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Financial Reform Convention May 2010

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maggie smith

on 30 April 2010

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Transcript of Financial Reform Convention May 2010

Financial Reform Contributors to the 2008 Financial Crisis and Legislative Recommendations Gramm-Leach-Bliley Act to Blame? Not in my opinion... GLBA created a platform for competition in the financial industry Unregulated derivatives in the shadow market Regulatory Structure of Financial Industry Decentralized Regulation Four Different Regulatory Agencies Creates Loopholes Lack of clear lines of responsibility Reform Moving Forward... Centralize Regulatory Structure Regulate Shadow Market
End "Too Big to Fail" Tie Executive Compensation With Performance The 2008 Financial Crisis Who is to Blame? Sub-Prime Mortgage Crisis Cheap Readily Available Credit Unregulated Derivatives Gramm-Leach-Bliley Act of 1999 Allowed for banks to "gamble" with depositers' money on Wall Street Unregulated shadow market
Credit Default Swaps
Collateralized Debt Obligations
Mortgage Backed Securities Made the housing bubble possible Banks issued sub-prime mortgages with little to no verification of ability of customer to make payments Let's See What the Cartoons Have to Say... Make an Informed Decision... Financial Reform Convention
May 28th-30th 2010 Held at The Penn Stater Conference Center Guest Speakers Round Table Workshops & Creamery Ice Cream! Register Today at www.financialreform.org!
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