January 22, 2010 at 10:08 am
With passage of healthcare reform endangered with Democrats losing their 60th vote in the Senate, even the insurance industry is worried about where they’ll get future customers. School of Management Professor Stephen Davidson, author of “Still Broken: Understanding the U.S. Health Care System,” says in a New York Times letter-to-the-editor that citizen anger over the healthcare bills reflects special interest lobbying.
“Only activated public opinion — based on reality, not fantasy and prejudice — can overcome the money and influence of special interests.”
Contact Stephen Davidson, 617-353-7422, sdavidso@bu.edu
January 22, 2010 at 9:31 am
Paul Volker appears to be regaining influence in Washington as President Obama enbraces the former Federal Reserve chairman's plan to keep banks from engaging in risky investment speculation. Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law and a former counsel to the Fed Board of Governors, says it's about time.
"Obama’s listening to Paul Volcker is long overdue. This is a hopeful sign of sounder proposals to come from the Administration on financial and economic matters."
Contact Cornelius Hurley, 617-353-5427, ckhurley@bu.edu
January 22, 2010 at 8:00 am
The life and work of legendary film director Robert Altman will be celebrated at a symposium tonight at 5:30 PM, marking the publication of a new Altman biography and the 40th anniversary of his seminal film, “M*A*S*H.” Favorite Altman actors Elliott Gould, Sally Kellerman, and Michael Murphy will be joined in a panel discussion by his widow, Kathryn Altman, Boston Globe film critic Ty Burr, and BU Prof essor Mitchell Zuckoff, author of “Robert Altman: The Oral Biography” (Knopf) followed by a screening of “M*A*S*H.” Open to the public ($10 for adults, $5 for children), the evening is sponsored by the BU College of Communication in concert with the BU Alumni Association’s Winterfest Weekend and co-sponsored by the College of Arts and Sciences Core Humanities. It is taking place at the Tsai Performance Center (685 Commonwealth Avenue).
January 15, 2010 at 12:06 pm
Despite fury over Wall Street's pay culture, major banks and securities firms are headed toward a record compensation total of around $145 billion for 2009 when all the numbers are out. Economics Professor Laurence Kotlikoff, a senior economist in the Reagan administration whose new book, "Jimmy Stewart is Dead," about the banking industry, will be published next month, says the idea of taxing Wall Steet now is a "transparent joke."
"Wall Street is continuing to play craps with the taxpayers' chips and to lay the ground for a financial earthquake of even greater magnitude than we've just experienced."
Contact Laurence Kotlikoff, 617-353-4002, kotlikoff@bu.edu
January 14, 2010 at 5:37 pm
The Securities and Exchange Commission is upgrading itself, creating specialized units within its enforcement arm and offering financial-insider informants immunity from prosecution. Law Professor Elizabeth Nowicki, a veteran of both the SEC and Wall Street, says the immunity for witnesses can help insure investors that the market is still relative safe.
"Offering immunity to a securities fraud participant in exchange for testimony is a small price to pay for the ability to bring down major fraud schemes that would otherwise be hard to prove."
Contact Elizabeth Nowicki, 617-353-2807, enowicki@bu.edu
January 14, 2010 at 5:01 pm
CEOs of four big Wall Street Banks were summoned to Washington to explain to the new Financial Crisis Inquiry Commission what role their institutions played in the Crash of '08. At one point, Goldman Sachs' CEO Lloyd Blankfein got blasted for likening some of the crisis to a hurricane or similar acts of God. Law Professor Tamar Frankel, an authority on securities law and author of “Trust and Honesty: America’s Business Culture at a Crossroad,” says it all about risk.
"Goldman's CEO noted that management 'manages' risk -- risk to shareholders, employees, communities, and the country. It's time management joined the risk takers and took the risk of its own actions."
Contact Tamar Frankel, 617-353-7737, tfrankel@bu.edu
January 14, 2010 at 12:18 pm
To recoup taxpayer losses fom the Wall Street bailout, President Obama is proposing taxing about 50 big banks and major financial institutions for at least the next decade. Former deputy Comptroller of the Currency Robert Bench, now a senior fellow at the BU Law School's Morin Center for Banking and Financial Law, says payback is needed, but it should be separated from Treasury funds.
"The scheme should be an industry financed process, not a tax-code process. We want to separate the taxpayer as much as possible by keeping the resolution fund separate and distinct from general Treasury monies."
Contact Robert Bench, 617-353-5428, bobbench@bu.edu
January 13, 2010 at 2:10 pm
Despite opposition from other banking agencies, the FDIC wants to penalize banks for compensation packages that are based on bankers taking too much risk. Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law, says it's too bad the FDIC is unwilling to work with other U.S. and international regulators to find a rational approach to bank-compensation practices.
"At a time of financial crisis such as we are experiencing, it is more important than ever that the regulatory agencies coordinate major policy initiatives. The FDIC apparently disagrees and would prefer to blaze its own trail."
Contact Cornelius Hurley, 617-353-5427, ckhurley@bu.edu
January 13, 2010 at 1:44 pm
They're still trying to gauge the fallout of Google threatening to pull its business out of China because of massive cyber attacks against the Internet-search giant. International Relations Professor Joseph Fewsmith, an authority on Chinese domestic and international politics, says this big news.
"It has obvious implications for all businesses operating in China. No doubt this will be one of several important topics Clinton will be discussing in China next week."
Contact Joseph Fewsmith, 617-353-6344, fewsmith@bu.edu
January 13, 2010 at 9:32 am
