70 Years of ATM Innovation
Anne & Lynn Wheeler
Blogging Innovation: 70 Years of ATM Innovation - Latest innovation
articles, videos, and insights
http://www.business-strategy-innovation.com/2009/12/70-years-of-atm-innovation.html
and I added my comments in linkedin discussion
http://www.garlic.com/~lynn/2009q.html#78 70 Years of ATM Innovation
--
40+yrs virtualization experience (since Jan68), online at home since Mar1970
Ben Pfaff
> Blogging Innovation: 70 Years of ATM Innovation - Latest innovation
> articles, videos, and insights
In 70 years of "innovation", somehow ATMs still don't know
whether I speak English or Spanish.
--
Ben Pfaff
http://benpfaff.org
Jorgen Grahn
> Anne & Lynn Wheeler <ly...@garlic.com> writes:
>
>> Blogging Innovation: 70 Years of ATM Innovation - Latest innovation
>> articles, videos, and insights
>
> In 70 years of "innovation", somehow ATMs still don't know
> whether I speak English or Spanish.
And around here, they still want me to switch in mid-dialogue from the
main keypad to buttons around the display:
+---------------------+
| |
[] | y do you want | []
| a receipt? |
[] | n | []
| |
[] | | []
+---------------------+
God knows what the other four buttons are for. It doesn't help either
that every ATM uses a different sub-set of the six buttons, or that
the Y/N text never lines up with the actual buttons (due to the
viewing angle and the fact that the screen is behind an inch of
hardened glass).
/Jorgen
--
// Jorgen Grahn <grahn@ Oo o. . .
\X/ snipabacken.se> O o .
Walter Bushell
Ben Pfaff <b...@cs.stanford.edu> wrote:
> Anne & Lynn Wheeler <ly...@garlic.com> writes:
>
> > Blogging Innovation: 70 Years of ATM Innovation - Latest innovation
> > articles, videos, and insights
>
> In 70 years of "innovation", somehow ATMs still don't know
> whether I speak English or Spanish.
And Volker came out and said it, 'ATMs are the only innovation of the
financial services industry over the last 20 years'.
Yes, they could link to my account for language preference, or put it on
the stupid card already.
<http://www.ritholtz.com/blog/2009/12/volcker-only-financial-innovation-h
as-been-atm-machines/>
"I wish someone would give me one shred of neutral evidence that
financial innovation has led to economic growth -- one shred of evidence."
-Paul Volcker, Former Federal Reserve Chairman
>
Former Fed chair Paul Volcker "berated bankers for their failure to
acknowledge a problem with personal rewards and questioned their claims
for financial innovation."
According to the Times of London, Volcker surprised "senior figures in
the financial world for failing to grasp the magnitude of the financial
crisis and belittled their suggested reforms."
Times:
As bankers demanded that new regulation should not stifle innovation, a
clearly irritated Mr Volcker said that the biggest innovation in the
industry over the past 20 years had been the cash machine. He went on to
attack the rise of complex products such as credit default swaps (CDS).
On the subject of pay, he said: "Has there been one financial leader to
say this is really excessive? Wake up, gentlemen. Your response, I can
only say, has been inadequate."
He said that financial services in the United States had increased its
share of value added from 2 per cent to 6.5 per cent, but he asked: "Is
that a reflection of your financial innovation, or just a reflection of
what you're paid?" (emphasis added)
<****Unquote******>.
Seems the NY Times didn't cover it. (I searched the site and didn't find
the speech or an analysis of same.)
--
A computer without Microsoft is like a chocolate cake without mustard.
Anne & Lynn Wheeler
Jorgen Grahn <grahn...@snipabacken.se> writes:
> And around here, they still want me to switch in mid-dialogue from the
> main keypad to buttons around the display:
yesterday just saw another "upgrade" to ATM screen.
