Monthly Archives: December 2016

Basel Committee is on the Clock

By | December 12, 2016

The great financial crisis was caused in large part by complexity: complex products, complex institutions, and complex counterparty networks. Yet, post-crisis regulatory reforms designed to prevent future financial crises, principally Basel III, are equally complex. Sophisticated actors easily exploit complex systems, and large banks certainly are sophisticated – if nothing else. Several empirical studies have… Read More »

Federal Law Leaves Banks Shying Away from Marijuana Businesses

By | December 5, 2016

Courtesy of Lee Reiners and John W. Matthews This past election day, voters in California, Maine,[1] Massachusetts, and Nevada voted to fully legalize marijuana, joining Alaska, Colorado, Oregon, and Washington as the only states in the union to permit the recreational use of marijuana. Rejoicing amongst legalization advocates has been tempered by the fact that… Read More »