A Quote by James P. Gorman
Regulators around the world have achieved an unprecedented level of collaboration since the financial crisis to create global standards for financial institutions. American regulators have largely viewed these international standards as a floor, and imposed higher standards on U.S. institutions.
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Apparently modern financial regulators are vastly more sophisticated than we were as financial regulators 25 years ago - because we had never figured out that the key to financial stability was leaving felons in charge of the largest financial institutions in the world.
There are a number of institutions globally where the Federal Reserve typically leads the U.S. effort to work with financial regulators from other countries, and we try to, to the extent possible, establish international standards for how - the amount of capital a bank should hold, for example, or how much.
The global financial crisis is a great opportunity to showcase and propagate both causal and moral institutional analysis. The crisis shows major flaws in the way the US financial system is regulated and, more importantly, in our political system, which is essentially a bazaar of legalized bribery where financial institutions can buy themselves the governmental regulations they want, along with the regulators who routinely receive lucrative jobs in the industry whose oversight had formerly been their responsibility, the so-called revolving-door practice.
Success and failure are largely self-defined in terms of personal standards. The higher the self-standards, the more likely will given attainments be viewed as failures, regardless of what others might think.
Financial institutions, the corporate world and civil society - all must uphold high standards of probity in their working. Only a genuine partnership between the Government and its people can bring about positive change to create a just society.
Almost no one will accept responsibility for his or her role in precipitating a crisis: not leveraged speculators, not willfully blind leaders of financial institutions, and certainly not regulators, government officials, ratings agencies or politicians.
We're charged by Congress with regulating financial institutions. We take that mission seriously. We are tough supervisors and regulators.
We have international standards regulating everything from t-shirts to toys to tomatoes. There are international regulations for furniture. That means there are common standards for the global trade in armchairs but not the global trade in arms.
The subprime disaster was a result of financial bombs - derivatives - exploding in financial institutions such as AIG and Lehman Brothers, as well as banks and financial institutions throughout the world.
No one pushed harder than Congressman Barney Frank to force banks and other financial institutions to reduce their mortgage lending standards, in order to meet government-set goals for more home ownership. Those lower mortgage lending standards are at the heart of the increased riskiness of the mortgage market and of the collapse of Wall Street securities based on those risky mortgages.
What we need to do is we need to create new international standards of behavior - not just national laws, because this is a global problem. We can't just fix it in the United States, because there are other countries that don't follow U.S. laws. We have to create international standards that say that cyber attacks should only ever occur when it is absolutely necessary.
The most common objection to changes in public policy which would increase a user's control of housing at the expense of centralized institutions is that standards would be lowered as a result. The standards the objectors have in mind, however, are not something that cam be achieved with available resources, but, rather, represent the objector's own notion of what housing ought to be.
The Common Core State Standards are based on the best international research. They are built on the standards used by the most effective education systems around the world, including Singapore, Finland, Canada and the U.K.
There is no question we need higher academic standards and at the local level the rigor of the Common Core state standards must be the new minimum in classrooms.
In a globally interdependent world, a better financial and investment system cannot be achieved on a country-by-country basis. There may be no one-size-fits-all model for economic development, but without global standards and complementary regulations, the long-term outlook for the world economy will remain bleak.
I want to help create the world's first global currency built on the Internet and built on open platforms and standards such as Bitcoin, and I want to build a financial services institution on top of that. That's what I'm doing with Circle.
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