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Caesars Entertainment argues the credit default swap market is giving at least one holder of its debt a perverse incentive to seek its default. Shutterstock

Bogeyman of credit crisis needs reform to align risks and responsibilities in CDS market

In 2009, US trucking company YRC Worldwide faced ruin as it struggled to restructure its debt. With tens of thousands of jobs at stake, the Teamsters union, led by James Hoffa, accused some YRC bondholders…
Trading floors like this one – at the old American Stock Exchange in the 1980s – are at the heart of capitalism and financial speculation. David Foster/Flickr via CC BY-ND

Financial speculation: the good, the bad and the parasitic

The word “speculation” carries a connotation of negativity. And it’s probably fair to say that pretty much every financial crisis since the tulip mania of the 1630s can be attributed to some sort of mass…
Lending standards are so tight that even former Fed Chairman Ben Bernanke, center, who until recently was one of the most powerful people in the world, can’t refinance his mortgage. Reuters

Ben Bernanke among borrowers paying the price for knee-jerk home loan rules

It’s clear mortgage standards have gotten too tight when even a former Federal Reserve chairman who makes as much as US$250,000 per speech cannot refinance his home. Ben Bernanke complained about his inability…
Confused? Kemal Taner via Shutterstock

Financial literacy is shockingly low and the academy must do more

The latest survey on the basic understanding of financial terms like “loan”, “interest rate” and “budget” makes for shocking reading. The Money Advice Service surveyed 3,000 adults and found that 32% did…
Diwali celebrations in the City of London. everheardofaspacebar

Bankers should look eastwards for ethical guidance

The crash of 2008 revealed an ethical crisis in banking, one of our most powerful and critical industries. To encourage bankers to clean up their act, proposals including caps on bankers bonuses, better…
Experimenting with bubbles. Flickr/Indigo Skies Photography

Brain scans could be used to predict financial bubbles

Some shares have new owners every second. Today much of the buying and selling is done by computers, but some still rely…
Tunisia has its dangers, but it should be safe from financial collapse. archer10

How banks can help the move from dictatorship to democracy

Tunisia has been hailed as a lone success story among the Arab Spring nations. A relatively peaceful transition with a recent agreement on a new constitution has enabled the country to avoid the bloodshed…

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