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jerryking : banks   70

The Fed - Where Do Banks Fit in the Fintech Stack?
April 28, 2017

Where Do Banks Fit in the Fintech Stack?
Governor Lael Brainard
fin-tech  banks  SMAC_stack 
may 2018 by jerryking
As Black-Owned Banks Withdraw, Community Sounds Alarm - WSJ
By Sharon Nunn
Aug. 6, 2017

The number of black-owned banks operating in the U.S. has been dropping steadily for the past 15 years and fell to 23 this year, the lowest level in recent history, according to the Federal Deposit Insurance Corp. That has left many African-American communities short of access to capital and traditional financial services, according to some banking experts....The 2008 recession hit the black banking sector especially hard, and if the current rate of closures of about two a year, as well as the industry-wide reluctance or inability to start banks, continues, black-owned banks could disappear entirely within the next eight to 12 years. The trend is worrisome to some analysts who argue fewer banks serving low-income, minority groups could expand “financial deserts”—communities with few or no banking institutions—and increase the likelihood that black and Hispanic communities could become susceptible to redlining, a discriminatory practice that excludes poorer minority areas from financial services....... [black-owned community banks were] the first bank some African-Americans had access to, making it a symbol of black enterprise and economic development, .......A survey of entrepreneurs by the U.S. Census Bureau in 2014 found that 47% of black business owners had gotten got the full amount of funding requested from banks, credit unions or other financial institutions, compared with 76% of whites.

That survey also showed fear of rejection was the top reason cited by black business owners who chose not to seek needed capital at all.
black-owned  banks  African-Americans  trends  decline  FDIC  financial_services  redlining  low-income  community_banks 
august 2017 by jerryking
Canada's big banks are no angels, but have any laws been broken? - The Globe and Mail
BARRIE MCKENNA
OTTAWA — The Globe and Mail
Published Friday, Mar. 17, 2017

Media reports high-pressure sales tactics at Toronto-Dominion Bank and other Canadian financial institutions. Stories of tellers signing up customers to high-fee accounts and credit cards without their knowledge. Loan officers pushing clients to take on lines of credit they don’t want or need. And financial advisers selling unsuitable mutual funds to vulnerable investors. Sleazy behaviour, if true. Perhaps even illegal. The Financial Consumer Agency of Canada this week warned banks to behave and launched a review of their consent and disclosure practices. .......The big banks are no angels. But what’s happening here looks a lot more like a labour-relations feud than a financial scandal. Employees are rebelling against a cutthroat sales culture that has permeated the once-staid retail operations of the big banks.

The workplace environment at TD and other major banks may well be toxic for many employees, who feel unduly stressed about meeting aggressive sales goals.
Canada  banks  Bay_Street  financial_services  toxic_behaviors  predatory_practices  regulators  organizational_culture  workplaces  disclosure  complaints  consent  consumer_protection  sleaze  Barrie_McKenna 
march 2017 by jerryking
Fintech Fictions, Fallacies, and Fantasies
July 20, 2015 | Subscribe to The Financial Brand for Free

A Snarketing post by Ron Shevlin

There’s No Debate

Towards the end of the Great Debate (referenced at the beginning of this post), I suggested that the question at hand–Who would rule banking: fintech or banks?–was the wrong question to ask. There is no one or the other. Banks need fintech, fintech needs banks. And banks become fintech, as fintech become banks.

In many ways, fintech is a–or the–path to reinvention for many banks. This is why a Capital One acquires design firms, or a BBVA acquires a Simple. It’s not simply to acquire the technology, and certainly not to “usurp the threat of FinTech by co-opting it.” It’s to inject new thinking and new capabilities into the company.
fin-tech  myths  fantasies  financial_services  banks  symbiosis  large_companies  new_thinking  start_ups  capabilities  Fortune_500  brands  Capital_One  design  Simple  BBVA 
march 2017 by jerryking
The Rise and Fall of Black Wall Street
AUG 31, 2016 | The Atlantic | ALEXIA FERNÁNDEZ CAMPBELL.

