Wall Street Executives Background Guide

Wall Street Executives

Background Guide

Chair: EagleMUNC Krickett Kazyak Website: Boston College Model [email protected] www.EagleMUNC.org United Nations

Conference March 17-19 2017

Wall Street Executives

Letters from the Secretariat Delegates, It is my distinct pleasure to welcome you to EagleMUNC V! My name is Kerianne DiBattista, and I am the Secretary-General of EagleMUNC V. I am a senior at Boston College in the Morrissey College of Arts and Sciences majoring in International Studies with a concentration in Economics. I am originally from Long Island, NY, and I have been participating in Model UN conferences since I was in tenth grade, rising to become Head Delegate and Secretary-General of my high school conference. At BC, I travelled to several conferences with our MUN team and I have participated EagleMUNC since my freshman year. As you begin your EagleMUNC V experience, I implore you to explore the conference theme, "The Interplay of Power and Ethics," and make your EagleMUNC experience the best it can be! Thank you, and I'll see you at EagleMUNC!

Best Regards, Kerianne DiBattista Secretary-General, EagleMUNC V

Dear Delegates, It is my great pleasure to welcome you to EagleMUNC V! My name is Jack Massih and I am the Under Secretary-General of Political Affairs. I am a senior at Boston College studying Political Science and Economics. I began participating in MUN my sophomore year of high school and have been hooked ever since. I joined the EagleMUNC team as a freshman for the first year we moved off BC’s campus and into Boston, and it has been a joy to witness the conference continuously grow and evolve since then. The Political Affairs team has been working incredibly hard to prepare for the most innovative and exciting conference in EagleMUNC history. I am looking forward to seeing all of your creative and thoughtful responses to the diplomatic predicaments and crises you confront over the weekend.

Best, Jack Massih Under Secretary-General Political Affairs, EagleMUNC V Wall Street Executives

Introduction

Message from the Chair

Dear Delegates, My name is Krickett Kazyak and I’ll be leading debate in Wall Street Executives this year at EagleMUNC V. I am a junior majoring in Neuroscience, minoring in Chinese and working toward medical school. I am originally from Detroit, MI but grew up in Asia, living in Shanghai for four years and Singapore for a year. I have been participating in Model UN since 6th grade and I look forward to meeting you all, as well as chairing this thrilling committee. Writing this background guide has already gotten me so excited for the conference as this committee holds a very close place in my heart—due to the fall of Wall Street and the economic recession in 2008, my life was uprooted and my family was moved overseas to China. In this fast paced committee we will act as various banking executives, government personnel, and top tier economists starting in the year 2008 trying to manage the entire United States economy under the scrutiny of public eye and federal policy. I look forward to an inspiring debate this spring. Good luck! Sincerely, Krickett Kazyak

Wall Street Executives

Historical Background A note on the Timeline: The starting date of this Committee is August 29, 2008, all events that have taken place up to that point can be taken as fact, events that transpired after August 29, 2008 may occur differently depending on the actions of this committee. The American Dream The American dream is to become a homeowner and with the explosive growth of the subprime mortgage market just nine years earlier, that dream was a reality. A subprime mortgage is a housing loan that's granted to borrowers with less-than-perfect credit and less-than-adequate savings, often having no credit history whatsoever, making them unable to get a traditional mortgage.12 In 1999, the Federal National Mortgage Association (widely referred to as Fannie Mae) began a concerted effort to make home loans more accessible for those with lower credit to help everyone attain the America dream. 3 According to the Federal Deposit Insurance Corporation (FDIC) 4 , these borrowers are more likely to be bankrupt, delinquent on their payments; have low credit Homeownership: The American Dream scores, and/or low income. These https://gameofroles.files.wordpress.com/2011/12/am erican-dream.jpg

