "securitization process" (with the false Triple-A ratings) allowed them to pass much of the risk on to the world.
THAT is what Dodd-Frank does not sufficiently prevent, and until there is a willful effort by the Fed to have proper investigative procedures placed upon the base-products (the mortgage-loans) BEFORE SECURITIZATION (with an approval stamp), then we can never sleep assured regarding the base security of the process.
Hell, we do that for food-products to prevent food-poisoning, why not indigestible financially systemic real-estate loans ... ?
Lafayette said in reply to reason...It seems the standard argument from a special interest that is interfered with, is that it is bad for growth - even though
1. the determinates of supply growth, despite considerable research for a long time, are not well understood
2. growth in modern economies is mostly demand constrained, not supply constrained
3. demand growth is subject to policy (which can move to offset other effects).What I want to know is why this isn't called consistently (in the press) the rubbish that it is. We allow ceteris paribus arguments to go unchallenged far too often, even though they are mostly inappropriate in economics (where everything is connected to everything else). (P.S. This is why the linear deductive methodology favoured by "Austrians" cannot be relied upon to arrive at accurate conclusions.)
{What I want to know is why this isn't called consistently (in the press) the rubbish that it is.}
Because the press is insufficiently neutral/unbiased in the matter of interpreting evidence. If you work for Fox News, you write the news the way the editor wants it written.
Or Rupert Murdoch will have his head.
Besides, with the advent of the Internet journalism has gone into a tailspin in order to maintain readership (that pays the bills and the salaries). Each newspaper, in order to pass advertising through to readers, has a "journalistic strategy" to reach a certain kind of clientèle.
I really think it is as simple as that ...
mulp said...
"That is, they relied heavily on borrowed funds to acquire risky financial assets. This left them highly vulnerable when those assets' prices collapsed and the banks were unable to raise the funds they needed to pay off their loans."
If pump and dump asset churn were the key to economic growth, then why don't we simply have all the unemployed get the unregulated debt to trade a few tons of wheat or coal or maybe an abandoned house in Detroit with each other at ever inflating prices until their are billionaires.
That after all seems to be one of he free lunch economic theories of growth - wealth and growth comes from asset churn at ever inflating prices, not from the fruits of labor.
If labor is the key to economic growth, bankers are minor cogs in the economy. Hiring labor to build real physical assets for production of goods is not risky unless the added capital for production produces an excess of goods and services so far beyond demand that the price is below marginal costs in the short run and marginal cost plus debt service in the long run.
As for buying existing assets for a price in excess of the labor cost minus depreciation, that is not only not economic growth, but stupidity made possible only by rent seeking bankers lending the money of workers for high risk debt. Buying real estate for more than building a new one like it is insanity, but free lunch economics promises capital gains in value with zero labor input.
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Dec 23, 2014 | Economist's View
At MoneyWatch:
Do safer banks mean less economic growth?: One reason the financial crisis was so severe was that banks were highly leveraged. That is, they relied heavily on borrowed funds to acquire risky financial assets. This left them highly vulnerable when those assets' prices collapsed and the banks were unable to raise the funds they needed to pay off their loans.In response, regulators have increased the capital requirements for banks. This limits the amount of leverage they can use and provides a safety buffer against losses. But banks protest that these more stringent capital requirements interfere with their ability to provide the financing the economy needs to function optimally, and hence this will slow economic growth.However, recent research calls this into question. ...
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Dec 23, 2014 | Economist's View
At MoneyWatch:
Do safer banks mean less economic growth?: One reason the financial crisis was so severe was that banks were highly leveraged. That is, they relied heavily on borrowed funds to acquire risky financial assets. This left them highly vulnerable when those assets' prices collapsed and the banks were unable to raise the funds they needed to pay off their loans.In response, regulators have increased the capital requirements for banks. This limits the amount of leverage they can use and provides a safety buffer against losses. But banks protest that these more stringent capital requirements interfere with their ability to provide the financing the economy needs to function optimally, and hence this will slow economic growth.However, recent research calls this into question. ...Posted by Mark Thoma on Monday, December 22, 2014 at 11:32 AM in Economics, Financial System, Regulation | Permalink Comments (11)
[Nov 02, 2014] The Financial World Five Years after Lehman Brothers The Institute for New Economic Thinking by Robert Johnson
September 17, 2013 | ineteconomics.org
Editor's Note: Welcome to Crash Week! This week marks five years since the bankruptcy of Lehman Brothers and the financial crisis that followed. A lot has happened since then, but how much has changed? All week long we will be exploring this question from a variety of economic angles. Below is the first piece from Institute for New Economic Thinking President Rob Johnson. Stay tuned for contributions from our grantees, community members, leaders, and other prominent economic thinkers!
