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Copyrighted Material Index Ahern, Bertie, 54 Bank of America: Allied Irish Bank, 55, 56, 57, 61, acquisitions, 85–86, 88, 95, 127 62, 94 bad banks, 92–93 Almunia, Joaquín, 41, 42, 43, 46 capital ratio, 90, 91 Alpert, Daniel, 102, 123 Countrywide Financial, acquisition of, 85, Alwaleed bin Tahal, Prince, 83–84 86 American Bankers Association, 89 credit rating uplift, 6, 9, 86 Andersen, Gunnar T., 70, 71 derivative holdings, 127, 128 Anglo Irish Bank: Europe, exposure to, 154 Burton and, 57 job cuts, 119 capital injections by government, 62 Merrill Lynch, acquisition of, 85–86, 88, condition of, 56, 57 95 developers, loans to, 54–55 mortgage-backed securities, 122, 123, winding down of, 58, 61, 75, 135 154 Arion Banki, 75–76 mortgage servicing, 115, 116, 119, 121 Árnason, Árni Páll, 73, 75 price-to-book ratio, 93–94 Assets, synthetic, 35–36, 39, 41 rescue of, 99 Austerity measures: Safe Banking Act and, 107 Greece, 49–50 second liens and revolving credit, 115, Ireland, 49–50, 52–53, 66 116 PIGS (Portugal, Ireland, Greece, and size of, 146 Spain), 27–28, 73 subsidiaries, 94–95 TARP fund repayment, 100 Bad banks, 92–93 Bank of Ireland, 55, 56, 57, 61, 62, 139 Bair, Sheila. See also Federal Deposit Bank of Japan, 18, 19 Insurance Corporation (FDIC) Bank of New York Mellon, 103 bank-holding companies, 98 Bank of Spain, 30 bank liabilities blanket guarantee proposal, Bank One, 108 81–82, 83 Barclays, 111, 141 banks, return of cash by, 92 Barroso, José Manuel, 58, 59 capital rules, 90 Basel Committee on Banking Supervision, derivatives, 127–128 28, 44, 140–141 Dodd-Frank fi nancial reform legislation, Basel I, 89 102 Basel II, 89, 108, 110, 155 FDIC powers, 142 Basel III, 89–92, 106–107, 111, 141, future, concerns for, 110 143–144, 155 leverage ratio,COPYRIGHTED 145 BayernLB, MATERIAL 38–39, 41, 43, 49 proregulatory stance, 105–107 Bear Stearns, 7, 55, 83, 143 Volcker and, 112 Bernanke, Ben, 81, 82, 105, 110 Wachovia and, 84 Biden, Joe, 98 Banco Bilbao Vizcaya Argentaria, 30 Blanchfl ower, David G., 31, 113 Banco Santander, 30 Bondholders and derivatives, 131–134 Bank debt, guarantee of: Breaking up big banks, 145–147 Ireland, 56–57, 125 Brown, Scott, 100, 103–104, 112 United States, 81–82, 83 Brown, Sherrod, 107–108, 109, 146, 155 Bank-equity levels, 144 Bruton, John, 27, 59, 60, 66 177 178 INDEX Budget defi cits, of PIGS (Portugal, Ireland, Companies, failing Japanese, 18 Greece, and Spain), 24–25 Competitors, healthy, 9–10 Burton, Joan, 52–53, 56–57, 60, 61 Congressional Oversight Panel, 116, 121 Consumer Financial Protection Bureau, 98, Cajas (savings banks), 30–31, 152 112 Cannon, Frederick, 89, 124 Contagion fear, 7, 58, 135 Capital, new defi nitions of, 28, 90, 107, 143 Continental Illinois Bank, 109 Capital injections to zombie banks, 4–5, 12, Countrywide Financial, 85, 86 62 Covered bonds (pfanbriefe), 45 Capital ratios, 90–91, 143–144 Cowen, Brian, 52, 56, 57 Capital regulation, 143–145 Cowen, Tyler, 33 Capital rules, 89–92, 111, 143–144 Credit default swap (CDS) contracts, 125, Carey, Sarah, 65 128, 