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A Crisis of Value
Author: Oonagh McDonald

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.

Oonagh McDonald

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)
The Algerian war and the ‘emancipation’ of Muslim women, 1954–62
Author: Neil Macmaster

In May 1958, and four years into the Algerian War of Independence, a revolt again appropriated the revolutionary and republican symbolism of the French Revolution by seizing power through a Committee of Public Safety. This book explores why a repressive colonial system that had for over a century maintained the material and intellectual backwardness of Algerian women now turned to an extensive programme of 'emancipation'. After a brief background sketch of the situation of Algerian women during the post-war decade, it discusses the various factors contributed to the emergence of the first significant women's organisations in the main urban centres. It was only after the outbreak of the rebellion in 1954 and the arrival of many hundreds of wives of army officers that the model of female interventionism became dramatically activated. The French military intervention in Algeria during 1954-1962 derived its force from the Orientalist current in European colonialism and also seemed to foreshadow the revival of global Islamophobia after 1979 and the eventual moves to 'liberate' Muslim societies by US-led neo-imperialism in Afghanistan and Iraq. For the women of Bordj Okhriss, as throughout Algeria, the French army represented a dangerous and powerful force associated with mass destruction, brutality and rape. The central contradiction facing the mobile socio-medical teams teams was how to gain the trust of Algerian women and to bring them social progress and emancipation when they themselves were part of an army that had destroyed their villages and driven them into refugee camps.

Open Access (free)
January to September 2008
Oonagh McDonald

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
Christian Franck, Hervé Leclercq and Claire Vandevievere

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?
Open Access (free)
A former founding father in search of control
Ben J.S. Hoetjes

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?
Open Access (free)
Flexible and pragmatic adaptation
Danielle Bossaert

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?
Lennart J. Lundqvist

– 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
Eşref Aksu

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
Cameron Ross

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