1 “The Fall of the Market”, Investopedia, accessed August 2, 2016 http://www.investopedia.com/articles/economics/09/subprime-market-2008.asp 2 “What is a Subprime Mortgage”, The Balance, accessed July 20, 2016 http://useconomy.about.com/od/glossary/g/subprime_mortg.htm 3 “Fannie Mae Eases Credit To Aid Mortgage Lending”, New York Times, accessed August 7, 2016 http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html 4 The FDIC is an independent agency of the Federal government that is not funded by the US congress but is instead funded by premiums from banks. The FDIC insures savings, checking and other deposit accounts and it also examines and supervises about 5,250 banks. It does not insure stocks, bonds, or mutual funds. “Federal Deposit Insurance Corporation”, The Balance, accessed July 20, 2016 http://useconomy.about.com/od/governmentagencies/p/FDIC.htm Wall Street Executives borrowers are considered high-risk and are more likely to default on their loans. Banks, therefore, attached unconventional terms to their mortgages to compensate for the additional risk, including: higher fees, higher interest rates, and variable payment. Generally, the higher interest rates make it too expensive for many subprime borrowers to make monthly payments. The advent of interest-only loans helped to lower monthly payments so subprime borrowers could afford them.5 It increased the risk to borrowers, however, because the initial rates usually reset after one, three or fives years. In 2002, the government-sponsored mortgage lenders Fannie Mae and Freddie Mac had extended more than $3 trillion worth of mortgage credit.6 The role of Fannie and Freddie is to repurchase mortgages from the original lenders and ideally make money when the mortgages are paid. In the up-trending market that existed from 1999 through 2005, these mortgages were virtually risk-free. A borrower, despite the low mortgage payments, had positive equity since the home increased in value since the purchase date and could just sell the home for a profit if they could not afford future higher payments. However, in the event of a housing market downturn, owners would go into a negative equity situation, making it impossible to sell. 7 As the Wall Street Executives, a committee of banking executives, financial gurus and federal regulators, it is your job to put your considerable economic resources and knowledge to work to try and weather the coming storm. However, in the cut- throat world of Wall Street, you always have to be aware of whether or not someone has your best interests at heart, and if you are making the best deal possible for your organization. In the backdrop of this high stakes game, the fate of the American economy may well hang in the balance.

Subprime Mortgage Crisis Subprime mortgages were one of the major causes of the subprime mortgage

5 “What caused the Subprime Mortgage Crisis”, US Economy, accessed July 20, 2016 http://useconomy.about.com/od/criticalssues/tp/Subprime-Mortgage-Crisis-Cause.htm 6 “The Fall of the Market” 7 “The Reality of Investment Risk”, Financial Industry Regulatory Authority, accessed August 6, 2016 http://www.finra.org/investors/reality-investment-risk Wall Street Executives crisis. Hedge funds8 found they could make significant money buying and selling mortgage-backed securities (MBS). A MBS is a pool of mortgages grouped into a single security, often bundling subprime mortgages with high-quality conventional mortgages.9 Investors benefit from the premiums and interest payments on the individual mortgages a MBS contains. This market is highly profitable as long as home prices continue to rise and homeowners continues to make their mortgage payments. However, when housing prices begin to plummet and homeowners start to default on their mortgages, the risks become all too real. 10 The hedge-fund traders divided these MBS bundles into different components, called tranches.11 They put all the low-interest payments from the first three years of the

Percent of Subprime Mortgages in the Housing Market https://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf

8 A hedge fund is a limited partnership of investors that uses high-risk methods, such as investing with borrowed money, in hopes of realizing large capital gains. ”Hedge Fund”, Oxford Dictionaries Online, accessed August 6, 2016 http://www.oxforddictionaries.com/us/definition/american_english/hedge-fund 9 “The Financial crisis inquiry Report”, United States Government Publishing, accessed August 9, 2016 https://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf 10 “The Fall of the Market” 11 “What caused the Subprime Mortgage Crisis” Wall Street Executives subprime mortgages in with the low-interest payments of conventional loans. The high-interest payments were bundled into tranches that appeared to be riskier because they were high yield. To top it off, they sold insurance against any default, called credit default swaps (CDSs).12 However, unlike the insurance market, the market for credit default swaps was unregulated. Thus, there was no requirement that issuers of CDS contracts maintain enough money in reserve to pay out under worst-case scenarios, such as an economic downturn.13 The popularity of mortgage-backed securities meant hedge fund traders needed more and more actual mortgages to feed the demand. Banks created these exotic subprime mortgages just to get more business booked, bundle the mortgages, and sell them to the hedge fund traders. These MBSs, in combination with the advent of interest-only loans, added so much liquidity in the market that it created a housing boom. By June 2004, housing prices were soaring, so the Federal Reserve started raising interest rates to cool off the overheated market.14 All was well until housing prices started to fall in 2006. This had rarely happened in U.S. history; however, it happened around the same time that many borrowers found their interest rates were spiking in the third to fifth year of these exotic subprime mortgages. When the Federal Reserve raised the Federal Funds rate, it sent the exotic adjustable mortgage interest rates skyrocketing and sent home prices plummeting. 15 With homes now worth less than their mortgages, owners were in negative equity situations and couldn't refinance or sell their homes. When they started to default, the owners of the mortgage-backed securities realized their unregulated CDS were not worth what they paid for. When they tried to collect their insurance in early 2008, American International Group (AIG), the issuer of many of these CDS contracts, could not afford to pay and almost went bankrupt, fueling the 2008 financial crisis.16

12 “What caused the Subprime Mortgage Crisis” 13 “The Fall of the Market” 14 “What caused the Subprime Mortgage Crisis” 15 “The Financial crisis inquiry Report” 16 “The Fall of the Market” Wall Street Executives

Collateralized Debt Obligations The crisis was not just confined to mortgages. All kinds of debt was repackaged and resold as Collateralized Debt Obligations (CDOs). As housing prices declined, defaults on all kinds of debt started to slowly grow. Holders of CDOs included not only lenders and hedge funds, but also corporations, pension funds, mutual funds, and the individual investors who owned them.17 The first CDOs to go south were the MBSs, thus creating the subprime mortgage crisis. However, the Federal Reserve assured investors it was confined to housing. In fact, some welcomed it and said that housing had “been in a bubble and needed to cool down.”18 Many of the purchasers of CDOs were banks. As defaults started to pile up, banks were unable to sell these CDOs, and therefore had less money to lend.19 Those that did have funds did not want to lend to banks that might default. By the end of 2007, the Fed had to step in as a last resort and start buying these CDOs. “The crisis had come full circle; instead of lending too freely, banks lent too little,” causing the housing market to decline even further and again fueling the financial crisis of ’08. 20

Current Issues While this background guide details the exact events that took place during this critical time in American history, this does not ensure that these events will transpire the same way in our committee. Everything before August 2008 is set, but the rest will be up to you to decide.

Stock Market Crash, September 29th 2008 The stock market crash of 2008 occurred on September 29. The stock market, as represented by the Dow Jones Industrial Average, fell 777.68 points in intra-day trading;

17 “What caused the Subprime Mortgage Crisis” 18 “CDOs”, US Economy, accessed July 20, 2016 https://www.thebalance.com/cdos-collateralized-debt- obligations-3305822 19 “The Fall of the Market” 20 “What caused the Subprime Mortgage Crisis” Wall Street Executives the largest point drop of any single day in history.21 The Dow hit its pre-recession, high on October 9, 2007, closing at 14,164.43. But less than 18 short months later, it had dropped more than 50% to 6,594.44 on March 5, 2009.22 There had been warning signals as early as 2006 that the housing market was starting to falter. Housing prices were falling in 2006, triggering the default of subprime mortgages. By August 2007, the Federal Reserve recognized that banks had a liquidity problem and the Fed began adding liquidity by selling reserves of Treasuries and accepting subprime mortgages from the banks as collateral.23 Shortly after the Dow hit its peak, some economists warned about the potential general impact of widespread use of collateralized debt obligations, but were not taken seriously. By late November, Treasury Secretary Hank Paulson launched a bank-funded Superfund to help purchase toxic debt.24 By the end of January, the economy lost 17,000 jobs. 25 On March 17, the Federal Reserve intervened to save the failing investment bank Bear Stearns, which owned $20 billion in CDOs and was the first casualty of the subprime mortgage crisis. In July 2008, the America Watches as the Dow Plummets plhttps://timedotcom.files.wordpress.com/2015/07/150708_in subprime mortgage crisis had v_notworrycrash2.jpg?quality=75&strip=color&w=1100 spread to government-