Richmond was once the epicenter of black finance. What happened there explains the decline of black-owned banks across the country.

On April, 3rd, 1968, Martin Luther King Jr. gave his famous “I’ve Been to the Mountaintop” speech in Memphis. In it, he urged African Americans to put their money in black-owned banks. It wasn’t his most famous line, but the message was clear: “We’ve got to strengthen black institutions. I call upon you to take your money out of the banks downtown and deposit your money in the Tri-State Bank. We want a ‘bank-in’ movement in Memphis … We begin the process of building a greater economic base.”

The next day, King was assassinated, and his hope of harnessing black wealth remains unfulfilled. Before integration, African Americans in cities like Richmond, Chicago, and Atlanta relied on black community banks, which were largely responsible for providing loans and boosting black businesses, churches, and neighborhoods. After desegregation, black wealth started to hemorrhage from these communities: White-owned banks were forced to open their doors to African Americans and the money that once flowed into black banks and back out to black communities ended up on Wall Street and other banks farther away.
MLK  African-Americans  banks  banking  community_banks  institutions  history  Richmond  desegregation  integration  black-owned  self-sufficiency  self-reliance  institution-building  generational_wealth  economic_clout  capital_formation  epicenters  1968 
september 2016 by jerryking
In the Dark Corners of the Web, a `Spider' Intercepts Hackers
April 22, 2015 | Bloomberg Business| by Edward Robinson

Encircling enterprises with digital force fields to protect against invasion is an outdated strategy, as the intrusions at JPMorgan Chase, Sony, and Target have demonstrated, according to James Chappell, Digital Shadows’ co-founder and chief technology officer. IT systems have simply become too open and diffuse to keep the bad guys out.
“Social media, long supply chains, mobile technology. There is now so much that no longer lives within the castle walls; it lives beyond them,” he says. “You can no longer assume that you’ll never be hacked. You have to assume that you will be.”
Enter the spider, a program of the firm’s own design. Crawling through shadowy corners such as the Deep Web and the Tor network, the program searches 80 million data sources in 26 languages for signs that Digital Shadows’ clients are at risk.
cyberattacks  Digital_Shadows  cyber_security  banks  hackers  malware  United_Kingdom  London  data_breaches  dark_web  pre-emption  network_risk  cyberintrusions  left_of_the_boom 
may 2015 by jerryking
Grouplend brings peer to peer lending to Canada - The Globe and Mail
TIM KILADZE
Grouplend brings peer to peer lending to Canada
SUBSCRIBERS ONLY
The Globe and Mail
Published Thursday, Jan. 29 2015
Tim_Kiladze  lending  peer-to-peer  P2P  banks  banking  financial_services 
january 2015 by jerryking
Banking Start-Ups Adopt New Tools for Lending
JAN. 18, 2015 | - NYTimes.com | By STEVE LOHR.

When bankers of the future decide whether to make a loan, they may look to see if potential customers use only capital letters when filling out forms, or at the amount of time they spend online reading terms and conditions — and not so much at credit history.

These signals about behavior — picked up by sophisticated software that can scan thousands of pieces of data about online and offline lives — are the focus of a handful of start-ups that are creating new models of lending....Earnest uses the new tools to make personal loans. Affirm, another start-up, offers alternatives to credit cards for online purchases. And another, ZestFinance, has focused on the relative niche market of payday loans.
Steve_Lohr  tools  banking  banks  massive_data_sets  start_ups  data_scientists  Earnest  Affirm  ZestFinance  Max_Levchin  consumer_finance  credit_scoring  fin-tech  financial_services  consumer_behavior  signals 
january 2015 by jerryking
Mobile’s Rise Poses a Riddle for Banks - WSJ
By DANIEL HUANG
Updated Dec. 18, 2014

for bigger and more-complex transactions, which often require fees, Ms. Bueno prefers to visit a bank teller in person. That means her digital devotion to the bank doesn’t actually generate much revenue, a puzzle firms across the industry still are trying to solve.

