Monthly Archives: August 2008

Gallery

Gorton: Financial crisis is a bank panic

This gallery contains 1 photos.

A complex chain of securities, derivatives, and special-purpose vehicles created a stew of hard-to-analyze mortgage securities that lenders have fled since home prices started to fall, Yale Professor Gary Gorton told some of the world’s leading economists and financial market … Continue reading

Advertisement

Gallery

Bernanke: The systemic risk is repos and derivatives

This gallery contains 1 photos.

Repos and derivatives were the source of the system risk in the financial markets in 2008, Federal Reserve Chairman Ben Bernanke told economists at the Federal Reserve Bank of Kansas City’s Annual Economic Symposium in Jackson Hole, Wyoming, August 22. … Continue reading

Gallery

Securitization accounting is “gimmickry”

The Accounting Onion would like Financial Accounting Standards Board Statement 140 to be wiped off the face of the earth. He calls it, “that bric-a-brac of off-balance sheet accounting gimmickry.” Statement 140 is the ruling in 2000 that established how companies … Continue reading