Wall Street’s Assault on Democracy: How Financial Markets Exacerbate Inequalities
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| Format: | Book |
| Language: | English |
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Cham
Springer
[2023]
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | xxvi, 244 Seiten Illustrationen |
| ISBN: | 9783031290930 |
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Contents Introduction: Wall Street’s Denial 2022; The Year When the Veil of the Temple Was Torn The Pandemic Crisis And Then There Was War The Energy Crisis But All Is Not Lost for Everybody The Looming Sovereign Debt Crisis Central Banks Lose Control of Inflation The Chinese Economy in Financial Demise 1 3 3 4 4 5 6 6 8 2023 or the Year Depositors Were Favored with Public Money: SVB, FRB, and Credit Suisse 9 9 The Mismanagement of Silicon Valley Bank The Contagion of First Republic Bank The Credit Suisse Saga The Three Cases Have a Common Thread 10 10 11 The Disconnect with the Real Economy Inflation Rears Its Ugly Head Fraud and Manipulation Are on the Rise Wall Street Imposes Its Short-Term Vision Priority to the Shareholder: The Ideology That Creates Inequality 13 14 14 15 16 XV
xvi Contents Humanism Rather Than Populism The Emergence of Plutocracy The Cause Is Not Lost It Is Time to Tell the Truth 17 18 19 20 An Unsustainable Inequality The Excesses of Financial Markets Threaten Democracy The Stock Market Is Not an Economic or Political Barometer Citizens Are Falling into the Debt Trap Modern Monetary Theory Is Political A Reminder of Previous Episodes Before and After 2008: A Classic Financial Crisis The Explosion of Debt Since the Global Financial Crisis of 2008 The Year 2020: A Viral Tsunami Wall Street at the Heart of Financial Capitalism The Power of Financial Markets The IMF and the World Bank Sound the Alarm 23 24 25 26 26 28 28 29 30 30 31 32 Financial Accountability To Whom Are Financiers Accountable? The Fragmentation of Authorities Facilitates Unaccountability Beyond Compliance: Social Responsibility A Coalition of Interests Facilitates Manipulation The Weakening of Democratic Control 35 36 36 38 39 40 The Pillars: Issuers and Investors in Search of Growth and Profit 43 Companies Looking for Equity and Long-Term Financing The Challenges of the Listed Company Not Every Company Can Become Public Governance of Listed Companies Access to International Capital The Chinese Dilemma 45 46 47 47 48 50 Investors Look for Valuable Assets Investor Diversity and Market Fragmentation Individual Investors Private Equity Funds 53 53 55 55
Contents xvii Mutual Funds and Investment Trusts Hedge Funds Insurance Companies Pension Funds Governments as Shareholders, or the Double Language AIG and Hank Greenberg The Conservatorship of Fannie Mae and Freddy Mac France and the Double Voting Rights Emerging Markets and State Ownership Sovereign Wealth Funds 56 57 58 58 59 60 60 61 62 63 The Operators in Search of Liquidity Market Makers Between Volume and Investment Algorithmic Trading: A Short-Term Mechanism Brokers at the Service of the Investor 65 65 66 67 Banks at the Heart of Conflicts of Interest 69 The Crisis of 1929 Excluded Banks from Capital Markets 69 The End of the Glass-Steagall Act or the Return of the Universal Bank in the United States 70 The Domination of the Bond Marker by rhe Banks 71 Banks as Prime Brokers at the Service of Hedge Funds 71 Are Public Authorities Complicit or Ignorant? Governments and the Explosion of Sovereign Debt Is There a Limit to the Indebtedness of the United States? Is Europe in Control of Its Indebtedness? The Japanese Mirage The Regulatory Authorities’ Denial of Sovereign Risks 73 73 74 75 77 79 Central Banks to the Rescue of Financial Markets and Borrowers Central Banks Buy Back Government Bonds: A High-Risk SelfFinancing Operation Should Central Banks Support the Financial Markets? For Whom Do Central Banks Work? Central Banks at the Service of the Capital Markets? 81 82 85 85
