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Copyrighted Material Index Accounting standards, 126. Bank supervision, 169–170 See also Historical cost Barclays Bank, 141 accounting; Mark-to-market Basel Capital Accords, 97, 107, accounting 163, 170–171 Agricultural banks, 67 Bear Stearns, 134–135 American Bankers Association, 54 Bernanke, Ben, 3–4, 132, 143–144, American International Group 148–149 (AIG), 142–146 Blankfein, Lloyd, 145 Book insolvency, 31 Bailout legislation. See Troubled Boren, David (D-OK), 44, 45 Asset Relief Program (TARP) Bradfield, Mike, 30–31 Bair, Sheila C., 146 Brady, Nicholas, 121 Baker, HowardCOPYRIGHTED (R-TN), 50 Breeden, MATERIAL Richard, 119 Baker, James, 26–27, 87, 162 Brokered deposits, 56–57, 61–62 Baker, Richard (R-LA), 139–140 Buchanan, Vern (R-FL), 5, 8 Bank of America, 52, 141 Bush, George H.W. Bank regulation, 96 administration, 27, 97, 119 Bankruptcy, 170 Bush, George W. administration, Banks and financial disclosures, 94 122, 152 211 Butcher, C.H., 47, 51 money market funding, 65 Butcher, Jake, 47, 50–51 Penn Square bailout and, 39 Butcher banks, 47–52 sale options, 73 Treasury and, 74–76 Capital Purchase Program (CPP), Cooley, Dick, 39–40, 76, 77 153 Cost test, 136 Capital requirements, 170–171 Countercyclical bank regulation, Carter, Jimmy, 14 96, 128, 171 Chase Manhattan, 29–30 Cox, Christopher, 122–124 Chrysler, 152 CPP. See Capital Purchase Citicorp, 71–72 Program (CPP) Citigroup, 147 C&S Bank, 49 Clinton administration, 111, 140 Commercial Paper Funding Davis, Jim, 33 Facility program, 154–155 Deposit insurance, 94, 95 Community Reinvestment Act, abuse of, 57–59 14, 15 bank risk and, 54–55 Compliance issues, 15 calls for reform of, 55 Comptroller’s Office, 18, 41–43 origins of, 53–54 Congressional bailout of financial premiums, 106 institutions, 148–160 Deregulation of financial Conover, Todd, 18, 33, 66, 67 system, 93 Consumer Financial Protection Dodd, Chris, 132 Agency, 165 Continental Illinois, 134–135, Emanuel, Rahm, 132–133 167–168 aggressive lending strategy, 65 Failed banks. See also specific bank asset and credit card portfolio brokered deposits and, 56–57 sales, 66 Fair value accounting. See FDIC rescue efforts, 67–70, Mark-to-market 73–78 accounting Federal Reserve and, 66–67, Fannie Mae 72, 75 expansion, 111 GAO and, 88–89 nationalization of, 137–140 management conflict, 76–77, preferred stockholders of, 80–83 138–139 212 Index FASB. See Financial Accounting pass-through insurance Standards Board (FASB) coverage, 57–58 FDIC. See Federal Deposit Penn Square Bank and, 30–46 Insurance Corporation resolution of savings bank crisis, (FDIC) 24–25 Federal Deposit Insurance savings bank crisis and, Act, 154 103–104 Federal Deposit Insurance savings bank task force, Corporation (FDIC), 10, 15–18 11, 13–21. See also Isaac, S&L industry view of, 26 William A. S&L study, 87 bank failure contingency plans, subprime mortgages and, 86–87 116–117 board restructuring, 173–174 systemic risk exception, 154 Butcher banks and, 48–52 Temporary Liquidity Guarantee compensation system, 20 Program, 151–152 critical reforms needed, Wall Street lawsuits against, 59 173–175 Federal Home Loan Bank deposit insurance premiums Board, 57 and, 106 Federal Reserve Board. See also deposit insurance reform Volcker, Paul and, 55 AIG and, 143–144 emergency powers needed, 174 Bear Stearns and, 134, 135 examination authority