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One-Pager No. 38Financial Reform and the London Whale
The recent report by the Senate Permanent Subcommittee on Investigations on the operations of JPMorgan Chase’s Synthetic Credit Portfolio unit—aka the London Whale—has brought renewed attention to the risks of proprietary trading for insured banks, and provides depth to the larger risks inherent in the financial system after Dodd-Frank. -
One-Pager No. 38
Χρηματοοικονομική μεταρρύθμιση και η «φάλαινα του Σίτι»
Η πρόσφατη έκθεση της μόνιμης υποεπιτροπής της αμερικανικής Γερουσίας για τις έρευνες σχετικά με τις δραστηριότητες της μονάδας Συνθετικού Χαρτοφυλακίου Πιστοδοτήσεων της JPMorgan Chase, που είναι επίσης γνωστή ως η «φάλαινα του Σίτι του Λονδίνου», έστρεψε εκ νέου την προσοχή στους κινδύνους των χρηματιστηριακών πράξεων/αγοραπωλησιών για ίδιο λογαριασμό (proprietary trading) από ασφαλισμένες τράπεζες και αποκαλύπτει […] -
BlogWhat Is “Time Poverty” and Why Should You Care?
This is how we came up with the official poverty line for the United States, back in the early 1960s: essentially, we put together a very basic diet, figured out the monetary value, and multiplied by three. If a family has less income than that number, adjusted for inflation, they’re poor. There are numerous problems [...] -
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Minsky Abroad
Announcing two upcoming conferences, organized as part of the Levy Institute’s international research agenda and in conjunction with the Ford Foundation Project on Financial Instability, which draws on Hyman Minsky’s extensive work on financial governance, the structure of financial systems to ensure stability, and the role of government in achieving a growing and equitable economy: [...] -
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New Frontiers in Financial Wrongdoing and Instability
Benjamin Lawsky is the very first Superintendent of the New York Department of Financial Services (DFS), a regulatory body created in 2011 through the merger of the New York State Banking and Insurance Departments. Lawsky spoke recently at the Levy Institute’s annual Minsky conference and he began with an appropriately Minskyan tune: There is a [...] -
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The Role of the Fed in the Sustainability of the Long-term Budget
As noted, the Congressional Budget Office says that the federal deficit will shrink to 2.1 percent of GDP in two years and then start to grow again after 2015. The most important factor contributing to the widening budget deficit over the next 10 years, according to the CBO, is not Social Security, or even Medicare, [...] -
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This Time Is Indifferent
Whether it’s the terrible growth numbers in the eurozone (Eurostat), the revelation of spreadsheet errors in everyone’s favorite debt disaster study (for some of the non-spreadsheet-based problems with the Reinhart-Rogoff approach, see this 2010 working paper), or the fact that the US federal deficit is on track to shrink to a measly 2.1 percent of [...] -
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Working Paper Roundup
The Economic Crisis of 2008 and the Added Worker Effect in Transition Countries Tamar Khitarishvili Modeling the Housing Market in OECD Countries Philip Arestis and Ana Rosa González The Problem of Excess Reserves, Then and Now Walker F. Todd On the Franco-German Euro Contradiction and Ultimate Euro Battleground Jörg Bibow Currency Concerns under Uncertainty Sunanda [...] -
Press ReleaseMultibillion Dollar “London Whale” Trading Losses at JPMorgan Chase Highlight Shortcomings of Dodd-Frank Act and Need for Stronger Banking Reform, New Levy Study Says
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Safety Nets vs Economic Empowerment
There are important changes in how many developing countries are approaching the problem of poverty. Specifically in the area of “social protection” policy — policies intended to prevent or alleviate income insecurity and poverty — these changes are reflected in attempts to move beyond one-off interventions and “safety nets” to policies designed to address some [...] -
Gli azionisti di JP Morgan al voto sulla doppia poltrona di Dimon. Le tre lezioni della “Balena”
FIRSTOnline, 21 Maggio 2013. Tutti i diritti riservati. Gli azionisti votano oggi in assise sulla separazione delle cariche di presidente e ceo dopo gli scandali—Trema la doppia poltrona di Dimon—Le tre lezioni della balena di Londra dell’economista Jan Kregel (Bard College)—Il caso JPMorgan è diventato il terreno di gioco su cui si sta disputando la […] -
JPMorgan e la Balena, l’economista Jan Kregel: sostituire i responsabili non basta
FIRSTOnline, 21 Maggio 2013. Tutti i diritti riservati. LE TRE LEZIONI DELLA BALENA DI LONDRA/1 Jamie Dimon ha superato il voto sulla doppia poltrona mentre la fronda degli azionisti "ribelli" chiede le dimissioni dei tre membri della Commissione rischi che non hanno superato il 60% dei consensi— Ma il problema di JPMorgan non è solo […]