The New Financial Deal: Understanding the 2010 Financial Legislation and Its (Unintended) Consequences Book

Foreword.

Introduction.

A Few Major Characters.

Chapter 1 The Corporatist Turn in American Regulation.

The Path to Enactment.

The Two Goals of the Dodd-Frank Act.

A Brief Tour of Other Reforms.

Two Themes That Emerge.

Fannie Mae Effect.

Covering Their Tracks.

Is There Anything to Like?

Part I Relearning the Financial Crisis.

Chapter 2 The Lehman Myth.

The Stock Narrative.

Lehman in Context.

Lehman’s Road to Bankruptcy.

Lehman in Bankruptcy.

Bear Stearns Counterfactual.

Road to Chrysler.

Chrysler Bankruptcy.

General Motors “Sale”.

From Myths to Legislative Reality.

Part II The 2010 Financial Reforms.

Chapter 3 Geithner, Dodd, Frank, and the Legislative Grinder.

The Players.

TARP and the Housing Crisis.

Road to an East Room Signing.

Channeling Brandeis: The Volcker Rule.

The Goldman Moment.

Chapter 4 Derivatives Reform: Clearinghouses and the Plain-Vanilla Derivative.

Basic Framework.

Derivatives and the New Finance.

The Stout Alternative.

New Clearinghouses and Exchanges.

Regulatory Dilemmas of Clearinghouses.

Disclosure and Data Collection.

Making It Work?

Chapter 5 Banking Reform: Breaking Up Was Too Hard to Do.

Basic Framework.

New Designator and Designatees.

Will the New Capital Standards Work?

Contingent Capital Alternative.

Volcker Rule.

What Do the Brandeisian Concessions Mean?

Office of Minority and Women Inclusion.

Institutionalizing the Government-Bank Partnership.

A Happier Story?

Repo Land Mine.

Chapter 6 Unsafe at Any Rate.

Basic Framework.

Who Is Elizabeth Warren?

Toasters and Credit Cards.

The New Consumer Bureau.

Mortgage Broker and Securitization Rules.

Consequences: What to Expect from the New Bureau.

What It Means for the Government-Bank Partnership.

Chapter 7 Banking on the FDIC (Resolution Authority I).

Does the FDIC Play the Same Role in Both Regimes?

How (and How Well) Does FDIC Resolution Work?

Moving Beyond the FDIC Analogy.

Chapter 8 Bailouts, Bankruptcy, or Better? (Resolution Authority II).

Basic Framework.

The Trouble with Bailouts.

Who Will Invoke Dodd-Frank Resolution, and When?

Triggering the New Framework.

Controlling Systemic Risk.

Third Objective: Haircuts.

All Liquidation, All the Time?

Part III The Future.

Chapter 9 Essential Fixes and the New Financial Order.

What Works and What Doesn’t.

Staying Derivatives in Bankruptcy.

ISDA and Its Discontent.

Other Bankruptcy Reforms for Financial Institutions.

Plugging the Chrysler Hole in Bankruptcy.

Bankruptcy to the Rescue.

Chapter 10 An International Solution?

Basic Framework.

Problems of Cross-Border Cases.

Scholarly Silver Bullets.

Dodd-Frank’s Contribution to Cross-Border Issues.

New Living Wills.

A Simple Treaty Might Do.

Risk of a Clearinghouse Crisis.

Reinvigorating the Rule of Law.

Conclusion.

Notes.

Bibliography.

Acknowledgments.

About the Author.

Index.