VOTE

Do You Use Your Mobile Phone for Banking?
This year, for the first time, U.S. customers interacted with their banks more through mobile devices than any other means, according to a new study by consultancy Bain & Co. Mobile interactions are now 35% of the total, more than any other type, including traditional online channels, automated-teller machines and branch visits, the report showed.
millennials  banking  banks  mobile_applications  financial_services 
december 2014 by jerryking
Technology will hurt the banks, not kill them
October 15, 2014 | FT.com |John Gapper

Does Silicon Valley really want to blow up retail banking and create an entirely new financial system, or would it prefer to ride on the existing one?...Mr Andreessen, a partner of the venture fund Andreessen Horowitz, added in an interview with Bloomberg Markets magazine last week: “To me, it’s all about unbundling the banks. There are regulatory arbitrage opportunities every step of the way. If the regulators are going to regulate banks, then you’ll have non-bank entities that spring up to do the things that banks can’t do.”...There is no doubt that the infrastructure of retail banks is antiquated, and is built in a way that invites competition from peer-to-peer networks. Nor is there a doubt that banks make themselves vulnerable by how they price – offering core deposit services cheaply or free while squeezing customers on ancillary products such as overdrafts and currency exchange....what is the best way to compete with an industry that makes little from a capital-intensive, regulated service with formidable barriers to entry, and a lot from less protected add-ons? The question answers itself, which is why Silicon Valley focuses on payments while talking about disrupting lending....US laws made it impossible to establish a national credit union open to any customer....One growth area in UK finance has been online payday lending by companies such as Wonga, which promised to extend banking to the underserved. ... tech companies can improve on credit scoring by scanning search histories and social network data...The biggest barrier to competition is that the core business of taking in deposits and keeping them safe is not very profitable in a low-interest world....A start-up bank that has no branches and spends less on patching up legacy software might do this more efficiently – and good luck to those that penetrate the regulatory thicket and try. But it is much less risky to attach a new service to the existing banking infrastructure, and it absorbs less capital....Technology may eventually change the infrastructure of banking but it will not happen soon....“is a long-term threat that will play out over decades, not months or years”...Silicon Valley will compete at the edges, where banks make their best profits.
banks  Silicon_Valley  Marc_Andreessen  Andreessen_Horowitz  disruption  fin-tech  start_ups  Bitcoin  financial_services  underserved  unbanked  regulators  P2P  payday_lending  credit_scoring  low-interest  branchless  capital-intensity  legacy_tech  regulatory_arbitrage  financial_system 
october 2014 by jerryking
What TD Bank’s Ed Clark learned on the job - The Globe and Mail
Sep. 19 2014 | G&M | LEAH EICHLER.

1. Listen.

2. Learn on the job.

3. Hire people smarter than you.

4. People and culture are everything.

5. Give employees opportunities to stretch themselves.
TD_Bank  banking  banks  CEOs  leaders  lessons_learned  listening  hiring  organizational_culture  Leah_Eichler  Ed_Clark  smart_people 
september 2014 by jerryking
Tame big data and you'll reap the rewards - The Globe and Mail
HARVEY SCHACHTER
Special to The Globe and Mail
Published Tuesday, Apr. 15 2014

“It’s a catchall term for data that doesn’t fit the usual containers. Big data refers to data that is too big to fit on a single server, too unstructured to fit into a row-and-column database, or too continuously flowing to fit into a static data warehouse. While its size receives all the attention, the most difficult aspect of big data really involves its lack of structure,”....He cites some industries that have big data but aren’t making proper use of it. Banks have massive amounts of information about their customers but have been underachievers in helping them make sense of it all and presenting targeted marketing offers. Retailers have purchase behaviour information from their point-of-sales systems but, with the exception of Wal-Mart and Britain’s Tesco, haven’t done a lot until recently.
Harvey_Schachter  Thomas_Davenport  banks  retailers  massive_data_sets  behavioural_data  books  book_reviews  unstructured_data  analytics  competingonanalytics  sense-making  point-of-sale  Wal-Mart  Tesco 
june 2014 by jerryking
London's Former Investment Bankers Are Joining the Start-Up Craze - NYTimes.com
March 19, 2014, 12:41 pm
London’s Former Investment Bankers Are Joining the Start-Up Craze
By MARK SCOTT
start_ups  London  United_Kingdom  innovation  banks  financial_services  finance  mobile_applications  fin-tech  Yahoo! 
march 2014 by jerryking
Can’t Get a Bank Loan? The Alternatives Are Expanding - NYTimes.com
By AMY CORTESE MARCH 5, 2014