21 “Stocks Crushed”, CNN, accessed July 25, 2016 http://money.cnn.com/2008/09/29/markets/markets_newyork/ 22 “Stock Market Crash of 2008”, US Economy, accessed August 8, 2016 http://useconomy.about.com/od/Financial-Crisis/a/Stock-Market-Crash-2008.htm 23 “Stock Market Crash of 2008” 24 “Stock Market Crash of 2008” 25 “Stock Market Crash of 2008” Wall Street Executives sponsored agencies Fannie Mae and Freddie Mac, requiring a government bailout.26 The Treasury Department guaranteed $25 billion in their loans and bought shares of Fannie's and Freddie's stock. The Federal Housing Administration also guaranteed $300 billion in new loans.27 The Dow closed on July 15 at 10,962.54 but rebounded above 11,000 for the rest of the summer.28 But when September hits how will the government personnel, economists, and Wall Street Executives handle the inevitable crash of 2008?

Battle of the Banks: The Fight for Wachovia Corporation, October 3th 2008 Wachovia Corporation was a diversified financial services company that provided a broad range of banking, asset management, wealth management and corporate and investment banking and services. At its peak, it was the fourth-largest bank holding company and one of the largest providers of financial services in the United States, operating in 21 states and Washington, D.C. 29 In 2006, Wachovia acquired Golden West Financial. The acquisition gave Wachovia an additional 285-branch network spanning 10 states.30 “Wachovia greatly raised its profile in California, where Golden West held $32 billion in deposits and operated 123 branches.”31 Wachovia also picked up about $122 billion in option adjustable rate mortgages.32 The acquisition was announced on 7 May 2006, with a price of a little under $25.5 billion.33 The merger was completed in mid-2008. Exposed to risky subprime loans, such as adjustable rate mortgages acquired during the acquisition, Wachovia began to feel the heavy weight of the subprime mortgage crisis, harming the company's financial situation. As business began to crash in late September of ’08, Wachovia was in FDIC-brokered talks with both Citigroup and

26 “The Financial crisis inquiry Report” 27 “Stock Market Crash of 2008” 28 “Stocks Crushed” 29 “Together We’ll Go Further”, Wells Fargo 2008 Annual Report, accessed August 7, 2016 https://www.wellsfargohistory.com/archives/annual-reports/wells-fargo-three/ 30 “Wachovia acquires Golden West Financial”, NBC News, accessed August 1, 2016 http://www.nbcnews.com/id/12680868/from/RSS/ 31 “Wachovia acquires Golden West Financial” 32 “Court fight for ailing Wachovia escalates”, Seattle Times, accessed July 20, 2016 http://old.seattletimes.com/html/businesstechnology/2008231282_wachsandler060.html 33 “Wachovia acquires Golden West Financial” Wall Street Executives

Wells Fargo. Wells Fargo initially emerged as the frontrunner to acquire Wachovia's banking operations, but backed out due to concerns over Wachovia's commercial loans.34 With no deal in place as September 28 dawned, regulators were concerned that Wachovia wouldn't have enough short-term funding to open for business the next day. In order to obtain enough liquidity to do business, banks usually depend on short-term loans to each other. However, the markets had been so shaken by a credit crisis related to the housing bubble that banks were nervous and unwilling to make such loans. The FDIC got word of Wachovia’s situation that Monday and declared that Wachovia was “systematically important” to the health of the economy and could not be allowed to fail.35 In an FDIC-brokered deal, Citigroup agreed to buy Wachovia's banking operations in an "open bank" transfer of ownership and Citigroup became the source of liquidity allowing Wachovia to continue to operate until the acquisition was complete.36

