The New Financial Deal, William D. Cohan
The New Financial Deal, William D. Cohan
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The New Financial Deal
Understanding the Dodd-Frank Act and Its (Unintended) Consequences

Author: William D. Cohan, David Skeel

Narrator: Todd McLaren

Unabridged: 7 hr 14 min

Format: Digital Audiobook Download

Publisher: Ascent Audio

Published: 07/20/2020

Includes: Bonus Material Bonus Material Included


Synopsis

What can we expect from our eras New Deal? To answer this question, The New Financial Deal will begin with an inside account of the legislative process, then outline and access its key components: the new framework for regulating derivatives, the regulation of banking and systemic risk, and the new resolution regime. It will explain the implications of the new framework, and propose correctives that would better align its ostensible objectivessuch as preventing future bailoutswith the new regulatory structure. The legislations key theme is government partnership with and regulation of large concentrated institutions in order to reduce their risk and manage their failure. In place of the decentralized pre-crisis regulation of derivatives, the new legislation will require that most derivatives be cleared through a clearing house and traded on exchanges. The stability of the derivatives market will therefore depend on a small number of potentially enormous clearing houses. For large financial institutions that encounter financial distress, the legislation gives bank regulators sweeping new authority to step in and take over the institution. Regulators, rather than negotiations among the parties themselves, will determine the outcomes. These epochal reforms are posed to change Wall Street forever, but whether they help to regulate supermarket banks or create even more moral hazard is worthy of serious debate.

About William D. Cohan

William D. Cohan, a former award-winning investigative newspaper reporter in Raleigh, North Carolina, worked on Wall Street as an investment banker for seventeen years, eventually becoming managing director at JPMorgan Chase. He is the bestselling author of The Last Tycoons, winner of the 2007 FT/Goldman Sachs Business Book of the Year Award, and a frequent contributor to CNBC, Fortune, and the Financial Times. William lives in New York City and Columbia County, New York.


Reviews

Goodreads review by Arjun

This book is a very well written summary of the Dodd-Frank bill. David Skeel has strong opinions, but they are clearly separated from the factual descriptions, which makes it easy to ready and comprehend even if you disagree with the author. The prose flows easily, and the explanations and citations a......more

Goodreads review by B

A timely book I have read with the intention that it would help me with an article on financial regulations I was working on while at Thomson Reuters as senior banking editor. The author analyzes various parts of the newly minted Dodd-Frank Act including resolution powers, derivatives regulation, con......more

Goodreads review by Peter

Great overview and critique of Dodd Frank. Basically Skeel believes first that Dodd Frank should have been more trusting of the bankruptcy process. Second, he believes that it should have taken a more Brandeisian/Jeffersonian approach whereby the power and riskiness of the system is reduced via grea......more

Goodreads review by Frank

I know I just said I wouldn't read any more books on the financial crisis, but this is a book about what happened AFTER the crisis, so its technically not the same thing. My statement stands. This is a book on the Dodd-Frank Act of 2010 written by a bankruptcy lawyer, David Skeel, and Skeel clearly s......more