Topic: regulation

Libor Fixing Scandal in the Grand Scheme of Things

 ”Save me from these evil deeds before I get them done.” Fiona Apple Libor is an acronym that stands for London Interbank Offer Rate. It’s the rate at which banks borrow and lend between themselves. But Libor has much wider implications. In fact it affect several hundred trillion dollars of various investments. Libor is the basis for calculating interest rates on your mortgage, your student loans, your credit cards, as well as on any corporate, municipal and mortgage-backed bond out … Read More

In None We Trust

At this point, I’m not easily surprised.  But when I heard last week that multiple banks had committed major fraud in a market with a notional value of trillion of dollars, even I was stunned. Fear not: I won’t try to explain the LIBOR scandal myself.  (The details don’t even matter much for our purposes.)  I’ll refer you to the folks at NPR’s Planet Money, who put together a superb piece.  To quote the analogy in their intro: In France, … Read More

Regulate Wall Street

Honest Competition by Katya G. I put this video together since Wall Street is my pet issue. It highlights the general idea of a fair game, of following the rules. Those who undermine the rules are simply not equipped to play the game — thus they bend them to their own advantage. Be a mensch, Wall Street – play by the rules. Creative People: ACT NOW is thinking about doing a series of social ads — for example, touching on taxes, … Read More

Honest Conservatives

It is possible, although decreasingly so in American politics, to admire, if disagree with, your political opponents. I keep a dwindling collection of conservatives, who are not preoccupied with vengeance, destruction, pledges and sexual politics. I call them “thinking conservatives” and perhaps the matters where we disagree would come down to economics and foreign policy. David Frum is on that list. So is David Brooks. William Buckley, the lucid founder of conservative magazine National Review, whose son Christopher Buckley famously … Read More