Why Some Firms Thrive While Others Fail: Governance and Management Lessons from the Crisis

By Thomas H. Stanton | Go to book overview

NOTES

Preface

1. Jon S. Corzine, Statement before the House Committee on Agriculture, December 8, 2011 (“I was stunned when I was told on Sunday, October 30, 2011, that MF Global could not account for many hundreds of millions of dollars of client money… I had little expertise or experience in those operational aspects of the business”).

2. Aaron Lucchetti and Julie Steinberg, “Corzine Rebuffed Internal Warnings on Risks,” Wall Street Journal, December 6, 2011; and Ben Protess and Azam Ahmed, “MF Global’s Risk Officer Said to Lack Authority,” New York Times, December 14, 2011.

3. Azam Ahmed, Ben Protess, and Suzanne Craig, “A Romance with Risk that Brought on a Panic,” New York Times, December 11, 2011.

4. Azam Ahmed and Ben Protess, “As Regulators Pressed Changes, Corzine Pushed Back, and Won,” New York Times, November 3, 2011.

5. They are available at http://fcic.law.stanford.edu/.

6. “Perhaps the most effective advocate for safety and soundness regulation has been a private individual: Thomas Stanton… Stanton’s 1991 book State of Risk and his personal lobbying were influential in the legislative process leading to the passage of the [1992 Federal Housing Enterprises Financial Safety and Soundness Act].” Koppell, Jonathan G. S., The Politics of Quasi-Government, Cambridge: Cambridge University Press, 2003, p. 107.


Chapter 1

1. Wessel, David, “Inside Dr. Bernanke’s E. R.: As Obama Considers Reappointing the Fed Chairman, a Look at How He Took on More Power,” Wall Street Journal, July 24, 2009.

2. Blinder, Alan S. and Mark Zandi, How the Great Recession was Brought to an End, monograph, July 27, 2010. The Blinder/Zandi forecast of spending on TARP turned out to be high; as it happened, the government made money on TARP in the end.

3. Congressional Oversight Panel, “A Review of Treasury’s Foreclosure Prevention Programs,” December Oversight Report, December 14, 2010, p. 4 (“8 to 13 million foreclosures expected by 2012”).

4. Bricker, Jesse, Brian Bucks, Arthur Kennickell, Traci Mach, and Kevin Moore, “Surveying the Aftermath of the Storm: Changes in Family Finances from 2007 to 2009,” working paper, Board of Governors of the Federal Reserve System, March 2011; Office of Management and Budget, Budget of the United States for Fiscal Year 2011, February 1, 2010, p. 7.

5. Ibid., “Surveying the Aftermath of the Storm.”

6. US Census Bureau, Income, Poverty, and Health Insurance Coverage in the United States: 2010, September 2011.

-223-

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