Niall Ferguson: My Journey From a Jerusalem of Ghosts to the Living Jerusalem
This piece is by WWSG exclusive thought leader, Niall Ferguson. To make proper sense of the bloody events of the past 12 months in the…
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Why banks shouldn’t blame the ‘repo rupture’ on regulation
Thought Leader: Sheila Bair
Source: Link
By Sheila C. Bair (Original source Yahoo Finance)
Bank lobbyists, like magicians, are skilled at the art of legerdemain. Whenever there are unexpected problems in the financial markets, they are quick to create the illusion of financial regulation as the culprit. In doing so, they divert attention from the real cause, which is all-too-often misbehavior on the part of the banks they represent.
True to form, the banking industry’s lobbyist-supreme, JPMorgan Chase’s (JPM) Jamie Dimon, and others, have been blaming post-crisis financial regulations for recent malfunctions in the “repo” market. However, if anything, this episode suggests regulators need to do more, not less, to stabilize big banks and make sure they can serve as a source of strength in times of stress.
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