Merchant Law in history and the international order
Individuals vs. corporations
The history of private property
Are “tax havens” a requirement of “Realpolitik”?
Is shadow banking a zero-sum game or does it predate on the economy?
Guest lecture by Paul Jorion on Thursday, 6 December, 2012 – 15:00 to 18:00 at Vrije Universiteit Brussel.
– The regulatory structures and process
– The power balance between regulator and regulated firms
– Breakdowns in supervision:
– The Savings & Loans crisis (1986-1991)
– The securitisation of subprime loans (2002-2007)
– The LIBOR affair (2006-2009)
– Are revolving doors between supervised and regulator undermining supervision?
– To what extent does the power of money upset the regulatory process?
Guest lecture by Paul Jorion on Thursday, 22 November, 2012 – 15:00 to 16:30 at Vrije Universiteit Brussel.
– The issues of fraud and of “white collar” crime (Savings & Loan, Salomon Brothers)
– National and cultural legal traditions put the emphasis either on the spirit or the letter of the law
– Transparency and “symmetry of information” are necessary for market operations.
– Insider dealing runs counter this (however there is no insider dealing on the commodities markets, why the difference — allowing arbitrage?)
– Profitability is often allowed to prevail against transparency: “dark pools” and high frequency trading are tolerated despite their undermining of transparency
– During the current financial crisis conflict of interest (e.g. the Libor affair) and moral hazard (e.g. socialization of losses) have been rampant
– Changes in the law reflect historical trends, so does evolution of accounting rules
– Has fraud been a cause or an auxiliary factor in the subprime crisis?
Guest lecture by Paul Jorion on Thursday, 25 October, 2012 – 15:00 to 16:30 at Vrije Universiteit Brussel.
– Bernard Mandeville’s “Private vices, public benefits”
– Did the economy in Smith’s days justify his “invisible hand” hypothesis?
– Smith’s “invisible hand” vs. Aristotle’s “philia” (goodwill)
– Alan Greenspan’s error (23 October 2008 Congressional hearing)
– The limits of self-regulation: Goldman Sachs’ ABACUS deal
Guest lecture by Paul Jorion on Thursday, 18 October, 2012 – 15:00 to 18:00 at Vrije Universiteit Brussel.
“If the truth is that (the leaders of the financial sector) can’t care less about collapse and act as they do even in the absence of any fair risk assessment… and if, in addition, they claim that they are only concerned about their investors… then the question should be raised why the community should rush to their rescue whenever things turn sour…”
