The skirmishing is almost over, the main armies almost assembled. Ahead is a great battle over the future of our financial system that could have more profound consequences than the Dodd-Frank legislation of 2010.
The Bretton Woods economic conference would make a great movie: Dashing celebrity economist John Maynard Keynes of the U.K. squared off against U.S. Treasury official Harry Dexter White, who was later revealed to be a Soviet spy.
The six very large U.S. bank holding companies -- JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co., Goldman Sachs Group Inc. and Morgan Stanley -- share a pressing intellectual problem: They need to explain why they should be allowed to continue with their dangerous business model.
Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase & Co. were among at least 15 financial companies that received potentially market-moving Federal Reserve information 19 hours before the public in a release the central bank called a mistake.
As Group of 20 nations look to China to underpin global growth, the Chinese anticipate their economy slowing, said Simon Johnson, a professor of finance at Massachusetts Institute of Technology’s Sloan School of Management.
Former International Monetary Fund chief economist Simon Johnson met with Federal Reserve staff members today and said he doesn’t believe the central bank will heed his call to remove JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon from the New York Fed board of directors.