As we look back at the causes and consequences of the Lehman Brothers collapse, an event that was emblematic of a broader failure of large complex financial institutions, we can ask several questions. What caused the calamity called Lehman? Did it leave any lasting damage to the financial system? What have we learned about the American political economy from this episode and its aftermath?
Simply speaking, the credit avalanche surrounding Lehman Brothers' bankruptcy was the result of excessive leverage and the opacity of complex financial instruments. How that leverage and complexity came to fruition was a combination of hubris and "heads-I-win-tails-you-lose" incentives, and it was in large part related to the adverse feedback process in American politics where making money allows the purchase of favorable legislative and regulatory laxity, which begets more profit and more lobbying and more political intervention.
All of this was made to appear legitimate by so-called rocket scientists, who had convinced executives that they knew how to slice and dice and price these complex securities and that their statistical wizardry enabled their portfolios to run on razor-thin safety margins.
The crisis did appear to shake a lot of hubris out of top managements about their ability to control market risk. It demystified the rocket scientists. As a result, the private sector is in a more sober and cautious posture than it was in late 2007.
The other major concerns were related to the perverse incentives created by the awareness that some large complex financial institutions were too intertwined to resolve. The logic of knowing ex-ante that firms cannot be closed down because of the threat of cascading default created a toxic environment where banks deemed too significant to be allowed to fail were afforded funding that was cheaper because it wasn't priced to reflect the possibility of default.
But cheaper funding enabled these firms to take more risk and leverage. Cheaper funding allowed them to out compete those firms that had no such conjectural guarantees. Their balance sheets blossomed and their market share increased. The Over The Counter (OTC) derivatives books of the top five banks had this embedded guarantee and as a result they controlled 95 percent of the derivatives markets.
This is a problem, and a demoralizing one, that has not been addressed despite all of the jaw music about the FSOC (Financial Services Oversight Committee). Too big to fail companies are too politically powerful in the wasteland of American money politics to be forced to submit to remedies that would make the system cohere. As Illinois Senator Richard Durban once said of the U.S. Senate, "The banks own the place".
The lack of progress in the realm of TBTF, derivatives regulation, and most any other constraint that would hypothetically be placed upon a large complex financial institution is a reflection of the toxic incentives that politicians face in America and around the world. In Europe, the idea of restructuring sovereign debt has fallen behind other adjustments, including the propensity to cut spending in a depression or so-called austerity, in lieu of acknowledging that the existing debt overhang is nearly impossible to overcome.
A close study of the euro zone crisis also would reveal that it was large scale distortions in private credit allocation intermediated by European banks that was at the core of the problem. And still no banking union is forthcoming in Europe. As Andrew Haldane, of the Bank of England and the Institute for New Economic Thinking's Advisory Board, has shown, the financiers have been banking on the state in myriad ways, and they do not want to give it up for the sake of systemic integrity or legitimacy.
In 2008, the polluters did not pay and it is hard to see how they will if a crisis occurs again. The accompanying despondency about the ability to govern these financial behemoths gives governing a bad name and fuels anti-government groups like the Tea Party.
From the vantage point of five years out, we see a demoralized populous that has been told by the U.S. attorney general that big banks are too systemically important to govern or punish. We see little or no progress on TBTF or bringing OTC derivatives out of the dark. We see a rule making process dominated by the lobbyists and lawyers for the financial institutions. And we see money politics still dominating in Washington, especially when it comes to the financial sector
This is not a healthy state of affairs. When the central nervous system of an organism is damaged the whole body enters dysfunction. The financial system is the central nervous system of our economy and society. When the leading institutions, their regulators, and the entire legislative framework live under a cloud of suspicion there can be no broad based rekindling of trust. As a result we all suffer. Rage at the big banks may be justified, but it is hardly a remedy for what ails us.
Looking back five years out, we did, it seems, learn that some of the received wisdom in financial theory was not true. But we have yet to capitalize on these insights. There is still a long way to go.
