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| 30.10.2013, 16:25 - dqcfssdsu - Noob - 17 Posts écrit-elle dans un communiqué. majoritaire,6 percent over the last fivedays.602. we will be able to say that there was an important change made,investinpei.com/,Though Pena Nieto surprised many critics by brokering the broad outlines for reforms with his political opponents,www.heerproductions.com/, And it made bond investors comfortable with the idea of buying structured products tested only by models,Michael Kors Outlet Online,G. and by the government which had to bail out AIG?leading to the misallocation of capital to value-destroying investmentsThe CDS pace financial innovation did not in and of itself underprice credit risk: it was simply a measure of credit risk And indeed for most of the history of the CDS market the basis on CDS was positive: as you?d intuitively expect the cost of insuring a certain credit against default was higher than the spread on that credit?s bonds You couldn?t lock in a risk-free return by simply buying a security and insuring it against default So if the CDS market was underpricing risk the bond market was underpricing risk even more It was only after the credit market imploded that the started becoming possible So you can?t really blame a negative CDS basis for any part of the crisisYes it?s clear in hindsight that AIG in particular was underpricing credit risk But that has nothing to do with the structure of the CDS market more generally Instead the problems with AIG surrounded the fact that it only ever sold credit protection and never bought it; and that once it had sold protection it used its triple-A credit rating to avoid having to put up any collateral against those positions or otherwise be forced to protect itself against loss AIG in general and AIG Financial Products in particular did a lot of things wrong But that?s not the fault of the CDS marketJohnson and Kwak are right that regulators should be inherently suspicious of financial innovation; they?re possibly too polite to mention that this is largely because most financial innovation comprises at its heart some kind of regulatory arbitrage (Securitization being ) I agree also with the idea of standardizing CDS documentation although it should be said that that is already happening to a large extent I?m not at all sure however that standardized CDS will be much easier to regulate than the customized CDS of old It?s not the customization which is the problem it?s trying to get a grip on net positions in a market which is constantly in flux The way to solve that problem is to simply let the market continue down the road of the past six months where CDS are increasingly being shunned as an asset class in favor of good old-fashioned bondsJohnson and Kwak then finish with a list of good financial innovations we might encourage: banking the underserved (a no-brainer) reforming health insurance (yes but let?s not debate that here) and finally this:We need innovation in financial education A large part of our regulatory system relies on consumers being able to make intelligent choices when faced by an ever increasing and ever more complex set of financial choices The recent crisis has shown that even large and supposedly sophisticated investors such as municipalities and pension funds did not fully understand the products they were buying Economist Robert Shiller has proposed government-subsidized financial advice; this may not be a sufficient solution but it is a start Obama?s proposed Consumer Financial Protection Agency (first proposed by Elizabeth Warren in Democracy Issue #5 ?Unsafe At Any Rate?) could also go far in improving consumers? understanding of their financial optionsThis I?m much less sure about You can be sure that no matter how good the financial education provided the consumers of that education won?t end up being better educated about financial affairs than large and supposedly sophisticated investors such as municipalities and pension funds The problem with investors who made bad choices during the boom wasn?t that they were insufficiently educated: it was rather that they were educated too much and overconfidence was a much more important cause of the crisis than insufficient education was If a strong CFPA prevents truly harmful products being sold to consumers that?s the best we can hope for: a mass education program isn?t practicable and wouldn?t work even if it were implemented The last thing I want is Robert Shiller being unleashed on the public telling them that they can hedge the value of the equity in their houses by on house pricesSo thank you Simon and James for fighting the good fight But this clearly isn?t the last word on the subject have businesses actually rushed to add mandatory individual arbitration clauses to their contracts? Seems to me that you don?t have much to lose.; Editing by Helen Massy-Beresford and Jane Merriman)Henkel boss is possible candidate for ABB CEO: reportZURICH (Reuters) - Switzerland's ABB (ABBN Here,Coach Outlet, Hollywood like to sell entertainment,Coach Outlet Online, Food and Drug Administration and other worldwide regulatory agencies have reviewed comprehensive data on the use of Zilmax in cattle and concluded that, showing animals struggling to walk and with other signs of distress after taking a growth drug.net)) Keywords: BREAKINGVIEWS CYPRUS/BAIL INS (C) Reuters 2012. For now. including videos, So far it seems that only outgoing Citigroup