Robert Steel, right, Wachovia’s chief, and a lawyer, David Boies, outside federal court Sunday http://www.nytimes.com/2008/10/07/business/07bank.html

34 “Wachovia faced a ‘silent' bank run” Charlotte Observer, accessed August 3, 2016, http://www.charlotteobserver.com/news/article9013478.html 35 “Geithner Has Blown His Top With Regulators Before”, Wall Street Journal, accessed July 27, 2016, http://blogs.wsj.com/economics/2009/08/04/geithner-has-blown-his-top-with-regulators-before/ 36“Citigroup Inc. to Acquire Banking Operations of Wachovia”, Federal Deposit Insurance Corporation, accessed July 27, 2016, https://www.fdic.gov/news/news/press/2008/pr08088.html Wall Street Executives

Though Citigroup was providing the liquidity that allowed Wachovia to continue to operate, on Friday October 3, 2008, just four days after the FDIC brokered deal, Wells Fargo and Wachovia announced that they had agreed to merge in an all-stock transaction requiring no government involvement. Wells Fargo announced it had agreed to acquire all of Wachovia for $15.1 billion in stock.37 A year’s worth of legal battles over the fight of Wachovia was then compressed into a frenetic and intense 48 hours—the weekend of October 4, 2008. With financial markets already unnerved by the crisis in the global economy, Federal Reserve Chairman, Ben S. Bernanke, and President of the Federal Reserve Bank of New York, Timothy F. Geithner, sought to guide both parties toward a quick resolution. One option was to split Wachovia’s banking operations into two regions. But as the weekend continued the tables began to turn. After brokering the deal between Citigroup and Wachovia that previous Monday, the FDIC started switching allegiances. “In an affidavit Sunday, Robert K. Steel, the chief executive of Wachovia, said the FDIC’s chairwoman, Sheila C. Bair, “encouraged” him to “give serious consideration” to Wells Fargo’s takeover offer, which would upend the deal she had already brokered with Citigroup.” 38 With courts closed all weekend, there was a frantic search for a state judge and when Judge Ramos left Wells Fargo unsatisfied, advisors raced to find a federal judge. Justice John G. Koeltl ending up agreeing to an emergency hearing. With legal battles going late into the night and countless lawyers, no clear victor had emerged as the weekend came to a close.39 With the US stock market already in a state of turmoil, these 48 hours were time of national panic as the fate of US banking economy was left unsettled.

37 “A Legal Frenzy as Banks Battle for Wachovia” New York Times, accessed July 17, 2016 http://dealbook.nytimes.com/2008/10/06/a-legal-frenzy-as-banks-battle-for-wachovia/?_r=0 38“A Legal Frenzy as Banks Battle for Wachovia” 39 “A Legal Frenzy as Banks Battle for Wachovia” Wall Street Executives

Occupy Wall Street, September 17th 2011 Fast forward three years and the effects of the crash of 2008 still loom in the American economy and even more so infiltrate the mindset of the American public. On September 17, several hundred people marched to an empty square, Zuccotti Park, in Lower Manhattan’s financial district and camped out on the bare concrete. They would be joined, over the next two months, by thousands of supporters.40 Inferred from the signs carried by protestors, the grievances that gave rise to Occupy Wall Street (OWS) were an ever-widening gap between rich and poor; a perceived failure by President Obama to hold the financial industry accountable for the crisis of 2008; and a sense that money had taken over politics. The OWS slogan “We are the 99%" refers to the protester's perceptions and attitudes regarding income disparity and overall economic inequality in the United States.41 Arindajit Dube and Ethan Kaplan, of the University of Massachusetts Amherst, studied the movement’s focus on the income inequality. They explain: Inequality in the U.S. has risen dramatically over the past 40 years. So it is not too surprising to witness the rise of a social movement focused on redistribution...Greater inequality may reflect factors that make it relatively more difficult for lower-income individuals to mobilize...Yet, even the economic crisis of 2007 did not initially produce a left social movement...Only after it became increasingly clear that the political process was unable to enact serious reforms to address the causes or consequences of the economic crisis did we see the emergence of the OWS movement...Overall, a focus on the 1 percent concentrates attention on the aspect of inequality most clearly tied to the distribution of income between labor and capital.42 With a vague agenda, a nonexistent leadership structure, as many of the protesters