Previously, I would insert my card ... and on the pin-entry screen,
there were two (touch screen) buttons "Enter" and a button that would
execute my previous/last ATM transaction (after entering pin).
yesterday that screen had several additional buttons/options added
... on the pin-entry (touch) screen; "enter" goes to the next screen, a
button that displayed by last transaction, and several new (touch
screen) button options.
i could also enter my pin (from the keypad) and then choose the
"physical" enter button (on the keypad) ... to go to the next screen.
older ATMs had (had non-touch screen) display with buttons around the
screen ... that corresponded to (selected) fields on the screen.
past posts in thread:
http://www.garlic.com/~lynn/2009q.html#78 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009q.html#81 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009r.html#4 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009r.html#10 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009r.html#16 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009r.html#20 70 Years of ATM Innovation
Anne & Lynn Wheeler
Walter Bushell <pr...@panix.com> writes:
> As bankers demanded that new regulation should not stifle innovation, a
> clearly irritated Mr Volcker said that the biggest innovation in the
> industry over the past 20 years had been the cash machine. He went on to
> attack the rise of complex products such as credit default swaps (CDS).
> On the subject of pay, he said: "Has there been one financial leader to
> say this is really excessive? Wake up, gentlemen. Your response, I can
> only say, has been inadequate."
> He said that financial services in the United States had increased its
> share of value added from 2 per cent to 6.5 per cent, but he asked: "Is
> that a reflection of your financial innovation, or just a reflection of
> what you're paid?" (emphasis added)
one of the things is that all the mortgage/CDO/CDS and carrying stuff
off-balance, etc.; the bonus/compensation from related to "profit/net"
... to percent of the transaction size.
then there was enormous motivation to drastically increase the size and
number of transactions w/o regard to RISK and/or whether it might take
down the institution (infrastructure &/or the country) ... since the
(percent transaction personal) compensation would more than offset any
possible adverse results for the institution (profit).
this included getting legislation & regulations changed to facilitate
the whole thing.
misc. recent posts mentioning volker
http://www.garlic.com/~lynn/2009f.html#51 On whom or what would you place the blame for the sub-prime crisis?
http://www.garlic.com/~lynn/2009p.html#20 U.K. lags in information security management practices
http://www.garlic.com/~lynn/2009p.html#25 Opinions on the 'Unix Haters' Handbook
misc. recent posts mentioning GLBA &/or repeal of Glass-Steagall
http://www.garlic.com/~lynn/2009c.html#0 Audit II: Two more scary words: Sarbanes-Oxley
http://www.garlic.com/~lynn/2009c.html#10 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#11 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#16 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#18 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#20 Decision Making or Instinctive Steering?
http://www.garlic.com/~lynn/2009c.html#29 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#32 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#36 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#38 People to Blame for the Financial Crisis
http://www.garlic.com/~lynn/2009c.html#39 'WHO IS RESPONSIBLE FOR THE GLOBAL MELTDOWN'
http://www.garlic.com/~lynn/2009c.html#42 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#46 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#53 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#55 Who will give Citigroup the KNOCKOUT blow?
http://www.garlic.com/~lynn/2009c.html#61 Accounting for the "greed factor"
http://www.garlic.com/~lynn/2009c.html#65 is it possible that ALL banks will be nationalized?
http://www.garlic.com/~lynn/2009d.html#0 PNC Financial to pay CEO $3 million stock bonus
http://www.garlic.com/~lynn/2009d.html#10 Who will Survive AIG or Derivative Counterparty Risk?
http://www.garlic.com/~lynn/2009d.html#28 I need insight on the Stock Market
http://www.garlic.com/~lynn/2009d.html#42 Bernard Madoff Is Jailed After Pleading Guilty -- are there more "Madoff's" out there?
http://www.garlic.com/~lynn/2009d.html#61 Quiz: Evaluate your level of Spreadsheet risk
http://www.garlic.com/~lynn/2009d.html#62 Is Wall Street World's Largest Ponzi Scheme where Madoff is Just a Poster Child?
http://www.garlic.com/~lynn/2009d.html#63 Do bonuses foster unethical conduct?
http://www.garlic.com/~lynn/2009d.html#73 Should Glass-Steagall be reinstated?
http://www.garlic.com/~lynn/2009d.html#74 Why is everyone talking about AIG bonuses of millions and keeping their mouth shut on billions sent to foreign banks?
http://www.garlic.com/~lynn/2009d.html#77 Who first mentioned Credit Crunch?
http://www.garlic.com/~lynn/2009e.html#0 What is swap in the financial market?
http://www.garlic.com/~lynn/2009e.html#8 The background reasons of Credit Crunch
http://www.garlic.com/~lynn/2009e.html#13 Should we fear and hate derivatives?
