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Tag >> Bernanke
Oct 28

Balancing independence and stakeholder needs

Posted by dbedell in Sifmaregulatorsfinancial reformFDICcomplianceBernanke


Timothy Ryan, president and CEO of the Securities Industry and Financial Markets Association (SIFMA), explained in a piece Wednesday on The Huffington Post some of the challenges that face regulators in the long and complicated process of implementing regulatory reform.

That process is fraught with potential pitfalls and challenges. The question is how those that are responsible for implementation will roll it out and what it will mean for all the companies and industries that will be affected.

Jun 11

Crunch time for financial reform

Posted by Ron F in Volcker RuleRegulationPaul Volckerfinancial reformfinancial crisisderivativescredit-default swapcomplianceBernankeBanksBankingbailouts

Ron F

I'm as a big a fan of Paul Volcker as the next guy but am struggling to understand why he objects to the so-called Lincoln amendment. All it would do at the end of the day is force banks to separately capitalize their derivatives operations, as Simon Johnson explains today.

I can understand why the bank lobby is against the idea. More capital would make their operations less profitable. But that's also the only way to make them less risky as well.

Jun 09

An economy on life support

Posted by Ron F in unemploymentstimulusRiskrecoveryrecessionmoral hazardmonetary policyglobal economyfinancial crisisCareers/ManagementBernanke

Ron F

It's really hard to see the glass half full on the economy with news like this.

A 35 percent decline in mortgage applications during the past month hardly suggests that the consumer is back. In fact, whatever strength home sales have shown of late has stemmed from the first-time buyers' tax credit. The downturn in applications coincides with the credit's expiration, showing that the economy remains on life support.

May 15

Why Congress should ignore Bernanke & Company

Posted by Ron F in Volcker RuleSheila BairRiskRegulationPaul Volckerfinancial crisisderivativesCongresscomplianceBernankeBanksbanking reformBankingbank failuresbailouts

Ron F

I see that Ben Bernanke, Sheila Bair and even Paul Volcker are trying to convince Congress not to require big banks to spin off their derivatives operations, or make other fundamental changes besides getting out of proprietary trading, the so-called Volcker rule.

Bernanke, in particular, is defending the rest of the current set-up and insisting, in effect, that regulators can take care of all of the rest of the problems that banks that are too big to fail represent, with just a few technical changes involving leverage and capital reserves and the like.

Apr 21

Shedding no further light on Lehman

Posted by Ron F in Securities and Exchange CommissionRiskRepo 105RegulationNew York FedLehman BrothersGeithnerGAAPfinancial crisisFederal ReserveFedCongresscomplianceBernankeBarney FrankBanksbank failuresbailoutsAccounting

Ron F

I have to say that today's House Financial Services Committee hearing into Lehman Brothers' collapse leaves me confused in more than one respect.

Ben Bernanke told the committee that regulatory authority over Lehman rested with the Securities and Exchange Commission under a voluntary program set up in 2004.

Mar 05

How Uncle Sam is more like a bank than a household

Posted by Ron F in RiskObamagovernment financefinancingdefaultCongresscapital expendituresbudgetBernankeBanking

Ron F

James Galbraith provides much-needed clarification of a point that has been obscured in the debate, if that's the right term, over the federal budget deficit at a time of recession.

And that is that when it comes to the economy, the government is more like a bank than a family household, in contrast to those who argue that the budget should be balanced at all times, and especially when times get tough. Even President Obama echoed that view in his State of the Union address when he said the government should "live within its means."

Mar 02

Dodd waves white flag on financial consumer protection

Posted by Ron F in systemic riskRiskRegulationfinancial crisisFederal ReserveCongressChris DoddBernankebanking reformBankingAlan Greenspan

Ron F

Several bloggers have beaten me to this, but the latest proposal regarding the so-called consumer protection agency for financial products is just another example of Congress succumbing to the bank lobby.

Rather than set up an independent agency, or even put it under the auspices of the Treasury, as Senate Banking Committee Chairman Chris Dodd earlier proposed, he would now put it under the Federal Reserve because of opposition from Republicans and even some fellow Democrats.

Feb 27

The dismal debate over the dismal jobs picture

Posted by Ron F in recoveryrecessionjoblessnessFederal Reserveemploymenteconomycareer/managementBernanke

Ron F

The lousy job picture continues to inspire debate over the need for further government stimulus, though I have to say that much of the debate is less than inspiring.

Take Ben Bernanke's comments to Barney Frank yesterday. As fund manager Marshall Auerbach notes today, the Fed chairman admits that the U.S. cannot default on its debt so long as Congresss lets the Treasury borrow by boosting the debt ceiling.

Feb 23

A disconnect at the Fed over asset sales

Posted by dbedell in stimulussecuritizationFedBernanke


The fact that banks are once again able to raise capital is a very positive sign for US markets, however asset quality issues must still be addressed and more losses are on the horizon. As such, the timing of exits from stimulus programs by the government and US Treasury is essential, and market participants around the world – particularly those in the securitization and structured finance spaces - are watching closely as policymakers start to look at winding down support programs, selling off assets and re-evaluating fiscal and monetary policies.

How and when programs are closed and assets sold are of critical concern both to issuers and investors as it could have a big impact on tenuous market stability. With Fed officials arguing at the Federal Open Market Committee meeting in late January over when to start selling off some of the assets making up their $2.26 trillion balance sheet, that impact could be tested sooner than anyone thought likely.

Feb 18

Why the Fed deserves more blame than other bank regulators

Posted by Ron F in Securities and Exchange CommissionRiskRegulationPhil GrammNew York Times Co.Glass-SteagallFederal ReserveFedderivativesCongressBernankeBanksbanking reformBankingbank failuresAlan Greenspan

Ron F

Whether a Treasury-led council of bank regulators would be more or less effective at heading off systemic financial risk than the current set-up remains to be seen.

But it couldn't be much worse. So the nonsense that St. Louis Fed President James Bullard told the Times today about the Fed's role in the financial crisis needs to be called just that.

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