How Washington Abetted the Bank Job

New York Times, op-ed, April 4, 2010

4 Pages Posted: 24 Jan 2015

See all articles by Susan P. Koniak

Susan P. Koniak

Boston University School of Law

George M. Cohen

University of Virginia School of Law

David A. Dana

Northwestern University - Pritzker School of Law

Thomas Ross

University of Pittsburgh

Date Written: April 4, 2010

Abstract

How the myriad bank regulatory agencies, including the Fed, SEC, FDIC, OCC, helped unleash the banks to create more and more destructive derivatives by bending to the pressure of banks, their law firms and lobbyists by passing a joint resolution at end of 2006 (a watered down version of reform that was to be enacted after Enron collapse due to massive hiding of debt through, inter alia, credit default swaps, cds) and how we tried, unsuccessfully, to warn those agencies not to do this.

Keywords: credit default swaps, derivatives, financial crisis, bank regulation, regulatory failure, regulatory capture

Suggested Citation

Koniak, Susan P. and Cohen, George M. and Dana, David A. and Ross, Thomas, How Washington Abetted the Bank Job (April 4, 2010). New York Times, op-ed, April 4, 2010, Available at SSRN: https://ssrn.com/abstract=2554601

Susan P. Koniak (Contact Author)

Boston University School of Law ( email )

765 Commonwealth Avenue
Boston, MA 02215
United States
617-353-3136 (Phone)
617-353-3077 (Fax)

George M. Cohen

University of Virginia School of Law ( email )

580 Massie Road
Charlottesville, VA 22903
United States
(804) 924-3814 (Phone)
(804) 982-2079 (Fax)

David A. Dana

Northwestern University - Pritzker School of Law ( email )

375 E. Chicago Ave
Chicago, IL 60611
United States
312-503-0240 (Phone)
312-503-2035 (Fax)

Thomas Ross

University of Pittsburgh ( email )

135 N Bellefield Ave
Pittsburgh, PA 15260
United States

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