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New Financial Deal Understanding the Dodd-Frank Act and Its (Unintended) Consequences

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ISBN-10: 0470942754

ISBN-13: 9780470942758

Edition: 2011

Authors: David Skeel, William D. Cohan

List price: $34.95
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Description:

What can we expect from our era's New Deal? To answer this question, The New Financial Deal will begin with an inside account of the legislative process, then outline and access its key components: the new framework for regulating derivatives, the regulation of banking and systemic risk, and the new resolution regime. It will explain the implications of the new framework, and propose correctives that would better align its ostensible objectivessuch as preventing future bailoutswith the new regulatory structure. The legislation's key theme is government partnership with and regulation of large concentrated institutions in order to reduce their risk and manage their failure. In place of the…    
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Book details

List price: $34.95
Copyright year: 2011
Publisher: John Wiley & Sons, Incorporated
Publication date: 12/7/2010
Binding: Hardcover
Pages: 240
Size: 6.10" wide x 9.10" long x 1.00" tall
Weight: 0.946
Language: English

William D. Cohan is the bestselling author of Money and Power, House of Cards, and The Last Tycoons. He has appeared on The Daily Show, Charlie Rose, CBS This Morning, ABC Evening News, Good Morning America, and more. He has also been featured on numerous NPR programs, including Marketplace, Diane Rehm, Leonard Lopate, and Studio 360 with Kurt Anderson.nbsp;In addition to being media savvy, Cohan is himself a Duke alum who worked on Wall Street for seventeen years.

Foreword
Introduction
A Few Major Characters
The Corporatist Turn in American Regulation
The Path to Enactment
The Two Goals of the Dodd-Frank Act
A Brief Tour of Other Reforms
Two Themes That Emerge
Fannie Mae Effect
Covering Their Tracks
Is There Anything to Like?
Relearning the Financial Crisis
The Lehman Myth
The Stock Narrative
Lehman in Context
Lehman's Road to Bankruptcy
Lehman in Bankruptcy
Bear Stearns Counterfactual
Road to Chrysler
Chrysler Bankruptcy
General Motors "Sale"
From Myths to Legislative Reality
The 2010 Financial Reforms
Geithner, Dodd, Frank, and the Legislative Grinder
The Players
TARP and the Housing Crisis
Road to an East Room Signing
Channeling Brandeis: The Volcker Rule
The Goldman Moment
Derivatives Reform: Clearinghouses and the Plain-Vanilla Derivative
Basic Framework
Derivatives and the New Finance
The Stout Alternative
New Clearinghouses and Exchanges
Regulatory Dilemmas of Clearinghouses
Disclosure and Data Collection
Making It Work?
Banking Reform: Breaking Up Was Too Hard to Do
Basic Framework
New Designator and Designatees
Will the New Capital Standards Work?
Contingent Capital Alternative
Volcker Rule
What Do the Brandeisian Concessions Mean?
Office of Minority and Women Inclusion
Institutionalizing the Government-Bank Partnership
A Happier Story?
Repo Land Mine
Unsafe at Any Rate
Basic Framework
Who Is Elizabeth Warren?
Toasters and Credit Cards
The New Consumer Bureau
Mortgage Broker and Securitization Rules
Consequences: What to Expect from the New Bureau
What It Means for the Government-Bank Partnership
Banking on the FDIC (Resolution Authority I)
Does the FDIC Play the Same Role in Both Regimes?
How (and How Well) Does FDIC Resolution Work?
Moving Beyond the FDIC Analogy
Bailouts, Bankruptcy, or Better? (Resolution Authority II)
Basic Framework
The Trouble with Bailouts
Who Will Invoke Dodd-Frank Resolution, and When?
Triggering the New Framework
Controlling Systemic Risk
Third Objective: Haircuts
All Liquidation, All the Time?
The Future
Essential Fixes and the New Financial Order
What Works and What Doesn't
Staying Derivatives in Bankruptcy
ISDA and Its Discontent
Other Bankruptcy Reforms for Financial Institutions
Plugging the Chrysler Hole in Bankruptcy
Bankruptcy to the Rescue
An International Solution?
Basic Framework
Problems of Cross-Border Cases
Scholarly Silver Bullets
Dodd-Frank's Contribution to Cross-Border Issues
New Living Wills
A Simple Treaty Might Do
Risk of a Clearinghouse Crisis
Reinvigorating the Rule of Law
Conclusion
Notes
Bibliography
Acknowledgments
About the Author
Index