Alternative lending has filled a gap left by risk-averse banks: big banks approved less than a fifth of all requests for small-business loans they received in January, while small banks approved about half of such requests, according to a survey by Biz2Credit, an online platform that matches businesses and lenders. And that does not reflect the businesses that are too discouraged to apply. By embracing technology to make small-business lending more efficient and profitable, the alternative lenders have opened opportunities for businesses....The first wave of tech-based alternative lenders — companies like OnDeck and Kabbage, which opened in 2007 and 2011 — used innovative software and data metrics, including social media interactions and Yelp reviews, to assess the health of a business. OnDeck alone has underwritten more than $900 million in loans. And Kabbage, which targets online merchants, lent $200 million in 2013.
small_business  Freshbooks  alternative_lenders  midprime  Kabbage  Dealstruck  banks  banking  innovation  start_ups  fin-tech 
march 2014 by jerryking
Traders Seek an Edge With High-Tech Snooping - WSJ.com
Dec. 18, 2013 | WSJ | By Michael Rothfeld and Scott Patterson.

A growing industry uses surveillance and data-crunching technology to supply traders with nonpublic information.

Genscape's clients include banks such as Goldman Sachs Group Inc., J.P. Morgan Chase & Co. and Deutsche Bank AG, hedge funds including Citadel LLC and large energy-trading outfits such as Trafigura Beheer BV. Surveillance and analysis of the oil, electricity and natural-gas sectors can run Genscape clients more than $300,000 a year.
surveillance  data_driven  slight_edge  traders  hedge_funds  sleuthing  Genscape  sensors  commodities  corporate_espionage  competitive_intelligence  scuttlebutt  due_diligence  market_research  exclusivity  investment_research  research_methods  LBMA  nonpublic  primary_field_research  banks  Citadel  oil_industry  natural_gas  snooping  alternative_data  informational_advantages  imagery  satellites  infrared  electric_power 
december 2013 by jerryking
Minorities possible unfairly disqualified from opening bank accounts | mathbabe
August 7, 2013 Cathy O'Neil,

New York State attorney general Eric T. Schneiderman’s investigation into possibly unfair practices by big banks using opaque and sometimes erroneous databases to disqualify people from opening accounts.

Not much hard information is given in the article but we know that negative reports stemming from the databases have effectively banished more than a million lower-income Americans from the financial system, and we know that the number of “underbanked” people in this country has grown by 10% since 2009. Underbanked people are people who are shut out of the normal banking system and have to rely on the underbelly system including check cashing stores and payday lenders....The second, more interesting point – at least to me – is this. We care about and defend ourselves from our constitutional rights being taken away but we have much less energy to defend ourselves against good things not happening to us.

In other words, it’s not written into the constitution that we all deserve a good checking account, nor a good college education, nor good terms on a mortgage, and so on. Even so, in a large society such as ours, such things are basic ingredients for a comfortable existence. Yet these services are rare if not nonexistent for a huge and swelling part of our society, resulting in a degradation of opportunity for the poor.

The overall effect is heinous, and at some point does seem to rise to the level of a constitutional right to opportunity, but I’m no lawyer.

