Abstract
The banking crisis of 2008 is not unique in American banking history. Banks have had a long checkered past with major panics, federal–state conflict, calls for regulation and deregulation, fraud, and incompetence. Nevertheless, they also constituted the base upon which the United States expanded from a rural, agricultural, backwater economy to the remarkable strength it possesses today, both domestically and abroad. It began almost mystically with one of a number of brilliant men who led the British colony in the New World to a new nation, Alexander Hamilton. As the first Secretary of the Treasury, he had the vision to see the need for a central bank that would underlie the growth of the newly independent country. He proposed what later became the First Bank of the United States (1791–1811), which expanded with branches in a number of cities, along with state banks that also flourished in competition with each other.
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Notes
CNBC, Wall Street Legend Sandy Weill: Break Up the Big Banks (July 5, 2012), www.cnbc.com/id/48315170/Wall_Street_Legend_Sandy_Weill_Break_Up_the_Big_Banks.
Michael Aiello & Heath P. Tarbert, Bank M&A in the Wake of Dodd-Frank, 127 The Banking L.J. 909–923 (November–December 2010).
For a detailed discussion, see Simpson Thacher Memorandum, Federal Reserve Adopts Final U.S. Bank Capital Standards Under Basel III, (July 8, 2013), www.simpsonthacher.com/google_file.cfm?;
and Davis Polk, U.S. Basel III Final Rule: Visual Memorandum, (July 8, 2013), www.davispolk.com/us-basel-iii-final-rule-visual-memorandum/.
CNNMoney, Lawsuits against banks loom in Libor scandal (July 10, 2012), money.cnn.com/2012/07/05/investing/libor-lawsuits/index.htm; and New York Times, Behind the Libor Scandal (July 10, 2012), http://www.nytimes.com/interactive/2012/07/10/business/dealbook/behind-the-libor-scandal.html.
Nicholas Comfort & Annette Weisbach, Deutsche Bank Says Facing Lawsuit Over Yen Libor, Derivatives, July 31, 2012, http://www.bloomberg.com/news/2012–07-31/deutsche-bank-says-facing-lawsuit-over-yen-libor-derivatives.html.
Stanley Carvalho & David French, Mideast Debt- In UAE Money Market, an Echo of Libor Controversy (July 17, 2012), http://uk.mobile.reuters.com/article/stocksNews/idUKLNE86G00U20120717.
For a summary of CRD IV, see Linklaters, CRD IV the European response to Basel III and the impact on tier 1 and tier 2 bank capital (August 2011), www.linklaters.com/pdfs/mkt/london/A13805377.pdf; the text of the directive may be found at http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32013L0036:EN:NOT.
The discussion of the evolution of banking in China is from Kumiko Okazaki, Banking System Reform in China: The Challenges of Moving toward a Market-Oriented Economy, Rand National Security Research Division (2007).
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© 2013 Roy Girasa
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Girasa, R. (2013). Bank Regulation and Credit Rating Organizations. In: Laws and Regulations in Global Financial Markets. Palgrave Macmillan, New York. https://doi.org/10.1057/9781137345462_5
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