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A Crisis of Value

This book explains the fundamental causes of the bank's failure, including the inadequacy of the regulatory and supervisory framework. For some, it was the repeal of the Glass-Steagall Act that was the overriding cause, not just of the collapse of Lehman Brothers, but of the financial crisis as a whole. The book argues that the cause is partly to be found both in weak and ineffective regulation and also in a programme of regulation and supervision that was simply not fit for the purpose. Lehman Brothers' long history began with three brothers, immigrants from Germany, who sold selling groceries and dry goods to local cotton farmers. Dick Fuld, the chairman and CEO, and his senior management, ignored the increased risks, choosing to rely on over-valuations of the firm's assets. The book examines the regulation of the Big Five investment banks in the context of the changes which took place in the structure of banking after the repeal of the Glass-Steagall Act. It describes the introduction of the European Union's Consolidated Supervision Directive in 2004. The book examines the whole issue of valuing Lehman's assets and details the regulations covering appraisals and valuations of real estate, applicable at the time and to consider Lehman's approach in the light of these regulations. It argues that that the valuation of Lehman's real estate assets was problematic to say the least, as the regulators did not require the investment banks to adopt a recognized methodology of valuation, and that Lehman's own methods were flawed.

Open Access (free)
Crisis, reform and recovery

agency. In fact, the agency not only “had to operate subject to intense political oversight, its effectiveness was compromised by a weak legal and regulatory framework and its need to obtain political authority, even for technical operations” (Enoch et al. 2001, 15). Nevertheless, the fact that IBRA’s restructuring agenda looked feasible raised hopes that finally something substantive was being done to deal with the country’s banking problems. On the basis of its review of the banks’ financial position, IBRA divided banks that had received substantial liquidity support

in The Asian financial crisis

-fuel industry on the nature and urgency of the climate problem – with a main distinction running between European and US-based companies. It is important to note that there were no breakthroughs in climate science immediately preceding the strategy changes that could have induced or persuaded the industry to change its strategy. Regime pressure In spite of strong opposition from the fossil-fuel lobby, parties to the UNFCCC succeeded in adopting the Kyoto Protocol – a regulatory framework for international GHG regulation that certainly represented a reinforcement of the more

in Climate change and the oil industry

competition is, empirically and optimally, into what amounts to a definition. Clusters of interconnected firms are seen to provide optimal competitive conditions for strategic differentiation, with the Porter diamond being used as a strategic tool for achieving the best combination of its four facets: factor inputs, supply chain networks, demand conditions, and regulatory frameworks and infrastructure. In this way, clusters are seen as being capable of going beyond static efficiency competition, beyond cost-reduction competition, and onwards and upwards to optimal forms of

in Market relations and the competitive process
Open Access (free)
Ash dieback and plant biosecurity in Britain

health regime encompasses measures like plant inspections at production sites, during the growing season and post-harvest; producer registration; and issuing plant passports. It forms part of international regulatory frameworks, including the International Plant Protection Convention of the Food and Agricultural Organization of the United Nations, and the World Trade Organization Sanitary and Phytosanitary (Plant Health) Agreement. Their prime objective is to foster free trade: in ‘essence, Biosecurity balances enthusiasm for international trade Monstrous

in Science and the politics of openness
Open Access (free)

-intervention. Therefore the real decision we have to face is not between eugenics and non-eugenics, because we cannot choose not to choose, but between a eugenics of the free market (where it is the unintended outcomes of voluntary exchanges that shape future populations) and a eugenics that is set within regulatory frameworks. In short, a regressive eugenics (whether based upon the centralised state or the free market) is one that elevates choice over chance, whereas a progressive, regulated eugenics makes room for both choice and chance in its values and criteria. Before defending my

in After the new social democracy
UK and Swiss initiatives to open up animal laboratory research

-political and economic landscape (see McLeod and Hartley, 2017). In terms of building trust in the relationship between science and society in connection to animal research, therefore, there needs to be more openness about how values and ethics are incorporated into animal-research decision making by scientists, and how they are included in the AR regulatory framework. Of course, this is challenging, given the history of conflict on AR and the potential of making scientists more vulnerable if personal details about their values are made more accessible. This observation leads

in Science and the politics of openness

access barriers for end-users, providers of [CAS] and providers of [IAS]. The existing regulatory framework aims to promote the ability of end-users to access and distribute information or run applications and services of their choice. However, a significant number of end-users are affected by TM practices which block or slow down specific [CAS]. Those tendencies require common

in Network neutrality
A national ethics committee and bioethics during the 1990s

-­governmental organization’.57 No politician, tellingly, spoke in favour of the current ethical and regulatory framework. Supporters of a national committee found a high-profile ally in Mary Warnock, who claimed that public interest in ‘a growing number of topics’ such as gene therapy and embryo research justified the formation of ‘a permanent royal commission with a rolling membership’.58 Writing in the British Medical Journal, Warnock endorsed a national committee that resembled the ‘monitoring body’ her committee had proposed for IVF and embryo experiments. She argued that it would

in The making of British bioethics
Open Access (free)
The evolving international financial architecture

Securities Commissions (IOSCO), and for insurance supervision by the International Association of Insurance Supervisors (IAIS). To assist emerging-market economies to develop the necessary supervisory expertise, the IMF has been given the key task of helping to improve 292 Beyond the crisis the banking system of its members. This involves carrying out more intensive surveillance of the financial sectors of member countries, as well as helping members develop their financial sector supervisory and regulatory frameworks in conformity with international standards.15 Priority

in The Asian financial crisis