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’The earnest importance of being systemic
It’s the question that’s seemingly stumped Tim Geithner: how to identify a priori systemically important non-bank financial institutions.
The Federal Reserve on Tuesday suggested further rules regarding who might be considered for attention by the Financial Stability Oversight Council (FSOC) as per section 113 of Dodd-Frank.
Perpendicular in China
“Geithner calls for close ties with China” reads the headline on an FT story today on the US treasury secretary’s maiden visit to the country.
But would those be red ties or pink ones?
One for the too-much-detail files below.
Stress tests, debunked
Yves Smith has a very interesting e-mail from William Black, who was counsel to the Federal Home Loan Bank Board during the S&L Crisis and blew the whistle on the “Keating Five” in 1989. It’s about stress tests,
Bailout 2.0: financialstability.gov
In his speech due in a quarter of an hour, Treasury secretary Timothy Geithner, as well as pledging to restart the securitisation markets (somehow…), is going to declare that the US government’s bailout plans have so far been conducted with “limited transparency”