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- Regulatory Reform: No Case for Mandated Clearing
- Craig Pirrong submits: New York University Stern School of Business professors Aarya, Engle, Figlewski, Lynch, and Subrhmanyam (AEFLS) contributed a chapter advocating centralized clearing of credit derivatives in the recent volume Restoring Financial Stability: How to Repair a Failed System edited by Acharya and Richardson. Although the authors are...
- External links 2009-10-26
- More Voices of Dissent over Clearing Regulation
- Craig Pirrong submits: I welcome Gillian Tett’s recognition that clearing is not the silver bullet–or the “magic wand”–that will make financial crises a thing of the past. This bit is particularly spot on: What is notable about the reform debate this year, is that there has been remarkably...
- External links 2009-11-09
- Financial Regulation: Disincentivized Investigators Won't Improve Anything
- Craig Pirrong submits: This is my inaugural post as guest blogger at O&M. I am grateful for the opportunity. In his very gracious introduction, Peter Klein noted that my research is at the border of finance and industrial organization. Quite true (and indeed, “borderer” is...
- External links 2009-11-11
- FX Clearinghouses: Exacerbating Systemic Risk
- Craig Pirrong submits: In his megalomaniacal effort to use the financial crisis as a Trojan horse to advance his campaign “on every front to increase the role of government,” Barney Frank is hellbent on fixing things that demonstrably didn’t break. Even under the extreme stresses of the crisis....
- External links 2009-11-22
- Questions Remain on Goldman Sachs/AIG Bailout
- Craig Pirrong submits: Several sites on the web EG have linked to my recent post on the AIG bailout, and included a hattip to Jim Chanos. Just curious if that is the “noted short seller” and billionaire Jim Chanos (a hedge fund manager noted for his very prescient...
- External links 2009-11-24
- China's Economy: Everything Looks Great, Yet Many Reasons for Disquiet
- Craig Pirrong submits: Trying to figure out what is going on with the Chinese economy is a first-order issue. Superficially, everything looks great; growth is right on official targets, and is at levels that the world would envy even during boom times. In spite of that–no, because...
- External links 2009-09-01
- Department of Justice: Potential Headache for CDS Dealers
- Craig Pirrong submits: According to Matt Leising and Justin Blum at Bloomberg, the Justice Department investigation of the CDS markets includes clearing: A U.S. antitrust probe of the credit-default swaps market includes efforts to guarantee contracts through clearinghouses, according to a Justice Department spokeswoman. by Craig Pirrong
- External links 2009-07-16
- A Pretense of Knowledge, Financial Regulation Edition
- Craig Pirrong submits: A reader sent me an email about my post ridiculing Timothy Geithner’s admission that restructuring the OTC derivative markets is really complicated, telling me that a I was very mean, and b I can be a real smart ass. (That said, she also thought it...
- External links 2009-07-17
Additional Resources
- Trading Energy on Old Assumptions is 'Like Playing Russian Roulette with an Automatic,' Says Craig Pirrong in World Energy Monthly Review
- HOUSTON -- "Energy trading is now poised to become an integral part of broader financial markets," writes Dr. Craig Pirrong, energy markets director of the Global Energy Management Institute and professor at the University of Houston, in the January issue of World Energy Monthly Review. This assertion is evidenced by...
- Research articles 2006-01-17
- Is Excessive Speculation in Oil and Commodities Markets Actually Occurring?
- Craig Pirrong submits: Almost exactly a year ago, I testified before the House Ag Committee and wrote an oped for the WSJ on the effect–or lack thereof–of speculation on oil prices. The issue was high on the political agenda at the time, as oil prices hit $147/bbl, and...
- External links 2009-07-09
- Why GM Is No Longer In a Hurry to Sell Opel
- Craig Pirrong submits: Spiegel has released a long article chronicling the Opel saga. In brief, the story appears to be that GM originally agreed to the Magna-Sberbank/Avtogaz deal out of desperation, but as its existential crisis eased due to the infusion of massive amounts of US taxpayer support,...
- External links 2009-09-04
- Economic Crisis 2008-9: Ignore Friedman's Lessons at Your Peril
- Craig Pirrong submits: I can’t count the number of times I’ve heard that the financial/economic crisis has discredited Milton Friedman and Chicago School economics. This argument was raised repeatedly during the shrill debate over the creation of the Milton Friedman Center at UC, but it has been made...
- External links 2009-10-28
- Russia: No Money, No Problem?
- Craig Pirrong submits: I asked a Russian friend how the financial and economic crisis had affected the regional art center in the Urals where she works. She said that she and her colleagues were coping with typical Russian resignation, and had made “??? ?????, ??? ???????” (”No money,...
- External links 2009-08-27
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