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This incisive and thought-provoking book examines the regulation of
cryptocurrency trading by state and federal financial services
regulators in the US, in order to understand why these statutes
proved to be ineffective in regulating this new asset class. It
further analyzes and evaluates pending proposals in Congress for
more effective cryptocurrency regulation. Providing a
sector-by-sector exploration of the financial services industry,
the book delves into the Securities and Exchange Commission’s
(SEC) efforts to regulate cryptocurrencies, highlighting the flaws
in its jurisdictional claims, as well as the exclusion of “actual
delivery” contracts from Commodity Futures Trading Commission
(CFTC) jurisdiction and how this applies to cryptocurrencies. The
chapters chart the invention and rise of cryptocurrencies,
fluctuations in the cryptocurrency market, and the regulation of
cryptocurrencies under banking laws, the Federal Securities Laws,
and as ‘commodities’. In addition, it reviews the application
of banking and money transmitter regulations to cryptocurrency
trading platforms and proposes a bespoke regulator structure for
cryptocurrencies. Cryptocurrency Regulation: A Primer is an
essential resource for students and scholars of economics, finance
and banking law, and internet and technology law. It will also be
beneficial for financial services professionals, regulators, and
members of the financial press.
Originally published between 2002 and 2011, the first 6
meticulously researched and extensive volumes of this set cover a
vast period of US financial and economic history, from the
'discovery' of America, through Civil War, Independence, two World
Wars, the Great Depression, and on through the turbulent 20th and
early 21st Centuries. An entirely new volume brings the series up
to date to the Pandemic of 2020. Carefully documented and lucidly
written by Jerry W. Markham, these volumes give an unparalleled
insight into financial scandals; corporate governance issues; the
development of US securities, derivative and mortgage markets;
housing boom and bust and stock market panics. The final (entirely
new) 7th volume is divided into three chronological sections: the
first section describes the recovery of financial markets after the
Great Recession. It begins with an overview of the state of the
economy at the start of the new decade, including some of the
political storms affecting the economy and financial markets. The
second section sets forth regulatory responses to the Financial
Crisis of 2008, including the massive fines imposed on large banks
by a swarm of regulators. The third section describes the rules
adopted under the Dodd-Frank Act of 2010 that broadly affected
financial markets. It also recounts the Trump trade wars and ends
with an account of the financial and economic turmoil that occurred
during the Covid-19 pandemic in 2020.
Originally published in 2006, this book examines the collapse of
the Enron Corp. and other financial scandals that arose in the wake
of the market downturn in 2000. Part 1 reviews the market book and
bust that preceded Enron's collapse. It then describes the growth
of Enron and the events that led to its sensational failure. Part 2
examines the role of the Securities and Exchange Commission's full
disclosure system in corporate governance and the role of
accountants in that system. Part 3 reviews the meltdown in the
telecoms sector and the accounting scandals that emerged. Part 4
traces the remarkable market recovery that followed the financial
scandals and the resumption of the growth of finance in America.
Originally published in 2002, this is the first of three volumes in
a history of finance in America. This volume covers the period from
the 'discovery' of America to the end of the nineteenth century. It
describes the status of finance in Europe at the time of
Christopher Columbus' voyage to America. It then traces its
transfer and development in America through the Revolution, into
the Civil War and beyond to the speculative excesses occurring
after that event.
Originally published in 2002, this is the second of three volumes
in a history of finance in America. This volume starts with the
investment bankers who dominated finance at the beginning of the
twentieth century. It then describes the Panic of 1907 and the
resulting creation of the Federal Reserve Board (the 'Fed'). The
volume then traces finance through World War I, and it examines the
events that led to the stock market crash of 1929 and the Great
Depression. From there it reviews the rebirth of finance after
World War II and the growth of the institutional investor.
Originally published in 2002, this volume focuses on the growth of
derivatives, the savings and loan crisis, the merger mania of the
1980s, the accompanying insider trading scandals, and the battle
with inflation. This history then reviews the market run-up in the
1990s and the rebirth of finance that was being strongly pushed by
the Internet economy as the third millennium began.
Originally published in 2011, this volume examines the Enron-era
scandals and several corporate governance issues that were raised
as a result of these scandals. It then describes developments in
the securities and derivatives markets, covering hedge funds,
venture capital, private equity and sovereign wealth funds.
Originally published in 2010, this book covers the development of
the mortgage market, the residential housing boom and bust that led
to the subprime crisis, and the effect of this crisis on financial
institutions as well as the stock market panic of 2008. It details
the massive government interventions that sought to prevent another
Great Depression.
This volume narrates the financial history of the United States
during a period of great upheaval in the early part of the 21st
century. It is divided into three chronological sections: the first
section describes the recovery of financial markets after the Great
Recession. It begins with an overview of the state of the economy
at the start of the new decade, including some of the political
storms affecting the economy and financial markets. It explores the
uneven nature of the recovery and volatility in the Treasury during
these years. The second section sets forth regulatory responses to
the Financial Crisis of 2008, including the massive fines imposed
on large banks by a swarm of regulators. It examines the "too big
to jail" prosecution model, cases involving Libor and foreign
exchange manipulation and the impact of rogue traders. It also
looks at the developments in payment systems, rise of crowdfunding
as a source of capital, and high-frequency trading. The third
section describes the rules adopted under the Dodd-Frank Act of
2010 that broadly affected financial markets. It also recounts the
Trump trade wars and ends with an account of the financial and
economic turmoil that occurred during the Covid-19 pandemic in
2020. The volume will be an essential addition to academic and
public libraries with readers drawn from business schools,
departments of economics and finance, and historians.
