One hundred fifty years ago, the U.S. was two years into a brutal Civil War. The financial cost left the federal government under enormous stress, leading to a result no one had imagined: the first modern system of bank regulation.
Vilified for worsening the financial crisis, the credit derivatives market is undergoing a structural shift as money managers take on risk shunned by banks after regulators forced lenders to shrink their dealings.
Chancellor of the Exchequer Alistair Darling will announce his plan to reshape the banking industry and regulation of the financial services industry next month after reviewing a report on the matter released today.
The event was a June 8 American Bankers Association conference on international economics in Atlanta, and the keynote speaker was Federal Reserve Chairman Ben S. Bernanke. During a question-and-answer period, Jamie Dimon, chief executive officer of JPMorgan Chase & Co., waited patiently while several other bank executives threw polite queries at the central bank head, Bloomberg Markets magazine reports in its October special issue on the 50 Most Influential people in global finance.