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By Kenneth E. Scott, George P. Shultz, John B. Taylor

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Extra info for Ending Government Bailouts as We Know Them (HOOVER INST PRESS PUBLICATION)

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In this case, a failing institution or some other triggering event causes the balance sheets of a possibly large number of other financial institutions to be significantly impacted because they all have portfolios similar to the failing institution or because they have large exposures to securities that are impacted by the triggering event. The closer the portfolios are to those of other failed firms, the greater the likelihood is of losses and failure. This type of propagation, frequently called contagion, can be interpreted as a rational, rather than as a purely irrational or psychological, response to new information.

Citigroup 3. Bank of America 4. Wells Fargo 5. Goldman Sachs 6. Morgan Stanley 7. MetLife 8. PNC Financial Services 9. S. Bancorp 10. Bank of New York Mellon 11. GMAC 12. SunTrust 13. State Street 14. Capital One Financial Corp. 15. BB&T 16. Regions Financial Corp. 17. American Express 18. Fifth Third Bancorp 19. KeyCorp Copyright © 2010 by the Board of Trustees of the Leland Stanford Junior University. All rights reserved. John B. Taylor 51 Policy Implications My assessment that systemic risk is still not well defined leads to three policy implications.

It’s delusional to think you can structure a regulatory system, no matter how sensible, based on formulas. Either the investment bankers will outwit the regulators, or the regulators will overreact. 8. I have never worked directly for a bank, but it is fact that the backbone of the financial system is the banks with which Americans have a personal relationship. The average person has no interaction with the so-called shadow banks. That’s why there are 220,000 people working at JPMorgan Chase and only 31,000 employees at Goldman Sachs.

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