40 “700 Arrested After Wall Street Protest” Fox News, accessed August 9 2016, http://www.foxnews.com/us/2011/10/01/500-arrested-after-wall-street-protest-on-nys-brooklyn- bridge.html?test=latestnews 41 “"We Are the 99 Percent" Creators Revealed” Mother Jones, accessed July 30, 2016, http://www.motherjones.com/politics/2011/10/we-are-the-99-percent-creators 42 “Occupy Wall Street and the Political Economy of Inequality” University of Massachusetts Publications, accessed August 10, 2016, http://people.umass.edu/adube/DubeKaplan_EV_OWS_2012.pdf Wall Street Executives were anarchists and did not believe in leaders at all, and a minuscule budget, the occupiers in Zuccotti Park nevertheless inspired similar protests in hundreds of cities around the country and the world.43 Will OSW spiral out of control and cause an uproar in the American financial system or will the most powerful players on Wall Street manage to tame the beast of the 99% and finally begin to put the 2008 financial crisis behind us? That is for you to decide.

Occupy Wall Street Protesters http://www.occupy.com/article/movement-lives-4-years-later-occupy-has- succeeded-spite-its-failures#sthash.Y9sjZVhs.dpbs

Questions to Consider The American Dream 1. Are there advantages to subprime mortgages and why were they created? How does their creation affect you as a Wall Street Executive, government personnel or top-rated economist? 2. What options currently exist for eager borrowers with low credit scores? Are these options more stable and advantageous than subprime loans?

43 “Occupy Wall Street is going nowhere without leadership” CNN, accessed August 5, 2016, So Wall Street Executives

Subprime Mortgage Crisis 1. How would have regulating the credit default swaps market changed the US economy both negatively and positively? 2. How would it have affected the popularity of mortgage-backed securities and your position in this committee?

Collateralized Debt Obligations 1. What was the effect of the declining housing market on pension funds, mutual funds, and the individual investors? 2. What would have happened if the Fed did not step in to buy non-selling CDOs?

Stock Market Crash 1. The Fed was able to find a buyer for the CDOs of Bear Stearns, but what will happen if other banks that hold many MBSs also start to default, such as Lehman Brothers? 2. What can you do in the month leading up to the inevitable demise of the stock market on September 29th to help soften the blow to the US economy?

Battle of the Banks 1. What is your role in the fight for Wachovia Corporation? 2. Where do you stand on the battle for Wachovia and how will you support your allies in this tense 48 hours and beyond? 3. With the US on the brink of total financial demise how can you strike a balance between your own needs and the needs of the overall economy?

Occupy Wall Street Wall Street Executives

1. How does the Occupy Movement affect your personal prospects in the financial market? 2. What action must be done to stop the spread of OSW and restore peace to the American public and economy? 3. What is your role rewriting the Occupy Wall Street history?

Wall Street Executives

Works Cited

"700 Arrested After Wall Street Protest on Brooklyn Bridge | Fox News." Fox News. October 02, 2011. Accessed August 9, 2016. http://www.foxnews.com/us/2011/10/01/500-arrested-after-wall-street-protest- on-nys-brooklyn-bridge.html?test=latestnews.

"A Legal Frenzy as Banks Battle for Wachovia." DealBook. October 6, 2008. Accessed July 17, 2016. http://dealbook.nytimes.com/2008/10/06/a-legal-frenzy-as-banks- battle-for-wachovia/?_r=0.