[Sep 28, 2014] US senators demand probe into leaked Goldman Sachs tapes
US Senate Banking Committee members are calling for hearings and full investigation into alleged ties between Federal Reserve supervisors and officials at Goldman Sachs, a bank the Fed was supposed to be policing.Congress must hold "oversight hearings on the disturbing issues" raised by the secretly recorded conversations between the Fed and Goldman officials, Senator Elizabeth Warren (Mass, D) said on Friday. Portions of recordings from 2011 and 2012 were recently made public, apparently showing unwillingness by some Fed supervisors to both demand information from Goldman Sachs and criticize its conflict-of-interest policy.
"When regulators care more about protecting big banks from accountability than they do about protecting the American people from risky and illegal behavior on Wall Street, it threatens our whole economy," Warren said in an emailed statement to Reuters, adding that the issues raised by the whistleblower should be addressed when Congress returns in November.
Joining in and requesting a "full and thorough investigation" into the allegations is another Democrat Sherrod Brown, who also sits on the Banking Committee. "For too long, too many financial regulators have been too cozy towards the very industry that they are meant to police."
The tapes were recorded by a former New York Federal bank examiner, Carmen Segarra, who was an embedded supervisor with Goldman Sachs. She began the recordings when she became worried about what she was witnessing among her colleagues and at Goldman Sachs over a deal with Banco Santander. A record was needed in case events were disputed. Nearly seven months into her work Segarra was fired in May 2012, after as she claims she refused to alter a critical assessment of Goldman's legal and compliance units.
After failing to sue the bank for unlawful termination, Segarra provided 46 hours of tapes to the investigative news outlet ProPublica and the public radio show, "This American Life."
In a long meeting recorded the week before Segarra was fired, according to ProPublica, her boss repeatedly tried to persuade her to change her conclusion that "Goldman was missing a policy to handle conflicts of interest." Insisting that her findings were submitted, she was allegedly ready to accept them being overruled by superiors, but "professionally" couldn't agree with her boss.
The New York Fed, which is already under scrutiny from lawmakers over its ties with the banking industry, however claims the decision to terminate Segarra's employment "was based entirely on performance grounds."
In a statement posted on its website on Friday, the Fed wrote "the New York Fed works diligently to execute its supervisory authority in a manner that is most effective in promoting the safety and soundness of the financial institutions it is charged with supervising."steve
Does anyone believe that Congress is sincere by their alarm with the Mafia organization referred to as... Goldman Sachs? This is a game. Without GSach's approval, this would not even enter the news presented by MSM let alone Congress seemingly being alarmed. Hilarious.
This is a quasi-false flag operation. PRETEND to do something but in reality Congress eagerly keeps taking their Corporate $$. George Orwell must be laughing his ars off and rolling around in his grave having a good giggle.
Very little mention of this in Western MSM either of course.
owner
Hasbarat banking at its best. Goldman-Sachs owns the Obomber company, so how can it be a surprise?
TonyH
What's the surprise? This has been going on for decades. The US government works for Wall St. In fact, for all intents and purposes, they are Wall St.
Stephanie Volk
Carmen Segarra is a former FTC regulator who joined the FED after the financial crisis to help rescue the banking system -- but she was so shocked by the naked regulatory capture on display that she ended up buying a covert recorder from a "spy shop" and used it to secretly record her colleagues letting Goldman Sachs get away with pretty much anything it wanted to do. US Senate Banking Committee members are calling for hearings and full investigation into alleged ties between Federal Reserve supervisors and officials at Goldman Sachs, a bank the Fed was supposed to be policing.
Colleen Chapman
Go Senator Warren. its about time someone in the American Govt held these banks and the Federal reserve to account. Watch your back though Senator we know what happens when someone threatens to expose the Wall St criminals. How many bankers have died suspiciously lately?
Romanov
I had high hopes for Senator Warren at one time until she voted to bomb Gaza!
