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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.

4 Regulating the ‘Big Five’ This chapter will examine 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 and the introduction of the European Union's Consolidated Supervision Directive in 2004. Immediately after the financial crisis, various reasons were found for the failure of so many banks, and indeed for the collapse of Lehman Brothers. This is despite the obvious fact that the major investment banks were

in Lehman Brothers
Open Access (free)
January to September 2008

market. The end would come within a few days. The failures of the SEC's Consolidated Supervised Entity programme Annette Nazareth, former SEC Commissioner, was reported as stating that: the investment banks requested consolidated supervision from the SEC and did not opt into the Federal Reserve's Financial Holding Company regime (even though the investment banks could have done this, and this would have satisfied the requirements of the EU Directive). Her view was that the investment

in Lehman Brothers
Open Access (free)
Europeanisation and Belgian federalism

initiating role and are charged with contacting the other ministerial departments concerned and following the action through. These departments are chosen because of their responsibility and those most often charged with implementing directives are Economic Affairs, Agriculture, Social Affairs, Public Health and Environment, and Finance. 2444Ch3 3/12/02 Belgium 2:02 pm Page 77 77 Regular meetings are held at the Ministry for Foreign Affairs to ensure that the follow-up is supervised. At these meetings the co-ordinators of the departments concerned evaluate the

in Fifteen into one?
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A former founding father in search of control

Netherlands, there is a unit in charge of international and/or EU affairs.11 In some cases, it has a strong position as a directorate, e.g. Agriculture, Economic Affairs, Environmental Affairs, Finance; sometimes it has the status of a bureau or a division (afdeling) (e.g. Justice, Transport and Water), and sometimes it is placed in a co-ordinating position close to the secretary-general (e.g. Interior). The position of these units has changed over the years. In general, this has been consolidated (e.g. Economic Affairs, Agriculture, Finance), or strengthened considerably

in Fifteen into one?
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Flexible and pragmatic adaptation

supported first and foremost the consolidation of the Internal Market through the introduction of EMU and the reinforcement of the second and third pillars. However, it vigorously opposed both a Europe à la carte and any weakening of the European Commission. Jean-Claude Juncker has particularly favoured monetary union, to which he committed himself with great perseverance and which is considered in the Grand Duchy as an indispensable preliminary stage for a CFSP. Of course, with respect to this close co-operation on monetary policy, we should not overlook the fact that

in Fifteen into one?

– by agreement – some or all of the County Administration’s supervision of polluting activities within the municipality. However, only few of the 286 municipalities sought such widened responsibilities during the 1980s (SOU 1987:32, p. 200). The 1988/89 environmental reform redefined activities covered by the Environment Protection Act according to duration, scope, and effects on man and the environment. Half of the large plants and facilities covered by the National Licensing Board procedures were deferred to the Regional Administrations. Authority to issue

in Sweden and ecological governance

Treaty of Friendship and Cooperation of 3 November 1978 marked the consolidation of the Soviet–Vietnamese alliance. 15 A pro-Vietnamese government was installed in Phnom Penh, and the establishment of the People’s Republic of Kampuchea (PRK) was officially proclaimed on 10 January 1979. 16 The West, China, and ASEAN 17 responded by isolating the Phnom Penh Government

in The United Nations, intra-state peacekeeping and normative change
Executive versus legislative power

FAD7 10/17/2002 6:01 PM Page 122 7 Federalism and political asymmetry: executive versus legislative power As we have noted, political institutions are of crucial importance during transitions to democracy, and for Mainwaring, among all the choices of institutions ‘none is more important than the system of government: presidential, semipresidential, parliamentary or some hybrid’.1 There is now a general consensus in the literature that parliamentary systems are more stable than presidential ones and that it is much easier to consolidate democracy in

in Federalism and democratisation in Russia
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Fragmented structures in a complex system

-unified Republic would act as a dominant leader in the Union.9 However, as the Maastricht and the more recent Amsterdam IGC process of 1996–97 revealed,10 Germany did not aspire to use its potential to engage in unilateral power politics. Despite domestic concerns especially on EMU, neither the federal government nor the parliamentary opposition parties attempted to exploit Germany’s potential against its traditional role of an important but ‘tamed power’.11 The political class is associated with the ‘traditional’ set of priorities in EU politics: achieving and consolidating EMU

in Fifteen into one?