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Smoking for the State: China's Tobacco Monopoly

Smoking for the State: China's Tobacco Monopoly
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Statement Of CFTC Commissioner Goldsmith Romero: Reducing The Likelihood Of Chaotic Clearinghouse Failures - Proposed Rule: Derivatives Clearing Organizations Recovery And Orderly Wind-Down Plans

<p><span>No one expects to fail.&nbsp; But the lessons from the 2008 financial crisis highlight how quickly contagion can spread between highly interconnected institutions, threatening the viability of firms.&nbsp; As the Special Inspector General for TARP (&ldquo;SIGTARP&rdquo;), I reported to Congress on the decisions made by the Government to save &ldquo;too big to fail&rdquo; Wall Street institutions.&nbsp; The theme that ran through our findings was a massive failure in planning, and shock from institutions and regulators caught unaware by dangerous interconnections across the financial system.&nbsp; The Government intervened with bailouts to avoid the chaos from disorderly bank failures that would hurt Main Street.</span></p> ....

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