Redesigning Financial Regulation
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BeschreibungAt the height of the 1990s boom, Jack Grubman, one of the mostsuccessful analysts in Wall Street proclaimed 'what used tobe conflicts of interest are now synergies'. This myopiacontributed dramatically to the elevation of a culture in whichgreed was deified, oversight denigrated and misfeasance justified.Since the fall of the markets and the implosion of confidence inthe American corporate business model, one man has provedinstrumental in deconstructing the rhetoric of the 1990s: EliotSpitzer, the combative Attorney General of New York. In theprocess, his innovative application of state law has reconfiguredthe governance of Wall Street. Over the past three years the pursuit of transparency andaccountability in the structure of the markets has propelledSpitzer to the forefront of regulatory policy. His investigationsinto tainted analyst research, the mutual funds industry, thegovernance of the New York Stock Exchange and the insuranceindustry have focused attention not just on corrupted individualsbut also the complicity of the financial structure itself. Spitzerexploited the inherent conflicts of interest to the full, forcingregulators to adopt a much more proactive approach and creating anational platform for his own wider political ambitions. Nowholding the Democratic nomination for the Governorship of New York,Spitzer has begun a path for higher national office. This groundbreaking book features exclusive access with many ofthe key actors in these changes to the governance of Wall Street.It examines how Eliot Spitzer exploited gaps in the regulatoryframework to capture the corporate reform agenda and explores theimplications of his actions on policy formation andrecalibration. Key incidents include: changing the terms of reference governinganalyst research; the defenestration of Dick Grasso's tenureover the NYSE (which is now being heard in state court in NewYork); and the battles for control between the former Chairman ofthe Securities Exchange Commission, Harvey Pitt, and Spitzer. The book details not only the contested, contingent andinterdependent connections between the American political andfinancial systems but reveals how Spitzer's manipulation ofthose connections have proved instrumental in enhancing his ownwider political ambitions.
Untertitel: The Politics of Enforcement. Sprache: Englisch. Dateigröße in KByte: 1013.
Verlag: John Wiley & Sons
Erscheinungsdatum: November 2006
Seitenanzahl: 220 Seiten
Format: pdf eBook
Kopierschutz: Adobe DRM