The New Financial Deal: Understanding the Dodd-Frank Act and Its (Unintended) Co

Description: The New Financial Deal by David Skeel, William D. Cohan What can we expect from our eras New Deal? To answer this question, The New Financial Deal will begin with an inside account of the legislative process, then outline and access its key components: the new framework for regulating derivatives, the regulation of banking and systemic risk, and the new resolution regime. FORMAT Hardcover LANGUAGE English CONDITION Brand New Publisher Description The good, the bad, and the scary of Washingtons attempt to reform Wall Street The Dodd-Frank Wall Street Reform and Consumer Protection Act is Washingtons response to Americas call for a new regulatory framework for the twenty-first century. In The New Financial Deal, author David Skeel offers an in-depth look at the new financial reforms and questions whether they will bring more effective regulation of contemporary finance or simply cement the partnership between government and the largest banks. Details the goals of the legislation, and reveals that how they are handled could dangerously distort American finance, making it more politically charged, less vibrant, and further removed from basic rule of law principlesProvides an inside account of the legislative processOutlines the key components of the new law To understand what American financial life is likely to look like in five, ten, or twenty years, and how regulators will respond to the next crisis, we need to understand Dodd-Frank. The New Financial Deal provides that understanding, breaking down both what Dodd-Frank says and what it all means. Notes Subtitled, Understanding The Dodd-Frank Act & Its (Unintended) Consequences. Back Cover The New Financial Dea l UNDERSTANDING THE DODD-FRANK ACT AND ITS (UNINTENDED) CONSEQUENCES After watching the government bail out Bear Stearns and AIG in 2008, and pump well over one hundred billion dollars into Citigroup, Bank of America, and the other largest banks the same year, Americans realized that the existing regulatory framework did not work. The Dodd-Frank Act, which President Obama signed into law in July 2010, was Washingtons answer. The legislation created an entirely new set of rules for both the instruments and the institutions of contemporary finance. Although the reforms were desperately needed, they were drafted by the same people who designed the bailouts of 2008, and it shows. In The New Financial Deal: Understanding the Dodd-Frank Act and Its (Unintended) Consequences , David Skeel explains where the legislation came from, tracing its assumptions back to the 2008 crisis and offering an inside account of the key moments in the legislative process. He analyzes each of the main components of the Dodd-Frank Act, explaining how they will work and showing that the new regulatory framework depends on precisely the qualities that Americans found so offensive about the bailouts of 2008: special treatment of the largest financial institutions and ad hoc intervention in the event of trouble. Skeels assessment is not entirely pessimistic, however. He argues that a few features of the Dodd-Frank Act are genuine improvements, such as its regulation of financial derivatives, and he outlines several simple bankruptcy reforms that would curb the worst excesses of the new partnership between the government and the largest financial institutions. Flap The New Financial Dea l UNDERSTANDING THE DODD-FRANK ACT AND ITS (UNINTENDED) CONSEQUENCES After watching the government bail out Bear Stearns and AIG in 2008, and pump well over one hundred billion dollars into Citigroup, Bank of America, and the other largest banks the same year, Americans realized that the existing regulatory framework did not work. The Dodd-Frank Act, which President Obama signed into law in July 2010, was Washingtons answer. The legislation created an entirely new set of rules for both the instruments and the institutions of contemporary finance. Although the reforms were desperately needed, they were drafted by the same people who designed the bailouts of 2008, and it shows. In The New Financial Deal: Understanding the Dodd-Frank Act and Its (Unintended) Consequences , David Skeel explains where the legislation came from, tracing its assumptions back to the 2008 crisis and offering an inside account of the key moments in the legislative process. He analyzes each of the main components of the Dodd-Frank Act, explaining how they will work and showing that the new regulatory framework depends on precisely the qualities that Americans found so offensive about the bailouts of 2008: special treatment of the largest financial institutions and ad hoc intervention in the event of trouble. Skeels assessment is not entirely pessimistic, however. He argues that a few features of the Dodd-Frank Act are genuine improvements, such as its regulation of financial derivatives, and he outlines several simple bankruptcy reforms that would curb the worst excesses of the new partnership between the government and the largest financial institutions. Author Biography DAVID SKEEL is the S. Samuel Arsht Professor at the University of Pennsylvania Law School. He is author of Icarus in the Boardroom: The Fundamental Flaws in Corporate America and Where They Came From; Debts Dominion: A History of Bankruptcy Law in America; and numerous articles on bankruptcy, corporate law, and other topics. His commentary has appeared in the New York Times, Wall Street Journal, Weekly Standard, Books & Culture, and elsewhere. Table of Contents Foreword ix Introduction xi A Few Major Characters xv Chapter 1 The Corporatist Turn in American Regulation 1 The Path to Enactment 3 The Two Goals of the Dodd-Frank Act 4 A Brief Tour of Other Reforms 6 Two Themes That Emerge 8 Fannie Mae Effect 11 Covering Their Tracks 12 Is There Anything to Like? 14 Part I Relearning the Financial Crisis Chapter 2 The Lehman Myth 19 The Stock Narrative 20 Lehman in Context 23 Lehmans Road to Bankruptcy 26 Lehman in Bankruptcy 29 Bear Stearns Counterfactual 31 Road to Chrysler 33 Chrysler Bankruptcy 35 General Motors "Sale" 38 From Myths to Legislative Reality 39 Part II The 2010 Financial Reforms Chapter 3 Geithner, Dodd, Frank, and the Legislative Grinder 43 The Players 44 TARP and the Housing Crisis 47 Road to an East Room Signing 49 Channeling Brandeis: The Volcker Rule 54 The Goldman Moment 56 Chapter 4 Derivatives Reform: Clearinghouses and the Plain-Vanilla Derivative 59 Basic Framework 61 Derivatives and the New Finance 63 The Stout Alternative 66 New Clearinghouses and Exchanges 68 Regulatory Dilemmas of Clearinghouses 69 Disclosure and Data Collection 74 Making It Work? 75 Chapter 5 Banking Reform: Breaking Up Was Too Hard to Do 77 Basic Framework 78 New Designator and Designatees 79 Will the New Capital Standards Work? 82 Contingent Capital Alternative 84 Volcker Rule 85 What Do the Brandeisian Concessions Mean? 91 Office of Minority and Women Inclusion 93 Institutionalizing the Government-Bank Partnership 94 A Happier Story? 95 Repo Land Mine 96 Chapter 6 Unsafe at Any Rate 99 Basic Framework 100 Who is Elizabeth Warren? 102 Toasters and Credit Cards 105 The New Consumer Bureau 106 Mortgage Broker and Securitization Rules 109 Consequences: What to Expect from the New Bureau 111 What It Means for the Government-Bank Partnership 114 Chapter 7 Banking on the FDIC (Resolution Authority I) 117 Does the FDIC Play the Same Role in Both Regimes? 118 How (and How Well) Does FDIC Resolution Work? 122 Moving Beyond the FDIC Analogy 126 Chapter 8 Bailouts, Bankruptcy, or Better? (Resolution Authority II) 129 Basic Framework 130 The Trouble with Bailouts 132 Who Will Invoke Dodd-Frank Resolution, and When? 135 Triggering the New Framework 137 Controlling Systemic Risk 142 Third Objective: Haircuts 145 All Liquidation, All the Time? 148 Part III The Future Chapter 9 Essential Fixes and the New Financial Order 155 What Works and What Doesnt 156 Staying Derivatives in Bankruptcy 158 ISDA and Its Discontent 163 Other Bankruptcy Reforms for Financial Institutions 168 Plugging the Chrysler Hole in Bankruptcy 170 Bankruptcy to the Rescue 173 Chapter 10 An International Solution? 175 Basic Framework 176 Problems of Cross-Border Cases 177 Scholarly Silver Bullets 181 Dodd-Franks Contribution to Cross-Border Issues 182 New Living Wills 185 A Simple Treaty Might Do 186 Risk of a Clearinghouse Crisis 188 Reinvigorating the Rule of Law 189 Conclusion 191 Notes 195 Bibliography 205 Acknowledgments 211 About the Author 212 Index 213 Long Description Praise for The New Financial Deal "While we wait and wonder what the true denouement of the Dodd-Frank Act will be, we are blessed with Professor David Skeels timely, informative, and lucid explanation of the ins and outs of the new law. For readers trying to understand what Dodd-Frank will likely mean for Wall Streets future and for ours Skeel skillfully dissects the Acts nuances and intricacies and provides regulators a road map for how to make sure Wall Street doesnt double-cross us again anytime soon. Its a must-read." From the Introduction by William D. Cohan, bestselling author of House of Cards and The Last Tycoons and an upcoming title on Goldman Sachs to be published in 2011 "The New Financial Deal is mandatory reading for all those interested in the financial markets and the global economy. David Skeel is to be commended for casting sunlight, the best disinfectant, on the events preceding the enactment of the Dodd-Frank reform, its efficacy, and thepotential consequences, intended and unintended." From the Foreword by Harvey R. Miller, Senior Partner at Weil, Gotshal & Manges LLP and the lead bankruptcy attorney for Lehman Brothers Holdings Inc., et al. "In this work, David Skeel leads us through the most important elements of the complex 2,300 page Dodd-Frank Act, not just making its principal elements clear but also providing us with his own, invariably balanced, judgments. Readers might not agree with his every view, but will not be in doubt about why and how he got there." Peter J. Wallison, Arthur F. Burns Fellow in Financial Policy Studies, American Enterprise Institute Details ISBN0470942754 ISBN-10 0470942754 ISBN-13 9780470942758 Format Hardcover Short Title NEW FINANCIAL DEAL Language English Media Book Subtitle Understanding the Dodd-Frank Act and Its (Unintended) Consequences Illustrations Yes DEWEY 346.7308 Edition 1st Pages 240 Publisher John Wiley & Sons Inc Imprint John Wiley & Sons Inc Place of Publication New York Country of Publication United States UK Release Date 2011-01-25 AU Release Date 2010-11-19 NZ Release Date 2010-11-19 Author William D. Cohan Year 2011 Publication Date 2011-01-25 Audience General US Release Date 2011-01-25 We've got this At The Nile, if you're looking for it, we've got it. With fast shipping, low prices, friendly service and well over a million items - you're bound to find what you want, at a price you'll love! TheNile_Item_ID:33388253;

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