The author of the award-winning trilogy A Financial History of the
United States now provides a definitive new reference or the major
failures of American corporate governance at the start of the 21st
century. An essential resource for students, teachers and
professionals in business finance, and securities law, this
exhaustive work provides in-depth coverage of the collapse of the
Enron Corporation and other financial scandals that erupted in the
wake of the market downturn of 2000. The authoritative volume
traces the market boom and bust that preceded Enron's collapse, as
well as the aftermath of that failure, including the Enron
bankruptcy proceedings, the prosecution of Enron officials, and
Enron's role in the California energy crisis. It examines the role
of the SEC's full disclosure system in corporate governance, and
the role of accountants in that system, including Arthur Andersen
LLP, the Enron auditor that was destroyed after it was accused of
obstructing justice. The author chronicles the meltdown in the
telecom sector that gave rise to accounting scandals at Nortel,
Lucent, Qwest, Global Crossing, Adelphia, and WorldCom. Computer
Associates, AOL Time Warner, Vivendi, HealthSouth, and Hollinger.
Markham also covers such Wall Street scandals as the Martha Stewart
trial, the financial analyst conflicts, and the mutual fund trading
abuses. He analyzes the Sarbanes-Oxley legislation that was adopted
in response to these scandals, the burdens it imposes, and
continuing flaws in full disclosure. Markham also traces the
remarkable market recovery that followed the scandals and addresses
the misguided efforts of corporate governance reformers that led to
the abuses.
This edition incorporates developments in bank and financial
services legislation and regulation that have occurred through June
2021, including the Trump administration's regulatory initiatives
in respect of the Dodd-Frank Act. The sixth edition organizes the
chapters into three thematic Parts to help focus classroom
discussion. Part One surveys the depository bank business model,
the dual banking system, and its layered regulatory structure,
including the role of financial holding companies, bank
subsidiaries, and nonbank affiliates active across financial
markets. The materials emphasize that though the majority of
depository institutions are thrifts, credit unions, and community
banks, consolidation and conglomeration have left the lion's share
of bank assets in the hands of a few large banking organizations
that dominate national and global markets, presenting unique
regulatory challenges. Part Two focuses on prudential supervision
of banks and their holding companies, which reflects the
distinctive demands created by deposit-taking, credit creation, and
liquidity intermediation. Post-crisis reforms have dramatically
changed this aspect of regulation. The materials emphasize the
different ways in which banks finance their activities, including
by accepting insured deposits, borrowing at market rates from
wholesale lenders, using government funds available only to banks,
and raising equity capital from investors. The discussion makes
clear how, in addition to meeting market capital requirements that
apply to all businesses, banks contend with complex regulatory
standards that encourage liquidity, limit leverage, and promote the
ability to absorb unexpected losses. Part Three surveys the range
of specialized financial services performed by banks and their
holding companies beyond their depository functions. The materials
illustrate how banks underwrite debt and equity securities, manage
investment portfolios, advise investors, make markets for financial
products, act as both principal and agent in derivative
transactions (including credit default swaps and interest rate
derivatives such as options, futures, and forwards), and provide
fiduciary services as trustees, including by managing retirement
and collective investment funds, offering custody for financial
assets, and competing with mutual funds. The book pays special
attention to consumer lending -- through mortgage finance,
educational debt, and credit card loans -- an area that has grown
in importance due to the CFPB. To avoid the need for students to
buy additional books, this edition comes with a digital statutory
supplement containing links to relevant statutes and regulations
for each chapter. The supplement also includes an expanded
Student's Guide to banking law statutes and regulations, which lets
students convert the original section numbers of major statutes
into their codified sections in the United States Code.
CasebookPlus Hardbound - New, hardbound print book includes
lifetime digital access to an eBook, with the ability to highlight
and take notes, and 12-month access to a digital Learning Library
that includes self-assessment quizzes tied to this book, leading
study aids, an outline starter, and Gilbert Law Dictionary.
This supplement is designed for a basic business organizations
course focusing on corporations, limited liability companies, and
partnerships. Statutes include up-to-date versions of the Model
Business Corporation Act (along with the official comments) as well
as the Uniform Partnership and Limited Partnership acts. The
supplement also contains the Delaware Corporation Law and
Delaware's Limited Liability Company Act. Selections from the
federal securities laws that are typically covered in the basic
business organizations course are also included. The supplement
also contains some sample corporate documents, including a
certificate of incorporation, bylaws, and minutes. These documents
give the students hands-on exposure to documents talked about in
class. Even with these sample documents and expanded coverage of
the Model Business Corporation Act, the supplement retains a
manageable size.
The 2018 Edition contains the major chapters of title 12 of the
United States Code covering the National Bank Act, the Federal
Reserve Act, the Federal Deposit Insurance Corporation Act, the
Home Owners Loan Act, the Federal Credit Union Act, the Bank
Holding Company Act, the Bank Service Company Act, and the
International Banking Act. The supplement reflects the changes made
by the Dodd-Frank Act. Additions made by Dodd-Frank to existing
statutory provisions are underlined so the reader may easily locate
the Dodd-Frank changes. In addition, each statutory provision
includes a citation to the section of Dodd-Frank which amends it.
New statutory provisions of Dodd-Frank codified in Chapter 53 of
Title 12 (including provisions relating to the FSOC, CFPB, and the
Orderly Liquidation Authority) are included as well. Relevant
provisions of the Securities Exchange Act, federal provisions
relating to insurance, and the Gramm-Leach-Bliley Act's provisions
related to privacy are also included. Excerpts from the New York
banking statutes provide a sample of state regulation of banking.
The supplement also contains selected regulatory provisions from
the Comptroller of the Currency, the Federal Reserve System Board
of Governors, the Federal Deposit Insurance Corporation, as well as
the table of contents of regulations issued by the Consumer
Financial Protection Bureau.
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