http://www.garlic.com/~lynn/2009e.html#23 Should FDIC or the Federal Reserve Bank have the authority to shut down and take over non-bank financial institutions like AIG?
http://www.garlic.com/~lynn/2009e.html#35 Architectural Diversity
http://www.garlic.com/~lynn/2009e.html#36 Architectural Diversity
http://www.garlic.com/~lynn/2009e.html#37 How do you see ethics playing a role in your organizations current or past?
http://www.garlic.com/~lynn/2009e.html#40 Architectural Diversity
http://www.garlic.com/~lynn/2009e.html#59 Tesco to open 30 "bank branches" this year
http://www.garlic.com/~lynn/2009e.html#70 When did "client server" become part of the language?
http://www.garlic.com/~lynn/2009e.html#79 Are the "brightest minds in finance" finally onto something?
http://www.garlic.com/~lynn/2009f.html#2 CEO pay sinks - Wall Street Journal/Hay Group survey results just released
http://www.garlic.com/~lynn/2009f.html#27 US banking Changes- TARP Proposl
http://www.garlic.com/~lynn/2009f.html#29 What is the real basis for business mess we are facing today?
http://www.garlic.com/~lynn/2009f.html#31 What is the real basis for business mess we are facing today?
http://www.garlic.com/~lynn/2009f.html#38 On whom or what would you place the blame for the sub-prime crisis?
http://www.garlic.com/~lynn/2009f.html#43 On whom or what would you place the blame for the sub-prime crisis?
http://www.garlic.com/~lynn/2009f.html#46 Who moved my payment?
http://www.garlic.com/~lynn/2009f.html#47 TARP Disbursements Through April 10th
http://www.garlic.com/~lynn/2009f.html#49 Is the current downturn cyclic or systemic?
http://www.garlic.com/~lynn/2009f.html#53 What every taxpayer should know about what caused the current Financial Crisis
http://www.garlic.com/~lynn/2009f.html#56 What's your personal confidence level concerning financial market recovery?
http://www.garlic.com/~lynn/2009f.html#65 Just posted third article about toxic assets in a series on the current financial crisis
http://www.garlic.com/~lynn/2009g.html#3 Do the current Banking Results in the US hide a grim truth?
http://www.garlic.com/~lynn/2009g.html#5 Do the current Banking Results in the US hide a grim truth?
http://www.garlic.com/~lynn/2009g.html#7 Just posted third article about toxic assets in a series on the current financial crisis
http://www.garlic.com/~lynn/2009g.html#27 Flawed Credit Ratings Reap Profits as Regulators Fail Investors
http://www.garlic.com/~lynn/2009g.html#33 Treating the Web As an Archive
http://www.garlic.com/~lynn/2009g.html#34 Board Visibility Into The Business
http://www.garlic.com/~lynn/2009g.html#37 Future of Financial Mathematics?
http://www.garlic.com/~lynn/2009g.html#53 We Can't Subsidize the Banks Forever
http://www.garlic.com/~lynn/2009g.html#76 Undoing 2000 Commodity Futures Modernization Act
http://www.garlic.com/~lynn/2009h.html#3 Consumer Credit Crunch and Banking Writeoffs
http://www.garlic.com/~lynn/2009h.html#17 REGULATOR ROLE IN THE LIGHT OF RECENT FINANCIAL SCANDALS
http://www.garlic.com/~lynn/2009h.html#22 China's yuan 'set to usurp US dollar' as world's reserve currency
http://www.garlic.com/~lynn/2009h.html#25 The Paradox of Economic Recovery
http://www.garlic.com/~lynn/2009h.html#29 Analysing risk, especially credit risk in Banks, which was a major reason for the current crisis
http://www.garlic.com/~lynn/2009i.html#1 IBM to Build Europe, Asia 'Smart Infrastructure'
http://www.garlic.com/~lynn/2009i.html#13 64 Cores -- IBM is showing a prototype already
http://www.garlic.com/~lynn/2009i.html#23 Why are z/OS people reluctant to use z/OS UNIX? (Are settlements a good argument for overnight batch COBOL ?)
http://www.garlic.com/~lynn/2009i.html#40 64 Cores -- IBM is showing a prototype already
http://www.garlic.com/~lynn/2009i.html#44 64 Cores -- IBM is showing a prototype already
http://www.garlic.com/~lynn/2009i.html#49 What's your personal confidence level concerning financial market recovery?
