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A Former Treasury Adviser On How to Really Fix Wall Street

dc.contributor.authorRicks, Morgan
dc.date.accessioned2015-12-08T19:50:58Z
dc.date.available2015-12-08T19:50:58Z
dc.date.issued2011
dc.identifier.citationThe New Republic (Dec. 17, 2011)en_US
dc.identifier.urihttp://hdl.handle.net/1803/7317
dc.descriptionarticle published in magazine of political commentaryen_US
dc.description.abstractAny serious program for Wall Street reform should start with two words: “term out.” “Terming out” is a financial term of art, but its meaning is easily grasped. It simply means funding your business with long-term financing instead of short-term IOUs. To a far greater extent than is commonly understood, our financial sector funds its operations with extremely short-term borrowings. These IOUs must be paid back in a day, a week, or a month. By contrast, termed-out financial firms shun borrowings that come due in less than a year. A terming-out requirement would be costly for Wall Street, but the reward would be a safer and more resilient financial system. That’s a trade we should be willing to make.en_US
dc.format.extent1 PDF (5 pages)en_US
dc.format.mimetypeapplication/pdf
dc.language.isoen_USen_US
dc.publisherThe New Republicen_US
dc.subjectWall Street reformen_US
dc.subject.lcshSecurities industry -- United Statesen_US
dc.subject.lcshLong-term business financing -- United Statesen_US
dc.subject.lcshShort-term business financing -- United Statesen_US
dc.titleA Former Treasury Adviser On How to Really Fix Wall Streeten_US
dc.typeArticleen_US


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