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.
The European Union failed to seal a deal on Basel bank rules after disagreeing on bonuses, capital requirements for big lenders and powers available to the European Banking Authority at talks in Brussels yesterday.
The $639 trillion over-the-counter derivatives market begins the largest transformation in its 30- year history today with rules intended to contain another financial crisis, trimming profits for Wall Street banks.
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.