xviii Contents An Ecosystem at the Service of the Corporate World Law Firms or the Privatization of Financial Law Audit Firms and the Temptation of Complacency Enron in Collusion with Arthur Andersen Ernst Young Does Not Check the Bank Statements of Wirecard The Media at the Service of the Financial Markets How Does the Control of Information Affect the Proper Functioning of Markets? The Single Mind of the Financial Markets No One Size Fits All Financial Markets Operate in Their Own Interest Stock Markets in the Oven and in the Mill A Little History: From “Seat” Owners toa Public Company Shareholder Transformation and Acquisitions The United States Europe Asia The Valuation of Companies at the Heart of Stock Exchanges What Is the Value of a Listed Company? Price Fragmentation and Platform Abundance Beware of Your Friends Trading Platforms Pseudo Markets: Crypto Exchanges and Other Platforms Liquidity Is the Core of the Market, But It Is Not an End in Itself The Contribution of the Financial Markets Is Essential Pensions Financed by the Financial Markets The Growing Importance of Energy Transition Healthcare’s Thirst for Financing: A Viral Need The Growing Impact of Financial Markets on Households Sophisticated Investors: The United States vs Europe Know Your Customer: The Golden Rule for Brokers and Financial Advisors Investment in Funds: Indirect Influence? Barriers to Entry Incomprehensible Language The Onslaught Through Financial Marketing Addiction to Debt 89 89 91 91 92 94 94 95 % 99 99 100 101 101 101 102 104 104 105 105 106 107 109 110 111 И2 114 117 118 118 119 120
121 122 122
Contents xix Unequal Access to Financial Markets A Source of Enrichment for the Wealthy? Ninety Percent of the World Population Has No Access to Financial Markets 123 124 Is Financial Innovation Making Financial? The Innovative Products Derivatives: Who Benefits? Short Selling: What Is the Credit Risk of Securities Lenders? Is That All? Increasing the Size of Financial Markets for Liquidity Reasons? The Crypto (In)experiment or the Creation of Assets Without Substance Cryptos Are a GiganticPonzi Scheme A Net Loss to theEconomy Facebook and Its Libra, or an Arrogant Company’s Dreams of Grandeur Central Bank Digital Currencies, or the Defensiveness of Currency Issuers Exchange Traded Funds (ETFs): A Useful Innovation High-Frequency Trading, or the Race to the Nanosecond for the Strongest The Regulation of Innovation Is Essential The Problem of Regulators A Culture Above the Law? 127 128 129 131 132 133 When the Ideology of the Markets Defies Democracy Do Financial Markets Have an Ideology? The Invasion of American Financial Capitalism The Marshall Plan A Series of Big Bangs The Arrival En Masse of American Players on the London Market The Cult of Shareholder Value Without Shareholders, There Would Be No Companies The Dogma of the Primacy of Shareholder Value Conflicts with Social Purpose Is Shareholder Enrichment Going Beyond What They Deserve? The Question of Inequality Cannot Be Avoided Executive Compensation Tied to Market Prices What About Stock Options? 145 145 147 147 147 149 149 150 125 135 135 136 137 138 139 141 142 142 143 150 151 151 153 154
XX Contents The Race for Shareholder Return What About the Dividend? Share Buybacks to Boost Returns. and Threaten Financial Stability The Short and Long Term: Shareholder Activism Shareholder Activism Can Be Useful Depending on Its Purpose Activism and Abuse of Rights Is Shareholder Value a Threat to Employment? Dividends vs. Jobs 155 ]$$ 15$ 159 159 J6O 161 162 Finance Is Not Included in the Political Debate The Financing of Elections Democratic Institutions Funded by Interest Groups What About the World? Financial Markets and International Politics The Fight Against International Corruption The Challenge of Emerging Countries The Chinese Case or the Misled Listing War International Cooperation of Regulators 165 165 166 167 168 168 169 170 171 173 The Role of Taxation in Capital Inequalities 175 Corporate Income Tax Stumbles Around the World: The Cost of Globalization Tax Inequality: Households Are the Cash Cow of the State Large Companies Do Not Pay Income Taxes A Major Shift in Corporate Taxation? Wealthy Tax Evasion 175 177 177 178 180 An Undemocratic Coalition of Hostile Interests 181 For a Democratic Reform of Financial Markets 183 183 184 185 Capital Markets, Politics, and Policies A Complete Change of Perspective A Change of Mentality Is Always a Challenge A Social and Solidarity-Based Capitalism Is Possible
