Until recently, US bank retail markets were subject to severe restrictions. In many states, banks' ability to branch and operate holding companies within and across state borders was limited. The removal of these restrictions has helped small-business owners stabilize their personal income. Income of business owners can be stabilized in several ways. Directly, income is stabilized when the ownership is diversified. Indirectly, banks and other financial institutions help to stabilize income by lending to business owners. For example, when a business is entirely owned by a sole proprietor, earnings from business production directly become income of the proprietor. In bad times, low business production leads to low income. On the other hand, if the business is partly financed by a bank, in...
Many of Charles H. Keating's complex financial crimes were never heralded and now he has been released from prison on a technicality. The activities of Keating and Michael Milken should have warned Congress of the dangers of banking deregulation. Unfortunately, this may not be the case.
Chase Bank's recent litany of suspect practices exposes the dark side of banking deregulation. A few items from their recent corporate history are listed.
... operation of Depository Institutions Deregulation Committee, were omitted pursuant to section 3509 w...
In 2007 [John McCain] told the Boston Globe, "The issue of economics is not something I've understood as well as I should." He has acknowledged that economics is not his strong suit. So he turned to people he has called "real strong economic minds"-people like Phil Gramm-for advice. Gramm was McCain's campaign co-chair and top economic adviser until he was forced to resign for his "this is a mental recession" and "we've become a nation of whiners" remarks. Gramm, the former Texas senator who pushed banking deregulation as chair of the Senate Banking Committee and then left for (surprise!) a top banking job, engineered the deregulated system that has fostered much of our current banking/housing meltdown. Deregulation and corporate consolidation also produced the savings and loan debacle,...
Southern California banks - Special Report: Banking & Finance - Industry Overview
The structure of banking systems in GCC countries; namely, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates, has substantially changed over the past decade, mainly as a result of regional economic integration and banking deregulation. The new banking environment has given banks an incentive to focus on cost and productive efficiency. This study uses a non-parametric frontier approach to compare and contrast the efficiency performance, efficiency and technological change, and productivity growth of banks in GCC countries. The results indicate that banks in Oman, on average, have been the most efficient among GCC countries followed narrowly by banks from Bahrain and to a lesser extent by banks from Kuwait. In contrast, the findings point to a low efficient banking envir...
Reversal on deregulation FOOD, OIL RIGS, AIRPLANES, the environment and banking. Should we care about any of these? Do you eat eggs tainted with salmonella? Do you care if oil rigs pollute our waters?
Since the origin of the banking industry in 1791, public and industry outcries have created cycles of regulation and deregulation to address issues that surface. According to Behr, historically, the financial services industry was divided into well-defined niches including commercial banking, investment banking, savings institutions, credit-card companies and insurance companies.
Rejoice, the housing market is back. Sandy Weill just picked up a humdinger of a wine vineyard estate in Sonoma for a record $31 million, so the foreclosure crisis - which the former CEO of Citigroup did so much to create when he successfully lobbied then- President Bill Clinton to sign off on radical deregulation of the banking industry - must be over. After all, Weill wasn't desperate for shelter, already being in possession of a 14-acre estate in uber-exclusive Greenwich, Conn., and a 120-acre spread in New York state's Adirondacks. Let's also not forget the penthouse that he bought for $42.4 million in New York City in 2007 as the banking collapse he helped engineer was fast developing. Not too shabby for a guy who ran Citigroup into the ground by trafficking in what proved to be to...
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