http://www.garlic.com/~lynn/2009i.html#54 64 Cores -- IBM is showing a prototype already
http://www.garlic.com/~lynn/2009i.html#57 In the USA "financial regulator seeks power to curb excess speculation."
http://www.garlic.com/~lynn/2009i.html#60 In the USA "financial regulator seeks power to curb excess speculation."
http://www.garlic.com/~lynn/2009i.html#74 Administration calls for financial system overhaul
http://www.garlic.com/~lynn/2009i.html#77 Financial Regulatory Reform - elimination of loophole allowing special purpose institutions outside Bank Holding Company (BHC) oversigh
http://www.garlic.com/~lynn/2009j.html#1 Is it possible to have an alternative payment system without riding on the Card Network platforms?
http://www.garlic.com/~lynn/2009j.html#12 IBM identity manager goes big on role control
http://www.garlic.com/~lynn/2009j.html#21 The Big Takeover
http://www.garlic.com/~lynn/2009j.html#35 what is mortgage-backed securities?
http://www.garlic.com/~lynn/2009j.html#36 Average Comp This Year At Top Firm Estimated At $700,000
http://www.garlic.com/~lynn/2009j.html#69 64 Cores -- IBM is showing a prototype already
http://www.garlic.com/~lynn/2009k.html#2 Big Bonuses At Goldman Should Be Applauded, Not Criticized
http://www.garlic.com/~lynn/2009l.html#5 Internal fraud isn't new, but it's news
http://www.garlic.com/~lynn/2009m.html#89 Audits V: Why did this happen to us ;-(
http://www.garlic.com/~lynn/2009n.html#13 UK issues Turning apology (and about time, too)
http://www.garlic.com/~lynn/2009n.html#17 UK issues Turning apology (and about time, too)
http://www.garlic.com/~lynn/2009n.html#21 UK issues Turning apology (and about time, too)
http://www.garlic.com/~lynn/2009n.html#56 Opinions on the 'Unix Haters' Handbook'
http://www.garlic.com/~lynn/2009n.html#58 Opinions on the 'Unix Haters' Handbook'
http://www.garlic.com/~lynn/2009n.html#62 Opinions on the 'Unix Haters' Handbook'
http://www.garlic.com/~lynn/2009o.html#23 Opinions on the 'Unix Haters' Handbook'
http://www.garlic.com/~lynn/2009o.html#25 Opinions on the 'Unix Haters' Handbook'
http://www.garlic.com/~lynn/2009o.html#48 Opinions on the 'Unix Haters' Handbook'
http://www.garlic.com/~lynn/2009o.html#84 Opinions on the 'Unix Haters' Handbook'
http://www.garlic.com/~lynn/2009p.html#2 Opinions on the 'Unix Haters' Handbook
http://www.garlic.com/~lynn/2009p.html#17 U.K. lags in information security management practices
http://www.garlic.com/~lynn/2009p.html#23 Opinions on the 'Unix Haters' Handbook
http://www.garlic.com/~lynn/2009p.html#47 Opinions on the 'Unix Haters' Handbook
http://www.garlic.com/~lynn/2009p.html#51 Opinions on the 'Unix Haters' Handbook
http://www.garlic.com/~lynn/2009q.html#77 Now is time for banks to replace core system according to Accenture
Dav Vandenbroucke
wrote:
>And Volker came out and said it, 'ATMs are the only innovation of the
>financial services industry over the last 20 years'.
Even though I'm not as well known (nor as tall), I would say that
automated underwritng is another innovation. I don't deny that it
also had a hand in the current crisis, but it made getting and
refinancing a mortgage _much_ easier. Many people with good credit
are benefitting from lower interest rates than they would have been
able to get, back when it was just too much hassle and expense to
refinance most of the time.
Dav Vandenbroucke
davanden at cox dot net
Anne & Lynn Wheeler
> off-balance, etc.; the bonus/compensation from related to "profit/net"
> ... to percent of the transaction size.
re:
http://www.garlic.com/~lynn/2009r.html#35 70 Years of ATM Innovation
.. couple items from today ...
Regulators Resist Volcker Wandering Warning of Too-Big-to-Fail
http://www.bloomberg.com/apps/news?pid=20601109&sid=aDbxsIHM30H8&pos=11
and ..