Contents The Public Sector Must Reduce Its Dependency on Wall Street The State and Financial Contributions Corrupt the Decision-Making Process The Holy Alliance of Special Interests Eliminate Tax Deductibility of Political Contributions and Lobbying The Opacity of Political Contributions xxi 187 188 188 189 190 Refocusing Central Banks on Monetary Policy The Failure of the Custodians of Inflation A Politically Impossible Mission? Stop Printing Money Conflicts of Interest Require a Change in Governance: Central Banks as Supermarkets Transparency Is Not Optional The Supervision of Banks Needs to Be Transferred to an Independent Agency Redefining the Independence of Central Banks 193 194 194 195 Redeploying the Corporate World on Its Mission Making Corporate Officers and Directors Personally Accountable Individualizing Responsibility Disconnecting Executive Compensation from the Stock Market Making Directors Accountable for Avoiding Difficult Questions and Not Sanctioning Management Separating the Functions of Chairman and CEO Shares Buybacks Are Strategic Decisions That Must Be Justified Where Are the Banking Regulators? 201 202 202 203 Making Investors Accountable Clarifying the Relationship with Issuers Promoting Investments Based on Sustainability Principles 209 210 210 Promoting Fair Markets The Redistribution of Wealth Containing the Size of Capital Markets 213 214 214 196 197 198 199 204 206 207 207
xxii Contents Limit the Use of Derivatives Through Capital Adequacy Treating Short Selling as Lending 215 216 Rebalancing Labor and Capital Through Taxation Effectively Tax Large Companies Taxation of Capital Gains Promote aTax on Financial Transactions? Fighting Fraud Facilitated by Financial Markets 217 217 218 219 220 Reconciling Shareholders and Society A Social and Solidarity-Based Approach to Financial Markets Promoting a Long-Term Vision: Publishing a 'Three-Year Plan Every Year? 221 222 Strengthening Financial Regulation Strengthen the Independence of Financial Regulation Financial Regulation Needs to Be Robust Supervising Financial Innovation: Ihe Deceiving Mask of Financial Engineering Regulating Cryptos The Special Purpose Acquisition Companies (SPACs) 225 225 226 Promote Education, Information, and Honest Communication Financial Education Must Be Part of Adolescent Education Establishing a True Financial Education of the General Public Financial Communication in the Age of Fake News Making the Media Responsible for Financial Information Rein in Financial Advertisement 229 229 230 231 231 232 The Governance of Markets: An Opportunity for Europe Developing a Robust European Financial Market Establishing a European Model of Corporate Governance The Regionalization of Globalization Is an Opportunity for Europe Globalization Will Have to Evolve The European Capital Markets Union Is an Essential Ambition 233 233 234 235 235 235 222 227 227 228
Contents xxiii Renewing the Threads of Trust in Finance: An Ethical Endeavor Telling the Truth to Regain Confidence Disconnect the Remuneration System from the Stock Price Recognize the Politicization of Financial Markets Ex Aequo and Bono: The Need for Democratic Equity There Is No Democratic Society Without Equity 237 238 238 239 240 241 These Books Inspired Me 243 |
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| spelling | Ugeux, Georges Verfasser aut Wall Street’s Assault on Democracy How Financial Markets Exacerbate Inequalities Georges Ugeux Cham Springer [2023] xxvi, 244 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier Macroeconomics and Monetary Economics Financial Economics Capital market Macroeconomics Finance Erscheint auch als Online-Ausgabe 978-3-031-29094-7 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034822525&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Ugeux, Georges Wall Street’s Assault on Democracy How Financial Markets Exacerbate Inequalities Macroeconomics and Monetary Economics Financial Economics Capital market Macroeconomics Finance |
| title | Wall Street’s Assault on Democracy How Financial Markets Exacerbate Inequalities |
| title_auth | Wall Street’s Assault on Democracy How Financial Markets Exacerbate Inequalities |
| title_exact_search | Wall Street’s Assault on Democracy How Financial Markets Exacerbate Inequalities |
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| title_full | Wall Street’s Assault on Democracy How Financial Markets Exacerbate Inequalities Georges Ugeux |
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| title_full_unstemmed | Wall Street’s Assault on Democracy How Financial Markets Exacerbate Inequalities Georges Ugeux |
| title_short | Wall Street’s Assault on Democracy |
| title_sort | wall street s assault on democracy how financial markets exacerbate inequalities |
| title_sub | How Financial Markets Exacerbate Inequalities |
| topic | Macroeconomics and Monetary Economics Financial Economics Capital market Macroeconomics Finance |
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