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Trade the Bollonger Band Squeeze

Taming the banks

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colin_twiggs
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Username: colin_twiggs

Post Number: 555
Registered: 06-2009

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Tuesday, April 20, 2010 - 12:05 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)




quote:

The Lehman failure provides at least two important lessons. First, we must eliminate the gaps in our financial regulatory framework that allow large, complex, interconnected firms like Lehman to operate without robust consolidated supervision. In September 2008, no government agency had sufficient authority to compel Lehman to operate in a safe and sound manner and in a way that did not pose dangers to the broader financial system. Second, to avoid having to choose in the future between bailing out a failing, systemically critical firm or allowing its disorderly bankruptcy, we need a new resolution regime, analogous to that already established for failing banks. Such a regime would both protect our economy and improve market discipline by ensuring that the failing firm's shareholders and creditors take losses and its management is replaced.




Ben Bernanke in testimony to the Financial Services Committee: What we can learn from the failure of Lehman Bros.







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colin_twiggs
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Post Number: 562
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Wednesday, April 21, 2010 - 10:57 am:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)



WSJ: IMF Advises G-20 Nations to Tax Financial Firms


quote:

Specifically, to pay for the costs of winding down troubled financial institutions, the IMF proposed what it called a Financial Stability Contribution"a tax on balance sheets, including "possibly" off-balance sheet items, but excluding capital and insured liabilities.
.....On top of that, the IMF proposed that nations to adopt what it called a Financial Activities Tax, levied on the sum of profits and compensation of financial institutions. That would be paid to a nation's treasury to help finance the broader costs of a financial crisis.




My concerns are that:
  • The biggest transgressors - Bear Sterns, Lehman Bros, AIG, WaMu, Fannie Mae, Freddie Mac - are no longer standing or are now owned by the government;
  • The best-run institutions are penalized as heavily as the worst; and
  • Rating agencies get away scot free.


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