corporate criminality
At what point do we ask ourselves whether our economic system has lost its integrity? Day in and day out one reads reports that regulators or the Justice Department have settled with major banks and...
View Articlethe deeper lesson behind the deep sea drilling fiasco—disaster is not...
Today the bipartisan National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling released an advance chapter from its final report, to be published on January 11, and a summary of...
View Articleregulatory capture symposium at fordham law
The concept of capture is central to any discussion of regulation and its reform. Has a government agency that is set up to protect general interests fallen capture to a specific industry or some other...
View Articlecapture in financial (and any) regulation
The idea that regulators can be captured by the industries they regulate, or even by other interest groups, is central to modern regulatory analysis. It is the foundation for the theory of regulatory...
View Articleadam smith on freedom and markets
Adam Smith, the greatest icon of free market theorists, has as Amartya Sen observed “had much smallness thrust upon him.” Far from arguing that markets make people free, Smith knew full well how...
View Articleasleep at the switch
This morning the Federal Aviation Authority’s head of air traffic control, Mr Hank Krakowski, resigned. He was taking responsibility for the recent incidents in which air traffic controllers were found...
View Articlerogue traders and stormy weather
I tell my class that a crisis can spring from the most unexpected sources. You never see the lightning that strikes you. Now we focus on some of the most obvious risks, such as a sovereign debt...
View Articlethe operational hazards of everyday banking
The Irish Times is running a story today that provides a perfect example of why large, highly interconnected financial institutions can unexpectedly become very dangerous. Titled “Ulster Bank counts...
View Articlethe proverbial really does happen
Less than a month ago I discussed the disaster being experienced by the Royal Bank of Scotland (RBS) and its Irish subsidiary as a result of a software installation screwup. For RBS the nightmare...
View Articlenailing naked nonsense
Teaching and research distractions have again kept me from blogging for a while. I guess my defense is that learning the facts is always an important precursor to writing about them. This morning,...
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