Category: Corporate Governance
04/15/09
05:56:58 am, by editor of MarketObservation.com 
, 122 words 
Categories: News, Corporate Governance, Central Banks/Government, Banks/Investment Banks
I thought that public firms are urged to transparency anyway... The step planned by government is certainly a necessary one. This type of transparency is an important step to restore confidence in the banking system.
NYT: U.S. Planning to Reveal Data… more »
04/06/09
07:07:50 am, by editor of MarketObservation.com , 137 words
Categories: Corporate Governance, Banks/Investment Banks
FT: US prepared to oust bank chiefs, April 5, 2009
Tim Geithner warned on Sunday that the US government would consider ousting board members at American banks as a condition for giving the institutions “exceptional” assistance in the future.
The Tr… more »
03/16/09
09:19:47 pm, by editor of MarketObservation.com , 148 words
Categories: Corporate Governance, Central Banks/Government, Bankruptcy, Restructuring
There is nothing wrong if AIG pays down its debt and obligations it has with business partners. However, there is something wrong if bonuses are paid to people who were not successful:
NYT: A.I.G. Lists Banks It Paid With U.S. Bailout Funds, March 15,… more »
02/28/09
05:49:22 pm, by editor of MarketObservation.com , 472 words
Categories: Corporate Governance, Investment
Warren Buffett's letter to shareholders, 2008
There are many interesting parts in the letter. Here are some remarks about derivatives:
"Derivatives are dangerous. They have dramatically increased the leverage and risks in our financial system. Th… more »
02/26/09
07:15:53 am, by editor of MarketObservation.com , 146 words
Categories: Corporate Governance, Banks/Investment Banks
FT: How bank bonuses let us all down, by Nassim Nicholas Taleb, Feb. 24, 2009
One of the arguments one hears in the compensation debate is that the bonus system used by Wall Street – as John Thain, former Merrill Lynch chief executive, put it – is the… more »
02/11/09
06:24:06 am, by editor of MarketObservation.com , 46 words
Categories: Corporate Governance, Central Banks/Government, Banks/Investment Banks
One expert sees this grilling as a destruction exercise and ask why the government has not asked these questions three or four years ago. He believes that the government and the regulator are among the parties who have failed.
click to go to the C… more »
02/06/09
Luigi Zingales lately published an article on RGE Monitor about the future of securities regulation. He proposes major reforms which aim at (1) Empowering institutional investors in corporate boards, (2) protecting unsophisticated individuals with regard… more »
01/30/09
The WSJ, reporting from Davos, asks whether capitalism is dead. MarketWatch: Is capitalism dead?They should distinguish between owners capitalism and manager capitalism: Capitalism in the sense of active owners, caring about the shareholders a… more »
01/22/09
07:32:18 am, by editor of MarketObservation.com , 156 words
Categories: Corporate Governance, Investment, Central Banks/Government, Banks/Investment Banks
Economist: Banking, Another fine mess, Fears of nationalisation stalk the banking system, Jan. 21, 2009
"Public ownership may be unpalatable to many but it is just as difficult politically for governments to keep injecting money into banks without… more »
01/18/09
10:13:09 am, by editor of MarketObservation.com , 264 words
Categories: Corporate Governance, Central Banks/Government, Banks/Investment Banks
Policy makers aim at redesigning the financial system. Various insitutions and experts start to make propositions regarding the regulatory measures which could be implemented. The Group of Thirty (G30) is a heavy weight among them. G30 published "Financi… more »
01/05/09
06:51:06 am, by editor of MarketObservation.com , 159 words
Categories: Corporate Governance, Central Banks/Government
The European Central Bank is the first time expressing the view that it should take an active role in banking regulation across the EU. Major questions are what type of regulation are most effective (from the perspective of a free market environment) and… more »
01/04/09
03:12:23 pm, by editor of MarketObservation.com , 272 words
Categories: Corporate Governance, Analysts, Banks/Investment Banks, Fraud
This is an article by Michael Lewis ("Liars Poker") and David Einhorn ("Fooling Some of the People All of the Time") in the Jan. 3 edition of The New York Times. They explore the reasons for the collapse of the financial system. Lewis and Einhorn point o… more »
12/30/08
02:32:09 pm, by editor of MarketObservation.com , 36 words
Categories: Corporate Governance, Investment, Central Banks/Government, Academic, Banks/Investment Banks
By 1998, AIG Financial Products had made hundreds of millions of dollars and had captured Wall Street's attention with its precise, finely balanced system for managing risk. Then it subtly turned in a dangerous direction. read more more »
10:03:16 am, by editor of MarketObservation.com , 49 words
Categories: Corporate Governance, Analysts, Investment, Central Banks/Government, Academic, Banks/Investment Banks
"Greed on Wall Street and blindness in Washington certainly helped cause the financial system's crash. But a deeper explanation begins 20 years ago with a bold experiment to master the variable that has defeated so many visionaries: Risk."
Click to go… more »
12/28/08
Reliability and predictability in accounting standards is one of the most important prerequisites for a sustainable and well functioning capital market. If the standards are corrupted we are getting close to a "banana republic"..
The Washington Post:… more »
11/17/08
09:14:01 pm, by editor of MarketObservation.com , 113 words
Categories: Wisdom, News, Corporate Governance, Banks/Investment Banks
The pay bonanza is definitely a major reason for the crisis. We should also not forget Fannie and Freddie..
The Guardian: Former Fed chairman blames pay bonanza for the financial crisis'The managers didn't know what they were doing ... They were, Nov.… more »
UBS
Tagesanzeiger: Kurer lässt UBS-Aktionäre über Löhne abstimmen
, Nov. 16, 2008
UBS will announce a new bonus system today. This system will be longer-term oriented than the previous one. We expect a bonus malus system with several years as refe… more »
11/14/08
06:30:56 am, by editor of MarketObservation.com , 187 words
Categories: Corporate Governance, Academic
This paper deals with the externalities of firms with poor corporate governance. The authors conclude that all competitors are better off when firms with poor corporate governance are taken over and their governance improved:
Corporate Governance Exte… more »
11/01/08
06:25:50 pm, by editor of MarketObservation.com, 28 words
Categories: Corporate Governance, Investment, Academic
New paper by Randall S. Thomas of Vanderbilt Law School:
Public Pension Funds as Shareholder Activists: A Comment on Choi and Fisch, Randall S. Thomas, Vanderbilt University, Oct. 2008 more »
08:50:01 am, by editor of MarketObservation.com, 186 words
Categories: Corporate Governance, Banks/Investment Banks
The fact that banks which had to be bailed out with tax payer's money still pay bonuses is at first sight disturbing. At the end it is a question of amounts and allocation: top management should not get any bonuses. However, why should lower level specia… more »
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