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Merrill Lynch goes public
Investment bank goes public -
Period: to
Investment banks go public
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Donald Regan appointed as Secretary of Treasury
President Ronald Reagan appoints Donald Regan (former CEO of Merrill Lynch) as Secretary of Treasury -
30 year financial deregulation begins
Appointment of Donald Regan as Secretary of Treasury induces a 30-year financial deregulation -
Garn-St. Germain Depository Institutions Act
Deregulation of savings and loans -
Bear Stearns goes public
Investment bank goes public -
Morgan Stanley goes public
One of the major investment banks goes public -
Alan Greenspan appointed as Chair of the Federal Reserve
Deregulation continues -
Period: to
Alan Greenspan as Chair of Federal Reserve
Deregulation -
Period: to
Investment banks gave high ratings to stocks that would fail
-
Period: to
Derivatives become a popularised market
Collaterized Debt Obligation (CDOs) and Credit Default Swaps (CDSs) -
Bill Clinton elected president
Deregulation continues -
Period: to
Bill Clinton Presidency
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Robert Rubin as Director of National Economic Council
Robert Rubin (former CEO of Goldman Sachs) appointed the 1st Director of the National Economic Council -
Lehman Brothers goes public
Major investment bank goes public. -
Larry Summers appointed Deputy Secretary of Treasury
-
Period: to
Larry Summers as Deputy Secretary of Treasury
Deregulation continues -
Period: to
Freddie Mac and Fannie Mae overstate earnings
-
CFTC attempt to regulate derivatives
Brooksley E. Born, CFTC chairperson lobbied Congress and President to give CFTC oversight over derivatives -
Citigroup was formed
Citicorp and Travelers merge which violated Glass-Steagall Act -
Goldman Sachs goes public
One of the major investment banks goes public -
Gramm-Leach-Bliley Act
Citigroup exemption act and gave way for other mergers -
Commodity Futures Modernization Act
regulation of derivatives banned -
Period: to
US Housing Boom
-
Period: to
Mini Financial Crash
-
George W. Bush elected President
-
Key companies in Financial Sector
Investment Banks - Goldman Sachs, Merrill Lynch, Bear Stearns, Morgan Stanley, Lehman Brothers
Financial Conglomerates - Citigroup, JP Morgan
Securities Insurance Companies - AIG, MBIA, AMBAC
Rating Agencies - Moody's, Standard and Poor's, Fitch -
Period: to
George Bush Presidency
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Henry Paulson SEC leverage limit
Henry Paulson (CEO of Goldman Sachs) lobbied SEC to relax leverage limit -
SEC ammends leverage rule
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Ben Bernanke as Chairman of Federal Reserve
-
Bear Stearns acquired by JP Morgan
Bear Stearns run out of cash and are acquired by JP Morgan, which was backed by the Federal Reserve -
Federal takeover of Fannie Mae and Freddie Mac
-
Lehman Brothers bankruptcy
-
AIG collapse
-
Joint statement against regulation of derivatives
Adam Greenspan, Robert Rubin and SEC chariman, Arthur Levitt release joint statement to recommend legislation to not regulate derivatives
