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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
- 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
- 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
- What's Wrong with Market Speculation?
- Craig Pirrong submits: I’m sure that no one would be surprised that CFTC Commissioner Bart Chilton was not pleased by my recent post that lambasted his equation of the activities of ETFs with manipulation. Well, the sarcasm was arguably overdone (that NEVER happens, I’m sure you’re saying), but...
- External links 2009-09-02
- Heard the One About the Baker Institute and Oil Speculators?
- Craig Pirrong submits: In an apparent attempt to make Michael Masters look good, Rice University’s Baker Institute has released a report on oil speculation, that concludes that increasing volumes of speculation have caused oil prices to be higher than they would otherwise be, and in a novel twist, have...
- External links 2009-08-30
- 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
- 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
- Congressional Commodity Market Manipulation Rule Is a Monument to Cluelessness
- Craig Pirrong submits: The Federal Trade Commission issued its final rule on market manipulation, as authorized by Congress under the Energy Independence and Security Act of 2007: The final Rule prohibits any person, directly or indirectly, in connection with the purchase or sale of crude oil, gasoline,...
- External links 2009-08-09
- 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
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