The New Financial Deal: Understanding the Dodd-Frank Act and Its (Unintended) Consequences

Overview

Praise for The New Financial Deal

"While we wait and wonder what the true denouement of the Dodd-Frank Act will be, we are blessed with Professor David Skeel's timely, informative, and lucid explanation of the ins and outs of the new law. For readers trying to understand what Dodd-Frank will likely mean for Wall Street's future—and for ours—Skeel skillfully dissects the Act's nuances and intricacies and provides regulators a road map for how to make sure Wall Street doesn't ...

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Overview

Praise for The New Financial Deal

"While we wait and wonder what the true denouement of the Dodd-Frank Act will be, we are blessed with Professor David Skeel's timely, informative, and lucid explanation of the ins and outs of the new law. For readers trying to understand what Dodd-Frank will likely mean for Wall Street's future—and for ours—Skeel skillfully dissects the Act's nuances and intricacies and provides regulators a road map for how to make sure Wall Street doesn't double-cross us again anytime soon. It's a must-read."
—From the Introduction by William D. Cohan, bestselling author of House of Cards and The Last Tycoons and an upcoming title on Goldman Sachs to be published in 2011

"The New Financial Deal is mandatory reading for all those interested in the financial markets and the global economy. David Skeel is to be commended for casting sunlight, the best disinfectant, on the events preceding the enactment of the Dodd-Frank reform, its efficacy, and thepotential consequences, intended and unintended."
—From the Foreword by Harvey R. Miller, Senior Partner at Weil, Gotshal & Manges LLP and the lead bankruptcy attorney for Lehman Brothers Holdings Inc., et al.

"In this work, David Skeel leads us through the most important elements of the complex 2,300 page Dodd-Frank Act, not just making its principal elements clear but also providing us with his own, invariably balanced, judgments. Readers might not agree with his every view, but will not be in doubt about why and how he got there."
—Peter J. Wallison, Arthur F. Burns Fellow in Financial Policy Studies, American Enterprise Institute

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Product Details

  • ISBN-13: 9780470942758
  • Publisher: Wiley
  • Publication date: 12/7/2010
  • Edition number: 1
  • Pages: 220
  • Sales rank: 817,106
  • Product dimensions: 6.10 (w) x 9.10 (h) x 1.00 (d)

Meet the Author

DAVID SKEEL is the S. Samuel Arsht Professor at the University of Pennsylvania Law School. He is author of Icarus in the Boardroom: The Fundamental Flaws in Corporate America and Where They Came From; Debt's Dominion: A History of Bankruptcy Law in America; and numerous articles on bankruptcy, corporate law, and other topics. His commentary has appeared in the New York Times, Wall Street Journal, Weekly Standard, Books & Culture, and elsewhere.

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Table of Contents

Foreword.

Introduction.

A Few Major Characters.

Chapter 1 The Corporatist Turn in American Regulation.

The Path to Enactment.

The Two Goals of the Dodd-Frank Act.

A Brief Tour of Other Reforms.

Two Themes That Emerge.

Fannie Mae Effect.

Covering Their Tracks.

Is There Anything to Like?

Part I Relearning the Financial Crisis.

Chapter 2 The Lehman Myth.

The Stock Narrative.

Lehman in Context.

Lehman’s Road to Bankruptcy.

Lehman in Bankruptcy.

Bear Stearns Counterfactual.

Road to Chrysler.

Chrysler Bankruptcy.

General Motors “Sale”.

From Myths to Legislative Reality.

Part II The 2010 Financial Reforms.

Chapter 3 Geithner, Dodd, Frank, and the Legislative Grinder.

The Players.

TARP and the Housing Crisis.

Road to an East Room Signing.

Channeling Brandeis: The Volcker Rule.

The Goldman Moment.

Chapter 4 Derivatives Reform: Clearinghouses and the Plain-Vanilla Derivative.

Basic Framework.

Derivatives and the New Finance.

The Stout Alternative.

New Clearinghouses and Exchanges.

Regulatory Dilemmas of Clearinghouses.

Disclosure and Data Collection.

Making It Work?

Chapter 5 Banking Reform: Breaking Up Was Too Hard to Do.

Basic Framework.

New Designator and Designatees.

Will the New Capital Standards Work?

Contingent Capital Alternative.

Volcker Rule.

What Do the Brandeisian Concessions Mean?

Office of Minority and Women Inclusion.

Institutionalizing the Government-Bank Partnership.

A Happier Story?

Repo Land Mine.

Chapter 6 Unsafe at Any Rate.

Basic Framework.

Who Is Elizabeth Warren?

Toasters and Credit Cards.

The New Consumer Bureau.

Mortgage Broker and Securitization Rules.

Consequences: What to Expect from the New Bureau.

What It Means for the Government-Bank Partnership.

Chapter 7 Banking on the FDIC (Resolution Authority I).

Does the FDIC Play the Same Role in Both Regimes?

How (and How Well) Does FDIC Resolution Work?

Moving Beyond the FDIC Analogy.

Chapter 8 Bailouts, Bankruptcy, or Better? (Resolution Authority II).

Basic Framework.

The Trouble with Bailouts.

Who Will Invoke Dodd-Frank Resolution, and When?

Triggering the New Framework.

Controlling Systemic Risk.

Third Objective: Haircuts.

All Liquidation, All the Time?

Part III The Future.

Chapter 9 Essential Fixes and the New Financial Order.

What Works and What Doesn’t.

Staying Derivatives in Bankruptcy.

ISDA and Its Discontent.

Other Bankruptcy Reforms for Financial Institutions.

Plugging the Chrysler Hole in Bankruptcy.

Bankruptcy to the Rescue.

Chapter 10 An International Solution?

Basic Framework.

Problems of Cross-Border Cases.

Scholarly Silver Bullets.

Dodd-Frank’s Contribution to Cross-Border Issues.

New Living Wills.

A Simple Treaty Might Do.

Risk of a Clearinghouse Crisis.

Reinvigorating the Rule of Law.

Conclusion.

Notes.

Bibliography.

Acknowledgments.

About the Author.

Index.

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Sort by: Showing all of 2 Customer Reviews
  • Posted September 9, 2011

    Critical Subject - written and explained in understandable terms

    This book explains the new relationship between the government and the largest financial institutions as a result of the Dodd-Frank Act. In the book Professor Skeel breaks down the elements of the Dodd-Frank Act and discusses what he perceives as the legislation's strengths and weaknesses. He also suggests improvements that he believes can minimize the weaknesses. This book is a must read for anyone who wants to understand the consequences of the recent financial crises and how the government might deal with any future crisis.

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  • Anonymous

    Posted July 16, 2011

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