In other words, instead of only worrying about the truly bad things that might happen to our vulnerable citizens, I personally spend just as much time worrying about the good things that might not happen to our vulnerable citizens, because from my perspective lots of good things not happening add up to bad things happening: they all narrow future options.
visible_minorities  discrimination  data  data_scientists  banks  banking  unbanked  equality  equality_of_opportunity  financial_system  constitutional_rights  payday_lenders  Cathy_O’Neil  optionality  opportunity_gaps  low-income 
december 2013 by jerryking
From Google Wallet to bitcoin, banks’ grip on savers is loosening - The Globe and Mail
CARL MORTISHED
From Google Wallet to bitcoin, banks’ grip on savers is loosening Add to ...
Subscribers Only

If HSBC is contemplating becoming less local in its U.K. home market, it may be because their “local” knowledge tells them that in parts of Africa, ordinary people are doing cashless payment transactions by cellphone without the need of complex apps, not to mention debit cards or cheques....The real risk for the banks, however, is disintermediation, where the social media and Internet platforms simply channel moneydata from customers to retailers or from lenders to borrowers without bank intervention. Crowd funding and peer-to-peer lending platforms are still in their infancy, but that is probably because they lack the connection to the vast pot of money that would be available from a Google-bank or Face-bank.

Finally, there is the money issue, made relevant by the bizarre phenomenon of bitcoin, the ultimate disintermediation tool. If the unit of value as well as the medium of exchange moved out of the world of banking and into the ether, the transition to a debanked world would be complete.

LONDON — The Globe and Mail

Published Thursday, Dec. 12 2013
banks  banking  Google  Facebook  P2P  peer-to-peer  HSBC  disintermediation  bitcoin  regulation  mobile_payments 
december 2013 by jerryking
Boardroom shifts spell trouble for big banks
Nov. 26 2013 | The Globe and Mail | BOYD ERMAN.
New directors bring new relationships, and Canada’s greying boardrooms herald an opportunity for foreign and independent investment banks that are steadily making inroads in the Canadian market...The days are long gone of an investment banker sitting on a Canadian company’s board and steering all the advisory business to his own bank (let’s be honest, odds are it was a man). Rules on director conflicts have largely ended that. But name a Canadian company and most people in finance can recite the house banker, and it’s often one that does the lending.

Those relationships are not going to just go away. But the potential for conflict of interest is going to mean that the major banks are going to find themselves sharing merger fees more often with outside firms that are independent. Board renewal is only going to accelerate that.
Boyd_Erman  boards_&_directors_&_governance  conflicts_of_interest  advice  banks  demographic_changes  investment_banking  Bay_Street  mergers_&_acquisitions  M&A  relationships 
november 2013 by jerryking
In ‘Treasury’s War,’ Missiles for a Financial Battlefield - NYTimes.com
August 31, 2013 | NYT | By BRYAN BURROUGH.

THE 21st century has ushered in new kinds of warfare that don’t involve soldiers wielding weapons. One type, cyberwarfare, seems to have drawn the most commentary and analysis. A less publicized type of attack, financial warfare, is covered in “Treasury’s War,” a useful new book by one of this strategy’s architects, Juan C. Zarate, a former assistant Treasury secretary. ... “Treasury’s War” chronicles an array of the department’s enforcement efforts, from corralling informal Middle Eastern money-transfer networks useful to Al Qaeda to tracking Saddam’s missing millions. But the heart of the book is the emergence and evolution of Section 311 of the Patriot Act, which allows the Treasury Department to designate any bank in the world as a “primary money-laundering concern” and prevent it from doing business with any American bank.

In today’s financial world, where every bank wants to do business with every other bank, and where New York and the United States dollar remain of paramount importance, “hitting” a bank with a Section 311 order has the effect of transforming it into an overnight pariah. Mr. Zarate cites example after example in which 311’s have all but destroyed rogue banks that had been important conduits for money flows involving, for example, Al Qaeda or Iran....“Geopolitics is now a game best played with financial and commercial weapons,” Mr. Zarate writes. “The new geoeconomic game may be more efficient and subtle than past geopolitical competitions, but it is no less ruthless and destructive.”
books  book_reviews  Iran  al_Qaeda  geopolitics  U.S.Treasury_Department  statecraft  money_laundering  21st._century  interconnections  sanctions  economic_warfare  economic_policy  banks  policy_tools 
september 2013 by jerryking
In London, Nimble Start-Ups Offer Alternatives to Stodgy Banks
October 22, 2012 | NYT |By MARK SCOTT.