of, Commercial Paper Funding 41, 42 Facility program, 154–155 First Pennsylvania Bank and, 14 monetary policy and economic General Accounting Office and, crisis, 112 88–91 relationship to Treasury, 132 IndyMac Bank and, 135–137 troubled banks and, 65 Management Committee, 19 Federal Savings and Loan media relations and, 23–24 Insurance Corporation mergers for failing banks, 54 (FSLIC), 16 modified payoffs and, 55–56 FDIC and, 25–28, 97 “net worth certificate” pass-through insurance program, 25, 155–156 coverage and, 57–58 objections to bailout, 149–151 Wall Street lawsuits against, 59 213 Financial Accounting Standards General Motors, 152 Board (FASB), 10 Gibbs, Joe, 11 mark-to-market accounting and, Class, Carter (D-VA), 54 121–126, 129–130, 171–172 Glass-Steagall Act need for accountability of, 173 repeal of, 110–111, 168 securitizations and, 108–109, restoring elements of, 129 168–169 S&L crisis and, 105 Goldman Sachs, 132–133 Financial Crisis Inquiry Government Accountability Commission, 145 Office, 88–91 Financial disclosures, 94 Government sponsored Financial Institutions Regulatory enterprises (GSEs), 137. See Authority (FIRA), 169–170 also Fannie Mae; Freddie First Kentucky, 47, 145–146 Mac First Pennsylvania Bank, 14–15, Gray, Ed, 57–60 64, 167 Greed, 162 First Tennessee, 49 Greenspan, Alan, 121 First Union, 49 Greenwich Savings Bank (NYC), Frank, Barney (D-MA), 11, 132 22–23 Franklin National Bank Gross, Laura, 22–23 (New York), 18 Freddie Mac Hall, John (D-NY), 5 expansion, 111 Heimann, John, 14 nationalization of, 137–140 Historical cost accounting, preferred stockholders of, 120 138–139 Holding companies, supervision of, 52 Galbraith, James, 7 Homan, Paul, 29–30, 39 Garn-St. Germain Act, 55 Hope, C.C., 42 Geithner, Timothy, 122 House Committee on Oversight Goldman Sachs affiliates and, and Government Reform 132–133 hearings, 145 Lehman Brothers and, 145 Hovan, Mike, 87 TARP “stress test,” 158–159 Hoyer, Steny, 98 General Accounting Office Hunt Commission, 102 (GAO), 88–91 Hutnyan, Joe, 43–44 214 Index IndyMac Bank, 135–137 Leverage Inflation, 14, 104 Freddie Mac and Fannie Insolvencies, 31 Mae, 111 Interest rates securitizations and, 129 deregulation of controls of, 102 Wall Street firms and, 110 savings bank crisis and, 16 Liquidity insolvency, 31 Isaac, William A. See also Liquidity requirements, Federal Deposit Insurance 170–171 Corporation (FDIC) Loan loss reserves, 109, 127–128 bailout alternative four-point Loan securitization, 108–109 plan, 156–157 Ludwig, Eugene, 42 campaign against mark-to- market accounting, 122, 125 Market forces and models, Continental Illinois and, 162–163 144–145 Market value accounting. See with FDIC, 13–21, 54–62, Mark-to-market accounting 86–93 Mark-to-market accounting, 10, on free markets, 93, 95 105–106, 171–172 op-ed summary (Washington in collapsed market conditions, Post), 4–5 120 Issa, Darrell (R-CA), 5, 6, 8 financial crisis and, 122–126 SEC and, 119, 121–124 Jackson, Jesse (D-IL), 7 Martin, Preston, 33 Jester, Dan, 132 Mathematical capital models, Jones, Doug, 70–71, 79 107–108 JPMorgan Chase, 134, 146 McCain, John (R-AZ), 9 McGillicuddy, John, 69 Kaptur, Marcy (D-OH), 5 McNamar, Tim, 74–75 Keene, Sy, 77 Meadows, Dave, 48 Kennedy, Joseph P., 110, 128 Merrill Lynch, 141 Kucinich, Dennis (D-OH), 7 Michigan National, 30 Milken, Michael, 61 Least-cost resolutions, 136 Miller, Alan, 13 Lehman