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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.

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not however derived from primary or secondary legislation but rather case law. In short, the defining characteristic of EU sports policy is the construction of a discrete area of EU sports law. EU sports law extends beyond the mere application of law to sport, to the construction of a legal approach for dealing with sports disputes which allows both the EU’s regulatory and political policy objectives for sport to co-exist within the EU sports policy framework. This research agenda is particularly fascinating because the twin concepts of EU sports law and EU sports

in Sports law and policy in the European Union
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Crisis, reform and recovery

would eventually bail them out if they got into trouble, even in the absence of explicit government guarantees. As Krugman (1998) observes, when government actions suggest that there is an explicit guarantee against either bank or corporate failure, such implicit guarantees can trigger asset price inflation and make the financial system vulnerable to collapse. And, third, the failure to develop simultaneously the necessary prudential supervisory, regulatory and legal framework (and enforce what regulation did exist) made Indonesia highly susceptible to a system

in The Asian financial crisis
Open Access (free)
Diversification and the rise of fragmented time systems

of change rather than analysis of its causes and consequences. The chapter draws on reflection by numerous scholars, but it is particularly indebted to the rich vein of research from a labour market segmentation perspective (see Chapter 1), as it has been revised and reformulated in order to overcome the weaknesses of dualistic versions (Rubery, 2005a). The first section, ‘What is working-time flexibility?’, examines how flexible working-time arrangements fit within the context of the traditional regulatory system, before outlining a conceptual framework that can

in Making work more equal
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resources to meet the multifaceted challenge of net neutrality enforcement. Expect the smaller regulators in the Baltics, Cyprus, Malta, Luxembourg, the Visegrad Four and perhaps Ireland to be the first regulators whose very uncertain regulatory commitment to net neutrality will be tested by zero rating and/or specialised service plans. This double whammy of positive and negative discrimination appears to be

in Network neutrality
Open Access (free)
Environmental managerialism and golf’s conspicuous exemption

registry (Health Canada, 2006 ). In short, and as Boyd wrote around the time this new framework was being crafted, “The new PCPA creates a modern system for the evaluation, registration, labelling, import, and export of pesticides” (Boyd, 2003 : 120). At the heart of the revised regulatory system was, and remains, the PMRA, a body situated within the wider agency Health Canada. Created in 1995, the PMRA is responsible for administering the PCPA. By way of Health Canada’s own description, the PMRA

in The greening of golf

, from their status-bound situations and pushed and pulled them into contractual relations with each other as well as with other individuals and groups. In contrast to feudal society, overlapping webs of negotiated (and renegotiated) contractual relationships were drawn into the orbit of the state and its legal, regulatory and developmental framework. The state claimed overall authority and responsibility for the well-being of the ‘whole’, while that whole became 92 DISCIPLINES increasingly pluralistic. Indeed, as more mass groups became uprooted from their subsumed

in Democratization through the looking-glass

a mandatory basis, and minimum QoS on a voluntary basis, under provisions in the 2009 framework. In its initial 2006 explanation of its reasons to review the 2002 Directives, the Commission noted the US net neutrality debate but did no more than discuss the theoretical problem. 45 Over 2007 – 08, the volume of regulatory reform proposals in the US, Japan, Canada and Norway had grown, along with

in Network neutrality

framework by additional non-blocking and non-discriminatory principles that would clarify which type of traffic management is legitimate. If a self-regulatory or co-regulatory solution is a preferred option it must have a robust compliance and enforcement mechanisms monitored by Ofcom. In addition broadband providers need to do more to raise awareness of

in Network neutrality

. Today, the regulatory and political policy strands of EU involvement in sport relate to one another in a more co-ordinated manner. The construction of the separate territories approach to sport has allowed both policy strands to co-exist within the framework of a more co-ordinated sports policy. The practical effect of separate territories is a shift in the nature of EU regulatory involvement in sport. Single Market regulation has become tempered by socio-cultural regulation. In other words, the EU is moving from a market model of regulation towards one in which the

in Sports law and policy in the European Union