London’s fast-growing start-up scene is trying to disrupt the financial status quo. As consumers’ trust in banks deteriorates because of a series of recent scandals, young companies are pressing their newcomer advantage. Firms are offering services like low-cost foreign currency exchange and new ways for small business to borrow cash.

Backed by venture capital firms like Index Ventures, the financial start-ups are taking on entrenched incumbents by using technology to pare back costs and improve the customer experience. Local authorities do not directly regulate many of the firms, but the young companies often use traditional banks and other financial firms for their back-office functions, like processing payments, which are monitored by British regulators.
London  United_Kingdom  start_ups  banks  financial_services  finance  regulators  mobile_applications  fin-tech  foreign_exchange  nimbleness  back-office 
october 2012 by jerryking
Crisis fails to dampen art service demand at banks
Oct 17, 2008 | Reuters | By Jo Winterbottom.

The art advisory service belongs to the overall wealth management offer. I don't think it will be cut back," said Karl Schweizer, head of art banking and numismatics at UBS.
high_net_worth  private_banking  collectibles  collectors  wealth_management  art  art_advisory  precious_metals  valuations  auctions  affluence  investment_advice  banks 
august 2012 by jerryking
Ten Commandments of Raising Money
(1) Assume the $ is available.
(2)Know you lending/investing options.
(3)Know your lends/investors.
(4) Make sure s/he knows you.
(5) Ask before you need the money.
(6) Follow the principles of salesmanship.
(7) Ask for more than you need.
(8) Business plan of course.
(9) Make his/her job easier.
(10) Maintain the relationship.

"It's really important to think about what risk you are trying to reduce when you raise money - is it product risk, team risk, market risk or something else? Investors really want to know what milestone you are trying to reach with the money. "
funding  financing  banks  pitches  business_planning  investors  risk-management  product_risk  team_risk  market_risk 
july 2012 by jerryking
Don't Just Do Something! - WSJ.com
January 25, 2008

Markets are a discovery process, with firms and investors learning as they try new ideas and react to changed conditions. What markets need is a stable regulatory environment, in which every dip in the market doesn't produce a new set of rules.
banking  banks  business_models  David_Wessel  discoveries  letters_to_the_editor  rules_of_the_game  markets  market_corrections  regulations 
june 2012 by jerryking
Will This Customer Sink Your Stock? Here's the newest way to grab competitive advantage: Figure out how profitable your customers really are. - September 30, 2002
By Larry Selden and Geoffrey Colvin
September 30, 2002