Brothers, 3, 40, Modified payoff, 55–56 140–142, 167, 175 Monetary policy, 112 LeMaistre, George, 13 Money brokers, 56–57, 95 215 Money market funds, and Payoff, 55–56 bailout, 150 Penn Square Bank, 29–46 Morgan Guaranty, 68 customer (town) meeting, Morgenthau, Henry, 120 44–46 Mortgage-backed securities FDIC and, 30–46 (MBS), 115–116, 125 fraud allegations, 30 Murphy, Jack, 81 Preston, Lew, 68 Procyclical bank regulation, 128, National City, 147 163, 165, 171–172 “Net worth certificate” program, Procyclical bias, 107, 109 25, 155–156 Prompt Corrective Action (PCA), Nickles, Don (R-OK), 44, 45 27–28, 106–107, 163–164, Nixon administration, 102 172 Public confidence, 96, 133–134 Obama administration, 122, 158, 164, 166 Reagan administration Office of Thrift Supervision FDIC and, 59 (OTS), 42, 43, 169 savings bank crisis and, 16, 18 Ogden, Bill, 76, 77–78, 80, S&L crisis and, 26–28, 162 82–83 Reed, John, 71 Oil speculation (Oklahoma), 45 Regan, Don, 33–34, 59, 68, OTS. See Office of Thrift 76, 78 Supervision (OTS) Regulator responsibilities, 133, 169 Pass-through insurance Regulatory capital requirements, coverage, 57 128 Paulson, Henry. See also Troubled Reserve requirements, 170–171 Asset Relief Program (TARP) Resolution authority, 175–176 bailout of financial institutions, Resolution Trust Corporation 148–149, 158 (RTC), 97, 119 Federal Reserve and, 132 Roosevelt, Franklin, 54, 55, 120 investment of TARP funds, 152 Lehman Brothers and, Sasser, Jim (D-TN), 50 141–142, 145 Savings and loan (S&L) crisis, mark-to-market accounting 25–28 and, 122 causes of, 161–162 216 Index Congressional reforms and, S&L crisis and, 105 27–28 uptick rule, 128 FDIC study, 87 Securitization, 108–109 growth and mergers, 103 Seidman, William, 60, 89, 97–98 mark-to-market accounting “Shadow” banking system, 175 and, 105–106 Shelby, Richard (R-AL), 9 pass-through insurance and, Sherman, Brad (D-CA), 5 57–62 Short sales policy mistakes and, 101–105 deregulation of, 110, 128–129 Prompt Corrective Action, naked short sale rule, 129 106–107 Solomon, Tony, 81 Savings bank crisis, 22–25, 95 Sprague, Irv, 14, 15, 20, 47 bank mergers and, 103–104 St. Germain, Fernand J. FDIC and, 15–18 (D-RI), 78 public reaction to bank “Stress tests” (TARP), 158–159 failures, 24 Subprime mortgage lending, Schumer, Chuck (D-NY), 8 113–117, 134 SeaFirst Bank (Seattle), 30, Summers, Larry, 133 39–40, 67 SunTrust Bank, 127 SEC. See Securities and Exchange Sununu, John, 97 Commission (SEC) Swearingen, John, 77, 78, 80–83 Securities and Exchange Systemic Risk Council, 165, Commission (SEC) 166, 173 ban on short sales, 9–10 Systemic risk exception, 10, 11 Breeden as chairman of, 119 leverage and, 110, 163 TARP. See Troubled Asset Relief loan loss reserves and, 109, Program (TARP) 127–128 Taylor, William, 42, 121 mark-to-market accounting Temporary Liquidity Guarantee and, 10, 129–130, 171 Program, 151–152 need for strengthening of, 172 Terry, Ron, 50 regulatory capital requirement Texas Pacific Group (TPG), 146 reduction and, 128 Theobald, Tom, 69, 76, 77, 83 reliance on market forces/ Thrift supervision, 169–170 models, 163 “Too big to fail” doctrine, 64, 85, securitizations and, 108–109 136, 165, 166–168 217 Treasury Department United American Bank (UAB), bank regulation and, 136 48–52 GSEs and, 137–138 Uptick rule, 128 relationship with Federal U.S.
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