Banking Industry

What does the acronym, “LIBOR,” stand for? The “London Inter-bank Offered Rate.” What does LIBOR represent? LIBOR is promoted as representing the average interest rate that large banks can borrow from one another. LIBOR is not the interest rate on any single loan. Rather it is an index intended to...
07/17/2012
Publication
Every day brings more reminders of the terrible unfairness that besets our country, the tragic reversal of fortune experienced by millions who once had good lives and steady jobs, now gone. An article in the current issue of Rolling Stone chronicles “The Fallen: The  Sharp,...
07/13/2012
News/Resource
The leaders of France and Germany may have their differences on the big question of the day -- stimulus versus austerity. But they do agree on one thing -- taxing financial transactions. Former French President Nicolas Sarkozy was hot on the idea of a small tax on each trade of stocks, derivatives...
06/26/2012
News/Resource
Anticipating harsh blowback from the letter, one signatory, Wallace Turbeville, a former vice president at Goldman Sachs, pointed out that “equity and bond funds charge for managing portfolios amounts at 100 to 150 basis points. This [tax] is not the kind of additional cost that’s going to...
06/22/2012
News/Resource
The movement has drawn some support from financial circles. Wallace C. Turbeville, a former Goldman Sachs banker who now is a senior fellow at Demos, a public policy research organization in New York, submitted testimony last month for the Senate Banking Committee in favor of...
06/22/2012
News/Resource
New York, NY – Leaders in the U.S. Senate recently introduced a bill that would help significantly shift the direction of the financial sector toward the common good by ensuring that independent directors, not industry executives, regulate the big banks. Introduced on May 22 by Senator Bernie...
06/07/2012
Press Release
After seven years as a lawyer specializing in public and private securities offerings, I was an investment banker at Goldman Sachs for more than a twelve years and then managed a small advisory firm. I also served as CEO of a firm providing counterparty credit management services in the derivatives...
05/09/2012
Publication
As protests resume on Wall Street, some in the media are again saying that there is no coherent rationale for the demonstrations. In fact, though, these protesters have chosen the right target: a set of institutions and actors who not only played a central role in creating the financial crisis,...
05/01/2012
Publication
The derivatives industry is squeezing Washington like a python. Desperate to control the tone and thrust of derivatives regulation, industry lobbyists have been swarming over the Commodity Futures Trading Commission and the Securities and Exchange Commission, each of which is writing derivatives...
04/17/2012
News/Resource
It’s par for the course for the GOP-controlled House to pass bills that few people notice and that ultimately go nowhere. But it’s rare for legislators to join hands across the aisle to roll back parts of President Obama’s signature legislative achievements. That’s what happened on Monday,...
03/28/2012
News/Resource
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