131–132, 133 CDOs. See Collateralized debt obligations Credit ratings: (CDOs) Bank of America, 86 CDS (credit default swap) contracts, 125, Citigroup, 86 128, 131–132, 133 Germany, 6, 39, 42, 43, 46–47 Central Bank of Ireland, 55, 58–59, 60, 61, Iceland, 72 63 Ireland, 151 CFA Institute, 89 Spain, 31 Citigroup: United States, 156 bad banks, 92 uplift, 5–6, 9, 86 capital ratio, 90, 91 Cross-border resolution regime, 141–142 credit rating uplift, 9, 86 derivative holdings, 127, 128 Dawson-Kropf, Michael, 42, 44, 49 Europe, exposure to, 154 Debt-to-equity swaps, 139 examiners, 3 Defl ation, in Japan, 19–20 executive pay, 154 Delaying action, 7–8 job cuts, 119 DEPFA Bank, 45, 60 mortgage-backed securities, 123 Derivatives. See also specifi c types mortgage servicing, 116, 119, 121 banks’ holding of, 127, 128 pretend-and-extend policy, 88 bondholders and, 131–134 price-to-book ratio, 94 clearinghouses for, 129–130 rescue of, 83–85, 99, 135, 139 defi ned, 126 Safe Banking Act and, 107 growth of, 126–127 second liens and revolving credit, 116 netting agreements for banks, 131 size of, 146–147 over the counter, 126–127, 135 TARP fund repayment, 100 regulation of, 127–131 Citi Holdings, 92 Deutsche Bank, 36, 37, 38, 39, 40 Clearinghouses for derivatives, 129–130 Devaluation of krona, 68, 73 Collateralized debt obligations (CDOs): Dodd, Christopher. See also Dodd-Frank Germany, 35–36, 39, 41, 45 fi nancial reform legislation Goldman Sachs sale of, 101 Bair and, 83 Iceland, 72 bill, 100, 101, 102 risk management and, 132–133 Frank and, 99 synthetic, 35–36, 39, 41 Safe Banking Act and, 109 Collins, Susan, 105 Volcker Rule, 103–104 Collins Amendment, 105 Dodd-Frank fi nancial reform legislation: Commerzbank, 37–38, 46–47, 94, 140 bank size, 145–146 Index 179 Collins amendment, 105 bank liabilities blanket guarantee proposal, derivatives, 127, 129, 130–131, 133 81–82, 83 FDIC under, 142 powers of, 106, 142 Lincoln amendment, 102–103, 130–131 Volcker Rule and, 102 Merkley-Levin amendment, 100–102 Wachovia and, 84 rule-making process, 111 Federal Reserve: Dresdner Bank, 46 monetary-policy support, 87–88 Dublin, Ireland, 63, 64, 66 quantitative easing, 12, 87–88, 124, 156 Duffi e, Darrell, 130, 133 stress tests, 91 Dukes, Alan, 55, 65, 75, 132 Volcker Rule and, 102 Federal Reserve Bank of Kansas City, 3, 109 ECB. See European Central Bank (ECB) Federal Reserve Bank of New York, 3 Einarsdóttir, Birna, 76 Financial Accounting Standards Board Engelhard, Joseph, 100 (FASB), 6, 88–89, 154–155 Epic of Gilgamesh, 1–2, 13 Financial Services Authority (Ireland), 60 EU. See European Union (EU) First liens. See Mortgages Eurohypo, 46 Fitch Ratings, 42, 44, 72, 123–124 European Central Bank (ECB): FitzPatrick, Sean, 54, 55, 57 France and, 60 Florida housing market, 113–114 funding to banks, 5 Food prices, Middle East, 12 Germany and, 60 Foreclosures, 118–119, 120, 122, 148 Greece and, 5 Foreign currency swaps, 133–134 Ireland and, 5, 51–52, 58–59, 60, 64–65, France: 66 European Central Bank and, 60 PIGS and, 29, 32 Germany and, 152–153 Portugal and, 5 investor concern about, 153 