Amadeo, Kimberly. "What Is a Subprime Mortgage?" The Balance. June 21, 2016. Accessed July 20, 2016. http://useconomy.about.com/od/glossary/g/subprime_mortg.htm.

Amadeo, Kimberly. "Federal Deposit Insurance Corporation." The Balance. June 29, 2016. Accessed July 20, 2016. http://useconomy.about.com/od/governmentagencies/p/FDIC.htm.

Amadeo, Kimberly. "What Really Caused the Subprime Mortgage Crisis?" US Economy. June 22, 2016. Accessed July 20, 2016. http://useconomy.about.com/od/criticalssues/tp/Subprime-Mortgage-Crisis- Cause.htm.

Amadeo, Kimberly. "CDOs." US Economy. July 7, 2016. Accessed July 20, 2016. https://www.thebalance.com/cdos-collateralized-debt-obligations-3305822.

Amadeo, Kimberly. "Stock Market Crash of 2008." US Economy. August 6, 2016. Accessed August 8, 2016. http://useconomy.about.com/od/Financial- Crisis/a/Stock-Market-Crash-2008.htm.

"Citigroup Inc. to Acquire Banking Operations of Wachovia." Federal Deposit Insurance Corporation. September 29, 2008. Accessed July 27, 2016. https://www.fdic.gov/news/news/press/2008/pr08088.html.

Financial Crisis Inquiry Commission, and United States. Financial Crisis Inquiry Commission. The financial crisis inquiry report: Final report of the national commission on the causes of the financial and economic crisis in the United States. Wall Street Executives

PublicAffairs, 2011. Accessed August 9, 2016. https://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf

"Geithner Has Blown His Top With Regulators Before." Wall Street Journal. Accessed July 27, 2016. http://blogs.wsj.com/economics/2009/08/04/geithner-has-blown- his-top-with-regulators-before/.

"Hedge Fund." Oxford Dictionaries Online. Accessed August 6, 2016. http://www.oxforddictionaries.com/us/definition/american_english/hedge-fund.

Holmes, Steven A. "Fannie Mae Eases Credit To Aid Mortgage Lending." The New York Times. September 29, 1999. Accessed August 7, 2016. http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid- mortgage-lending.html.

Kosakowski, Paul. "The Fall Of The Market In The Fall Of 2008 | Investopedia." Investopedia. 2008. Accessed August 2, 2016. http://www.investopedia.com/articles/economics/09/subprime-market- 2008.asp.

Lepro, Sara. "Court Fight for Ailing Wachovia Escalates." Business & Technology. October 6, 2008. Accessed July 20, 2016. http://old.seattletimes.com/html/businesstechnology/2008231282_wachsandler 060.html.

Linsky, Marty. "Occupy Wall Street Is Going Nowhere without Leadership." CNN. October 28, 2011. Accessed August 16, 2016. http://www.cnn.com/2011/10/27/opinion/linsky-occupy-wall-street-leadership/.

Rothacker, Rick, and Kerry Hall. "Wachovia Faced a 'silent' Bank Run." Charlotte Observer. Accessed August 3, 2016. http://www.charlotteobserver.com/news/article9013478.html.

"The Reality of Investment Risk." Financial Industry Regulatory Authority. Accessed August 6, 2016. http://www.finra.org/investors/reality-investment-risk.

Together We'll Go Further: Wells Fargo 2008 Annual Report. Report. Wells Fargo and Company. San Francisco, CA, 2008.

Wall Street Executives

Twin, Alexandra. "Stocks Crushed." CNNMoney. September 29, 2008. Accessed July 25, 2016. http://money.cnn.com/2008/09/29/markets/markets_newyork/.

"Wachovia Acquires Golden West Financial." NBC News. May 08, 2006. Accessed August 1, 2016. http://www.nbcnews.com/id/12680868/from/RSS/.

Weinstein, Adam. ""We Are the 99 Percent" Creators Revealed." Mother Jones. October 7, 2011. Accessed July 30, 2016. http://www.motherjones.com/politics/2011/10/we-are-the-99-percent-creators.