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.Under that model, a small group of super-directors withextensive financial expertise would spend several days every month atthe bank; they would also have substantial holdings of the bank s stock.A board of super-directors would be well-placed to monitor thefinancial condition of a mega bank and set the compensation of its sen-ior executives in order to attain its dual goals of maximizing long-termprofits for its shareholders without taking risks that would materiallyjeopardize the bank s solvency.Thus, super-directors are critical to fix-ing the U.S.financial system and moving it to accountable capitalism. NotesThe Financial Crisis: A Parable1.All the characters in this parable are fictitious.2.Federal Reserve Statistical Release: Z1 Flow of Funds Accounts of the United States.www.federalreserve.gov/releases/z1/3.Ethan Cohen-Cole, Burcu Duygan-Bump, Jose Fillat, and Judit Montoriol-Garriga, Looking behind the aggregates: A reply to  Facts and Myths about the Financial Crisis of2008. Federal Reserve Bank of Boston Quantitative Analysis Unit, November 12, 2008, Fig.1A.4.Federal Deposit Insurance Corporation,  Monthly Reports on Debt Issuance underthe Temporary Liquidity Guarantee Program. March 31, 2009.Online at www.fdic.gov/regulations/resources/TLGP/reports.html.5.Congressional Oversight Panel,  February Oversight Report: Valuing Treasury sAcquisitions. February 6, 2009, p.5.6.David Enrich and Dan Fitzpatrick,  Loans Shrink as Fear Lingers. Wall Street Journal, July27, 2009, A1.Part I: The U.S.Housing Slump and the Global Financial Crisis andChapter 1: The Rise and Fall of U.S.Housing Prices1.www.irrationalexuberance.com.2.Board of Governors of the Federal Reserve System,  Federal Reserve Statistical Release z.1:Flow of Funds of the United States. December 9, 2003, and December 11, 2008 releases.3.www.irrationalexuberance.com.393 394 note s4.International Monetary Fund,  Currency Composition of Official Foreign ExchangeReserves (COFER) March 31, 2009.Available online at www.imf.org/external/np/sta/cofer/eng/index.htm.5.U.S.Treasury data: Major Foreign Holders of Treasury Securities.www.treas.gov/tic/mfhhis01.txt.6.Francis E.Warnock and Veronica Cacdac Warnock,  International Capital Flows and InterestRates. National Bureau of Economic Research Working Paper No.12650, October 2006.A digest of this paper can be found online at www.nber.org/digest/nov06/w12560.html.7.Federal Reserve Board, Intended Federal Funds Rate: Change and Level, 1990 to Present.Available online at www.federalreserve.gov/fomc/fundsrate.htm.8.John Taylor,  Housing and Monetary Policy. Presentation at the Policy Panel at theSymposium on Housing, Housing Finance, and Monetary Policy sponsored by the FederalReserve Bank of Kansas City in Jackson Hole, Wyoming, September 2007, Figure 1.9.Offi ce of Federal Housing Enterprise Oversight,  Mortgage Markets and the Enterprise.February 19, 2009, p.21.This report can be found online at www.ofheo.gov/media/research/MME2007revised.pdf.10.Gretchen Morgenson, Thundering Herd Faltered and Fell. New York Times, November 9,2008, p.BU1.11.Inside Mortgage Finance data appears in Major Coleman IV, Michael LaCour-Little, KerryD.Vandell,  Subprime Lending and the Housing Bubble: Tail Wags Dog. April, 2008, ThePaul Merage School of Business, p.39, Table 7.12.Edward Gramlich,  Booms and Busts, the Case of Subprime Mortgages. Paper presentedat the Federal Reserve of Kansas City s Economic Symposium, Jackson Hole, Wyoming,August 31, 2007.13.Ibid.14.Edmund Andrews,  Fed Shrugged as the Subprime Crisis Spread. New York Times,December 18, 2007, Business section,15.Historical data of The Department of Housing and Urban Development can be found atwww.huduser.org/datasets/pdrdatas.html.16.Office of Federal Housing Enterprise Oversight, 2008 Report to Congress.p.6.This reportis available online at www.ofheo.gov/AnnualReports.aspx.17.Federal Reserve Board,  Board Issues Final Rule Amending Home MortgageProvisions of Regulation Z (Truth in Lending). Federal Reserve Press Release, July 14,2008.Available on Fed s web site, www.federalreserve.gov/newsevents/default.htm.18.Jonathan Peterson,  Bonuses to Loan Brokers Scrutinized. Los Angeles Times, March 27,2006, p.C1.19.On July 23, 2009, the Fed proposed a ban on steering fees.Federal Reserve Board PressRelease, July 23, 2009.20.Alex J.Pollock,  Bank Consolidation, Subprime Mortgage Issues, and the One-PageMortgage Disclosure. Testimony before the U.S.House Committee on Oversight andGovernment Reform Subcommittee on Domestic Policy, May 21, 2007.On July 23, 2009,the Fed proposed a similar one-page disclosure document for borrowers, Press Releasesupra note 19.21.HR 1728, Mortgage Reform and Anti-Predatory Lending Act (Passed the House on May7, 2009). Notes 39522.John Gittelsohn and Ronald Campbell,  Street of Broken Dreams. Orange County Register,August 12, 2007, Money section.23.Peter Henderson, Tim McLaughlin, Andy Sullivan, and Al Yoon,  Frenzy of RiskyMortgages Leaves Path of Destruction. Reuters, May 8, 2007.24.Carol Lloyd, Impossible Loan Turns Dream Home into Nightmare. San Francisco Chronicle,April 15, 2007, p.D-2.25.Steve Westley of the United States Government Accountability Office,  Financial Marketsand Community Investment: Overview of the Subprime Mortgage Crisis. Presented atthe Hudson Institute, October 24, 2007, pp.21 22.26.Alan Hummel on behalf of the Appraisal Institute American Society of Appraisers AmericanSociety of Farm Managers and Rural Appraisers National Association of IndependentFee Appraisers,  Ending Mortgage Abuse: Safeguarding Homebuyers. Presented Beforethe Senate Committee on Banking Subcommittee on Housing, Transportation andCommunity Development, June 26, 2007, pp.3 4.27.Department of Housing and Urban Development,  SAFE Mortgage Licensing Act: Aboutthe Act. Available online at www.hud.gov/offices/hsg/sfh/mps/smlicact.cfm.28.James Hagerty, HUD Unveils New Rules for Mortgages. Wall Street Journal, November 13,2008, p.D3.29.James Rowley,  FTC to Draft New Curbs on Mortgage-Lending Abuse, Chairman Says.Bloomberg.com, March 20, 2009.30.Fraud Enforcement and Recovery Act of 2009 (enacted on May 21, 2009).31 [ Pobierz całość w formacie PDF ]
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