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August 26, 2013

Bankers’ New Clothes Author: “We Are Still Hostages to the Big Banks”

In an op-ed in today’s New York Times, Stanford University professor Anat Admati, co-author of The Bankers’ New Clothes with Martin Hellwig, argues that nearly five years after the fall of Lehman Brothers, the financial system is no safer. Although financial regulators have recently proposed that banks increase the amount of capital they have to cover losses when loans and investments go bad, Wall Street’s risk-taking continues to threaten Main Street. Of regulators’ failure to implement new financial market regulations, Admati warns that, “We must face the challenge of drawing up appropriate rules and enforcing them, or pay dearly for failing to do so.”

In The Bankers’ New Clothes, Admati and Hellwig argue for “a safer and healthier banking system without sacrificing any of the benefits of the system, and at essentially no cost to society.” A must-read, the book offers an accessible and informative take on the 2008 financial crisis and what still must be done to avoid another crisis.

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