Get ready for a big idea that's about to sweep through most companies: managing the enterprise not as a collection of products and services, not as a group of territories, but as a portfolio of customers. Of course, managers have always known that some customers are more profitable than others. But it's amazing how many executives, like those of that big retailer, haven't the least idea just how profitable (or unprofitable) individual customers or customer segments are.
customer_profitability  Geoff_Colvin  Dell  RBC  Fidelity_Investments  HBC  customer_lifetime_value  customers  retailers  banks  data_mining  data_driven  competingonanalytics  competitive_advantage 
april 2012 by jerryking
TD Taps Canada's Mosaic for Growth
28 February 2006 | The Globe and Mail | Sinclair Stewart
TD_Bank  ethnic_communities  immigrants  banking  banks 
march 2012 by jerryking
Innovation and Knowledge Flows in the Financial Services and ICT Sectors of the Toronto Region
November 2011 |Ontario Ministry of Research and Innovation, the Toronto Region Research Alliance, and the City of Toronto| A report prepared by David A. Wolfe, Charles H. Davis, Nicola Hepburn, Nicholas Mills & Gale Moore
financial_services  innovation  Toronto  Ontario  banks  mapping  geography  banking  software  location_based_services 
november 2011 by jerryking
Innovator: Building a Better Bank -
July 8, 2010,| BusinessWeek | By Ira Boudway. Fed up with
poor service at traditional banks, Josh Reich is building BankSimple—an
alternative with "the agility and mindset of a tech company"
innovation  banking  banks  smartphones  trustworthiness  start_ups  BankSimple  financial_services 
september 2010 by jerryking
Twitter engineer, former API lead Alex Payne departs to co-found BankSimple | VentureBeat
May 17, 2010 | Kim-Mai Cutler. Launching BankSimple, a "social
bank", because millions of people need a better bank. It’s a different
sort of problem than Twitter, and it’s going to be a very different sort
of company. But I feel ready to take on the challenge that BankSimple
presents.”
start_ups  twitter  banks  banking  BankSimple 
may 2010 by jerryking
The U.S. Needs an Infrastructure Bank - WSJ.com
JANUARY 15, 2010 | The Wall Street Journal | by Charles
Phillips, Laura Tyson, and Robert Wolf. It would support crucial
projects like roads and broadband.
infrastructure  finance  banks 
april 2010 by jerryking
Asher Edelman, the Art World's Gordon Gekko - WSJ.com
JANUARY 29, 2010 | Wall Street Journal | By KELLY CROW. A
former corporate raider is shaking up the market with brash tactics and
big plans as an art financier. After navigating the art world for
decades as a collector, museum director and gallery owner, Mr. Edelman
recently set up his own firm, Art Assured Ltd., to arrange art
investments.

The field of art backing is a financial Wild West these days. When the
recession upended the art market a year ago, a number of traditional
institutions like banks and auction houses pulled back from loans and
other financing deals based on the expected selling prices of fine art.
An aggressive set of boutique lenders and financiers have stepped in to
fill the gap. The most prominent art lenders operate as blue-chip
pawnshops, doling out quick cash to collectors, dealers and artists in
exchange for the right to sell the borrowers' artworks if their loans
aren't repaid.
art  art_finance  art_galleries  investing  fine_arts  high_net_worth  collectors  financiers  boutiques  auctions  banks  pawnbrokers  blue-chips  art_market 
january 2010 by jerryking
The Unwisdom of Crowds
12/22/2008 | The Weekly Standard Vol. 014, Issue 14 | by
Christopher Caldwell. Financial panics still require what Walter
Bagehot prescribed--that practical men violate their own principles.
Common sense is often not much use in a financial panic. This was the
great discovery of Walter Bagehot, the prolific 19th-century essayist
and journalist, who was editor of the Economist from 1860 to 1877. (His
name rhymes with gadget.) in the so-called Anglo-Saxon world, Bagehot's
book still provides the bedrock of policy thinking during financial
emergencies, including our present one.
financial_history  panics  crisis  economics  economy  financial_journalism  politicaleconomy  Walter_Bagehot  banking  capitalism  finance  banks  bailouts  prolificacy 
october 2009 by jerryking
FT.com / Comment / Opinion - How Washington can prevent ‘zombie banks’
Published: March 1 2009 19:38 | Last updated: March 1 2009 19:38, FT, By James Baker
crisis  banks  zombie  bailouts 
march 2009 by jerryking
One Cure for Mistrust: Fund New Banks - WSJ.com
Nov. 25, 2008 WSJ article by Dennis Berman. Think piece raising
the idea that the US govt. directly fund the formation of new banks.
Dennis_K._Berman  banks  History  financial_history 
january 2009 by jerryking
Province urged to aid builders
A 11-21-2008 The Toronto Star article in City Councillor Kyle
Rae, who heads the city's economic development committee, argues that
the Ontario government should backstop financing for big developments in
Toronto if it's threatened by the economic downturn.
Toronto  economic_development  banks  Kyle_Rae 
january 2009 by jerryking

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