Although Hollywood continues to perpetuate the image of starving artists, in reality, with celebrity artists such as Andy Warhol and Damien Hirst, they seem to be a dying species. Economic success is no longer something that the artistic geniuses are denied, but rather the very mark of their artistic genius. While the financial crisis might address the over-saturation of the art market temporarily, it is unlikely to reverse the process of globalization. However, a crisis for the market need not necessarily be a crisis for art. The financial instability may have encouraged artists around the world experiment more. Collectors have become more cautious not only in their choice of artwork, but also in their methods of purchase. The apparent decrease in auction sales has been somewhat offset...
It has been recognised that a fundamental cause of the global financial crisis can be traced to the outbreak of moral hazard. What are the lessons that may be learnt? THE 2008/09 global banking crisis is regarded by many as the mother of all financial crises. It is an event that has brought the developed world's financial market to its knees. Many were surprised how a simple fallout of the United States sub-prime mortgages, which constitute only 4% of the total US mortgage portfolio, could send massive shockwaves to different parts of the world.
Cuts Would Come As Agencies Tackle Implementation of Most Sweeping U.S. Financial Reforms Since the Great Depression WASHINGTON, Feb. 16, 2011 /PRNewswire-USNewswire/ -- Warning of the danger of a major setback in efforts to restore U.S. financial market integrity and the confidence of individual and other investors, ShareOwners.org (http://www.ShareOwners.org) in cooperation with the Consumer Federation of America (CFA) and the Council of Institutional Investors (CII) launched today a major Web- based campaign to spare the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) from the impact of proposed budget cuts.
In a roundtable discussion, several executives talked about selling annuities in a shaky financial market. According to Bobb A. Meckenstock, MBA, CLU, president of Main Street Securities LLC, historically, his annuity sales have been heavily concentrated in variable annuities, ever since he formed his own broker-dealer in 1999. Steven A. Plewes, CLU, CHFC, principal Advisors Financial Group, said that he has started using a segmented income planning strategy for new clients which accommodates SPIAs, deferred annuities, variable and equity indexed annuities, as well as managed money accounts, to help his clients and prospects maximize their income with inflation adjustment. Marc A. Silverman, CLU, DHFC, president and CEO of Silverman Financial, added that the best sales idea he has imple...
Although the enactment of the Sarbanes-Oxley Act (SOX) received nearly unanimous congressional support, only a few years thereafter its wisdom was increasingly questioned and its supporters had to stave off attempts to recraft the legislation. The financial crisis of 2008 has sidelined efforts to alter the legislation's most costly provision, as Congress's attention has turned to overhauling the regulatory regime for financial institutions. There is, nonetheless, much to be learned about financial regulation and SOX's future, from an in-depth examination of the interplay of the government and private commissions created with an eye to revising the legislation, media coverage of those entities, and congressional responses. That interaction provides a map of political fault lines and assi...
...capital markets post-SOX. Underscoring those concerns, the reports...
Financial market utilities (FMUs) mitigate settlement risk and the particular form of settlement risk known as counterparty credit risk. A key insight about FMU operations is that all of the key FMUs mitigate settlement risk through essentially the same mechanism: precisely targeted liquidity that requires the FMUs and their participants to make payments according to a tight within-day timetable. This is referred as just-in-time liquidity: liquidity that must be available at a particular location, in a particular currency, and in a precise time frame measured not in days, but in hours or even minutes. This article describes the evolution of FMUs. Then it focuses on certain key FMUs, describing the particular credit risk they are designed to mitigate and how they depend on just-in-time l...
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