Other People’s Houses provides the clearest explanation yet of how the Financial Crisis of 2008 developed and why it could happen again.
Jennifer Taub is the author of financial crisis book Other People’s Houses. Formerly an associate general counsel at Fidelity Investments, Taub’s research and writing focuses on corporate governance and financial market regulation. Taub is a graduate of Harvard Law School and Yale College and a professor of law at Vermont Law School, where she teaches Contracts, Corporations, Securities Regulation, and White Collar Crime. She resides in Northampton, Massachusetts.
a blog on banking, corporate governance, and financial market reform.
September 17, 2014
Think the kind of run on Lehman Brothers that kicked off a financial panic six years ago is a thing of the past? Now that the S.E.C. issued its final rule in July, is money market fund reform complete?
Having tackled the persistence of repo run risk in an earlier N.Y. Times DealBook guest column, here’s a take on money market fund reform. Today’s piece revisits the role of money market funds in Lehman’s collapse and contagion. It also highlights a new proposal by University of Pennsylvania Law School Professor Jill E. Fisch — that sponsors of funds with fixed net asset values be required to guarantee the NAV — in other words to “back the buck.” Click here to read.
Professor Jennifer Taub moderating an all-star panel following Senator Elizabeth Warren’s keynote address at the “Five Years On, Learning Lehman’s Lessons from the Panic of 2008,” event sponsored by Better Markets and George Washington School of Law. Panelists include (from l to r) Professor James Galbraith; former Special Inspector General of the TARP, Neil Barofsky; Professor John Coffee, Jr.; and former Senator Ted Kaufman.