Defenders of big banks are adamant that we have fixed the problem of too big to fail Organizations such as the Bipartisan Policy Center and the law firmDavis Polk & Wardwell assert that the critical breakthrough was the introduction of new orderly liquidation powers under the 2010 Dodd-Frank financial reform legislation, enabling the Federal Deposit Insurance Corporation to ...
Robert Monks, a long-time expert on corporate governance, is not known for mincing his words, and his latest book Citizens Disunited pulls no punches. He wants big investors to start using their influence to push back. Writing about corporate political power, Monks warns that “money buys voices, ears, face time, and sit-downs, but it also buys silence.” ...
Several years ago, the FBI obtained a search warrant authorizing it to review two days’ worth of Fox News reporter James Rosen’s emails after demonstrating to a judge it had probable cause to believe that Rosen had committed a crime by soliciting the disclosure of classified information from a government official. The government official was ...
Americans have never particularly liked the taxman, but the recent IRS scandal has driven the agency’s reputation to a new low. It also created a rare consensus in Washington as Republican and Democratic officials issued nearly identical denunciations of reports that groups were targeted based on indicators of partisan ideology. The IRS’s feeble explanation for ...
A “territorial” tax system – in which overseas profits of U.S. corporations would be lightly taxed in the U.S. or not taxed at all – is likely to be the top tax reform proposal advocated by Apple CEO Tim Cook when he testifies before the Senate on Tuesday. Apple – like hundreds of other high tech ...
This working paper looks at excess reserves in historical context and analyzes whether they constitute a monetary policy problem for the Federal Reserve System (the “Fed”) or a potentially inflationary problem for the rest of us. Generally, this analysis shows that both absolute and relative sizes of excess reserves are a big problem for the ...
As global capital becomes ever more powerful, giant corporations are holding governments and citizens up for ransom — eliciting subsidies and tax breaks from countries concerned about their nation’s “competitiveness” — while sheltering their profits in the lowest-tax jurisdictions they can find. Major advanced countries — and their citizens — need a comprehensive tax agreement ...
A multistoried structure cobbled together without much oversight, groaning under its own weight, a source of livelihood but a risk to health and safety – sounds like the garment factory building in Bangladesh, whose recent collapse led to the deaths of more than 1,100 workers. But it’s also a pretty good description of the current system of ...
Austerity has failed in Europe, where the European Union just racked up 18 months of negative growth with no end in sight. It is failing in the United States, where this year’s deficit reductions will cut the growth rate in half. But austerity is succeeding as politics. The German government shows no signs of taking ...
As someone who knows the FDIC — which is actually the agency that takes down failing banks — she’s in an unusually good position to know whether the law’s resolution authority will work. These are the new powers the FDIC has in Dodd-Frank to impose losses and fail a financial firm (it’s what Barney Frank called “death ...
