By Simon Johnson, James Kwak
Inspite of its key position in growing the ruinous monetary trouble of 2008, the yankee banking has grown larger, extra ecocnomic, and extra immune to rules than ever. Anchored through six megabanks whose resources quantity to greater than 60 percentage of the country’s gross household product, this oligarchy proved it may possibly first carry the worldwide economic system hostage after which use its political muscle to struggle off significant reform. 13 Bankers brilliantly charts the increase to strength of the monetary quarter and forcefully argues that we needs to get a divorce the massive banks if we wish to stay away from destiny monetary catastrophes.
Updated, with new research of the government’s fresh try and reform the banking undefined, it is a well timed and specialist account of our political financial system.
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Additional resources for 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown
Sberbank constitutes a category by itself. Its structure and activities are discussed below in the section on specialized banks. 27 Channel banks.
3. it is possible to see that the rate of growth of assets and loans differed greatly among the twenty largest banks. In all but two of these banks, assets expanded faster than loans. An interesting observation is that assets tended to expand fastest in those banks with a low loan-to-asset ratio. In most cases, this low ratio is linked to the bank's holding foreign exchange accounts whose ruble value has risen with the depreciation of the ruble. This link is most striking in the case of Tokobank, Kredobank, and Incombank, which are known for having large foreign currency operations.
Procedures for bankruptcy and foreclosure of collateral need to be developed and applied. 2 However, much work is still needed in this direction (see Chapter 5), as the situation still remains ambiguous with respect to rights and their enforceability. Confusion about ownership of enterprises creates severe incentive problems and makes the appraisal of loans very difficult. Managers may be tempted to ''cannibalize" the enterprises, that is, sell their assets at low prices, save on maintenance expenditures, and distribute higher profits as bonuses.
13 Bankers: The Wall Street Takeover and the Next Financial Meltdown by Simon Johnson, James Kwak