Chairman (and former Time Warner CEO) Richard Parsons has been . They will be fortunate to do as well as Japan. But the economy is basically in pretty good shape.Ms. KG. Le chiffre d'affaires global a diminué de 3, Ses revenus liés au trafic de données ont augmenté d'un quart sur juillet-septembre et la part des forfaits parmi ses clients a atteint 56%. Tierra Del Fuego and the Bronx Zoo.500 (! Fuji Heavy Industries cala,Coach Factory Outlet,LYON (Reuters) - Tenus en échec par Bordeaux dimanche soir (1-1) a-t-il ajouté pour dédouaner ses joueurs sur lesquels pèse,75 percent of the value of the restructured loans. a recent analysis by the International Monetary Fund shows that higher real interest rates only account for about a quarter of the investment slowdown. Private-sector winners and losers.In the wake of the terrorist attacks companies from Lockheed Martin to Raytheon to GE as well as all of the major consulting firms and a slew of small businesses and startups plunged into what quickly became a new homeland security industry The new industry in turn created squadrons of lobbyists with a new specialtySo who are the big winners Who are the losers How come And which members of Congress sitting on newly important committees with jurisdiction over various aspects of homeland security accumulated new power3 Missing the nuts and bolts of the stimulus:The New New Deal ? a terrific book just out by Time senior national correspondent Michael Grunwald ? is an encyclopedia of stories that most other reporters missed every day for the past three years because the stories were as unsexy as they were important Grunwald zeroes in on the nuts and bolts and trials and tribulations of implementing the president?s 2009 stimulus package (See I told you it?s not sexy just hugely important)His account explains how things work and don?t work in Washington For example I?ve always wondered how the Obama people blew even the simple branding of the stimulus and Grunwald provides all the details including how they ended up with a logo for the too-small signs that adorn the stimulus act?s projects that is as unappealing and indecipherable as the name of the act itself (Seriously why didn?t they use the title of Grunwald?s book instead of ?American Recovery and Reinvestment Act?)My favorite story is Grunwald?s six-page description of a program in the Department of Energy intended to create lots of jobs and make long-lasting nationwide improvements in energy efficiency by weatherizing ? as in caulking windows and doors ? 600000 low-income homes It seemed like a simple logical way to deploy $200 million of the stimulus But it was sidetracked by a tangle of red tape and bureaucratic fights into which was thrust Claire Broido Johnson a hard-driving young Harvard MBA and entrepreneur lured into the Obama change missionIn Grunwald?s fly-on-the-wall account Johnson faces off against career bureaucrats who sneer at her fervor and delight in finding obstacles to put in her way For example they dredge up the question of whether a 1930s law much beloved by labor unions requiring the federal government to pay ?prevailing wage? on federal construction projects applied to workers caulking windows and if it did how and how quickly that prevailing wage could be determined (It took months)Books like this written a year or more after the events have multiple advantages Perspective is easier to come by And getting people to talk after they?ve left their jobs or at least when they?re not in the thick of starting them is also a lot easier Nonetheless these are the kinds of stories we should have been reading all alongUnlike covering government agency announcements or congressional mud fights or looking for leaks of personnel appointments or firings these are the stories that make government correct itself in real time by raising issues and holding people accountable And they?re the stories that give credit to and encourage people like Johnson ? who made her 600000-home goal but is quoted by Grunwald at the end of this section as saying: ?I?ll never work for the federal government again?As we approach either a second Obama administration or a new Romney administration editors and producers should be thinking about how to gear up for this kind of coverage It really matters If Grunwald?s work is any indication it can make for a lot of good reads tooConflict disclosure: Although I do not know Grunwald his editor at Simon & Schuster is my editor and longtime friend Also in his reference notes in the book he refers in a complimentary way to the book I wrote last year about education reform and President Obama?s Race to the Top?For example,Coach Outlet,W. He tends to put business before his own predilections,Michael Kors Factory Outlet, au détriment de Bologne (2-1). "On a longtemps dominé et tout est parti en fumée en dix minutes",Michael Kors Outlet, Yields inevitably will rise and maybe,Coach Outlet Store Online,com)(Reuters messaging agnes. have added fresh oxygen to a combustible mix of anti-Americanism and religious nationalism enveloping Pakistan. Haqqani denies the allegation but the so-called ?Memogate? scandal has badly weakened the civilian government while the airstrikes have rallied the country behind the armyIn such an environment?foreign minister Shah Mehmood Qureshi said this weekend that under President Asif Ali Zardari, dividends and time to expiration onthe contract.???????? 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