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Etc
Society
Groupthink : Two Party System as Polyarchy : Corruption of Regulators : Bureaucracies : Understanding Micromanagers and Control Freaks : Toxic Managers : Harvard Mafia : Diplomatic Communication : Surviving a Bad Performance Review : Insufficient Retirement Funds as Immanent Problem of Neoliberal Regime : PseudoScience : Who Rules America : Neoliberalism : The Iron Law of Oligarchy : Libertarian Philosophy
Quotes
War and Peace : Skeptical Finance : John Kenneth Galbraith :Talleyrand : Oscar Wilde : Otto Von Bismarck : Keynes : George Carlin : Skeptics : Propaganda : SE quotes : Language Design and Programming Quotes : Random IT-related quotes : Somerset Maugham : Marcus Aurelius : Kurt Vonnegut : Eric Hoffer : Winston Churchill : Napoleon Bonaparte : Ambrose Bierce : Bernard Shaw : Mark Twain Quotes
Bulletin:
Vol 25, No.12 (December, 2013) Rational Fools vs. Efficient Crooks The efficient markets hypothesis : Political Skeptic Bulletin, 2013 : Unemployment Bulletin, 2010 : Vol 23, No.10 (October, 2011) An observation about corporate security departments : Slightly Skeptical Euromaydan Chronicles, June 2014 : Greenspan legacy bulletin, 2008 : Vol 25, No.10 (October, 2013) Cryptolocker Trojan (Win32/Crilock.A) : Vol 25, No.08 (August, 2013) Cloud providers as intelligence collection hubs : Financial Humor Bulletin, 2010 : Inequality Bulletin, 2009 : Financial Humor Bulletin, 2008 : Copyleft Problems Bulletin, 2004 : Financial Humor Bulletin, 2011 : Energy Bulletin, 2010 : Malware Protection Bulletin, 2010 : Vol 26, No.1 (January, 2013) Object-Oriented Cult : Political Skeptic Bulletin, 2011 : Vol 23, No.11 (November, 2011) Softpanorama classification of sysadmin horror stories : Vol 25, No.05 (May, 2013) Corporate bullshit as a communication method : Vol 25, No.06 (June, 2013) A Note on the Relationship of Brooks Law and Conway Law
History:
Fifty glorious years (1950-2000): the triumph of the US computer engineering : Donald Knuth : TAoCP and its Influence of Computer Science : Richard Stallman : Linus Torvalds : Larry Wall : John K. Ousterhout : CTSS : Multix OS Unix History : Unix shell history : VI editor : History of pipes concept : Solaris : MS DOS : Programming Languages History : PL/1 : Simula 67 : C : History of GCC development : Scripting Languages : Perl history : OS History : Mail : DNS : SSH : CPU Instruction Sets : SPARC systems 1987-2006 : Norton Commander : Norton Utilities : Norton Ghost : Frontpage history : Malware Defense History : GNU Screen : OSS early history
Classic books:
The Peter Principle : Parkinson Law : 1984 : The Mythical Man-Month : How to Solve It by George Polya : The Art of Computer Programming : The Elements of Programming Style : The Unix Hater’s Handbook : The Jargon file : The True Believer : Programming Pearls : The Good Soldier Svejk : The Power Elite
Most popular humor pages:
Manifest of the Softpanorama IT Slacker Society : Ten Commandments of the IT Slackers Society : Computer Humor Collection : BSD Logo Story : The Cuckoo's Egg : IT Slang : C++ Humor : ARE YOU A BBS ADDICT? : The Perl Purity Test : Object oriented programmers of all nations : Financial Humor : Financial Humor Bulletin, 2008 : Financial Humor Bulletin, 2010 : The Most Comprehensive Collection of Editor-related Humor : Programming Language Humor : Goldman Sachs related humor : Greenspan humor : C Humor : Scripting Humor : Real Programmers Humor : Web Humor : GPL-related Humor : OFM Humor : Politically Incorrect Humor : IDS Humor : "Linux Sucks" Humor : Russian Musical Humor : Best Russian Programmer Humor : Microsoft plans to buy Catholic Church : Richard Stallman Related Humor : Admin Humor : Perl-related Humor : Linus Torvalds Related humor : PseudoScience Related Humor : Networking Humor : Shell Humor : Financial Humor Bulletin, 2011 : Financial Humor Bulletin, 2012 : Financial Humor Bulletin, 2013 : Java Humor : Software Engineering Humor : Sun Solaris Related Humor : Education Humor : IBM Humor : Assembler-related Humor : VIM Humor : Computer Viruses Humor : Bright tomorrow is rescheduled to a day after tomorrow : Classic Computer Humor
The Last but not Least Technology is dominated by two types of people: those who understand what they do not manage and those who manage what they do not understand ~Archibald Putt. Ph.D
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Last modified: February, 10, 2021