power of, 141 Ireland and, 65–66 European Commission (EC): PIGS and, 26–27, 29 derivatives, 130 Frank, Barney, 83, 99, 100. See also Dodd- Germany and, 35, 42 Frank fi nancial reform legislation Ireland and, 51–52, 58 Freddie Mac, 4–5, 86, 87, 122, 123, 124 Spain and, 152 Fuchs, Rainer, 36 European Union (EU): Funding cost gap, 108 banking regulator, 141 banks, breaking up, 145 GDP. See Gross domestic product (GDP) Germany and, 39, 41–43, 44, 45–46 Geithner, Timothy: Greece and, 23, 24, 150–151 Bair and, 83, 105 Ireland and, 52–53, 58, 59–60 banking background of, 8 landesbanks and, 39, 41–43, 44 bank liabilities blanket guarantee proposal, PIGS and, 32–33 81 price-to-book value of banks, 21 Basel Committee on Banking Supervision, stress tests, 7, 28–29, 44, 152 90, 91, 155 capital regulation, 143 Fannie Mae, 4–5, 86, 87, 122, 123, 124 Citigroup and, 84–85 FASB (Financial Accounting Standards derivatives, 130, 133–134 Board), 6, 88–89, 154–155 exit of, possible, 112, 155 Federal Deposit Insurance Corporation on Japan, 15, 16 (FDIC). See also Bair, Sheila mortgages, 117–118 bank-holding companies, 98 political clout of, 8 180 INDEX Geithner, Timothy: (Continued) Guglielmi, Antonio, 9–10, 25–26 stress tests, 86 Gurdgiev, Constantin, 29, 49, 55, 63 Volcker and, 97, 98, 103 Germany. See also Landesbanks Hagen, Jan U., 38, 46, 48 banking system, 36–38 Hallitzky, Eike, 38–39, 43, 49 cooperative banks, 37 Helaba Landesbank Hessen-Thüringen, 44, credit ratings for banks, 42, 46–47 152 economy, 47–48 Hellwig, Martin, 145 European Central Bank and, 60 Herz, Robert H., 88–89 European Commission and, 35, 42 Higgins, Joe, 58, 59, 65 European Union and, 39, 41–43, 44, Hoenig, Thomas M., 3, 87, 109–110, 134, 45–46 137, 145 France and, 152–153 Home equity loans, 114–117 Ireland and, 40, 43–44, 45, 51–52, 65–66 Housing market: PIGS and, 26–27, 29, 48, 49–50 Florida, 113–114 politics and banking, 38–39 Ireland, 53–55, 63–65 private banks, 37–38 Japan, 17, 20 public banks, 36–37 United States, 113–114, 117, 120, Glass-Steagall Act, 104, 106, 111, 146 121–122 Glitnir, 71, 72 Hybrid securities, 44 Global crisis, similarities to Japan’s Lost Hypo Real Estate, 45–46, 48, 49, 60, 135 Decade, 20–22 HypoVereinsbank, 45 Goldman Sachs: collateralized debt obligations, 101 Iceland: derivatives, 128, 129 bank assets compared to GDP, 70 Greece and, 24 banks, warnings about, 71–72 on largest banks, 147 credit rating, 72 lobbyists, 129 devaluation of krona, 68, 73 Paulson and, 8 economy, 69–70, 151 Safe Banking Act and, 107 government debt, 73–74 survival of, 99 gross domestic product, 70, 73–74 Goodman, Laurie, 115, 118, 121, 122–123, Ireland compared to, 68–69, 73–75, 79 147–148 migration, net, 79 Government debt: Netherlands and, 76–78, 140 Iceland, 73–74 reincarnation and recovery, 78–79 Ireland, 62, 73–74 unemployment, 74 PIGS (Portugal, Ireland, Greece, and United Kingdom and, 76–78, 140 Spain), 25–26 Icesave, 76–78 Greece, 5, 23–24, 49–50, 131–132, 150– Identifying zombie banks, 2–3 151. See also PIGS (Portugal, Ireland, IMF.
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