Twelve-Trillion-Dollar Lessons From Saving The Fat Cats; The transfer of
wealth to Wall Street does nothing to lower unemployment, but it sure
gets stocks soaring again.
http://www.forbes.com/2009/12/15/morgan-stanley-citigroup-personal-finance-investing-ideas-goldman-sachs.html
previous (unrelated) posts in this thread ..
http://www.garlic.com/~lynn/2009q.html#78 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009q.html#81 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009r.html#4 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009r.html#10 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009r.html#16 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009r.html#20 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009r.html#21 Small Server Mob Advantage
http://www.garlic.com/~lynn/2009r.html#34 70 Years of ATM Innovation
Anne & Lynn Wheeler
> Regulators Resist Volcker Wandering Warning of Too-Big-to-Fail
> http://www.bloomberg.com/apps/news?pid=20601109&sid=aDbxsIHM30H8&pos=11
re:
http://www.garlic.com/~lynn/2009r.html#46 70 Years of ATM Innovation
'Too big to fail is one of the biggest problems we face in this
country.'
http://www.time.com/time/specials/packages/article/0,28804,1946375_1947251_1948043,00.html
a couple others
Citigroup gains huge tax break in deal with IRS
http://www.msnbc.msn.com/id/34442183/ns/business-washington_post/
from above:
I've been doing taxes for almost 40 years, and I've never seen anything
like this, atax expert says, as U.S. gives up billions to secure
repayment of TARP funds
... snip ...
Regulators to give banks Basel grace period
http://uk.reuters.com/article/idUKTOE5BF01O20091216?pageNumber=1
tv business news comment (just now) was that some Basel II capital
requirements will be delayed until mid-2020s (going on nearly 30 yrs
after initial draft). when draft Basel II came out a decade ago ... it
had a new section for "qualitative requirements" (in addition to long
standing quantitative requirements), effectively would have required
that the board demonstrate that they knew how the business operated.
then over several review cycles, the qualitative section nearly
disappeared.
and ...
Fraud prosecutions fell as crisis loomed
http://www.usatoday.com/news/washington/2009-12-15-prosecute-fraud_N.htm
misc. past posts about needing more transparency and visability
(including suspending some work on significantly increasing trade
security/integrity ... apparently because a side-effect would have also
significantly increased transparency and visability):
http://www.garlic.com/~lynn/2009b.html#35 The recently revealed excesses of John Thain, the former CEO of Merrill Lynch, while the firm was receiving $25 Billion in TARP funds makes me sick
http://www.garlic.com/~lynn/2009b.html#65 What can agencies such as the SEC do to insure us that something like Madoff's Ponzi scheme will never happen again?
http://www.garlic.com/~lynn/2009b.html#73 What can we learn from the meltdown?
http://www.garlic.com/~lynn/2009b.html#80 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#0 Audit II: Two more scary words: Sarbanes-Oxley
http://www.garlic.com/~lynn/2009c.html#1 Audit II: Two more scary words: Sarbanes-Oxley
http://www.garlic.com/~lynn/2009c.html#20 Decision Making or Instinctive Steering?
http://www.garlic.com/~lynn/2009c.html#29 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#51 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009d.html#42 Bernard Madoff Is Jailed After Pleading Guilty -- are there more "Madoff's" out there?
http://www.garlic.com/~lynn/2009d.html#47 Bernard Madoff Is Jailed After Pleading Guilty -- are there more "Madoff's" out there?
http://www.garlic.com/~lynn/2009d.html#62 Is Wall Street World's Largest Ponzi Scheme where Madoff is Just a Poster Child?
http://www.garlic.com/~lynn/2009d.html#73 Should Glass-Steagall be reinstated?
http://www.garlic.com/~lynn/2009d.html#75 Whistleblowing and reporting fraud
http://www.garlic.com/~lynn/2009e.html#15 The background reasons of Credit Crunch
http://www.garlic.com/~lynn/2009e.html#36 Architectural Diversity
http://www.garlic.com/~lynn/2009e.html#53 Are the "brightest minds in finance" finally onto something?
http://www.garlic.com/~lynn/2009e.html#56 When did "client server" become part of the language?
http://www.garlic.com/~lynn/2009f.html#45 Artificial Intelligence to tackle rogue traders
http://www.garlic.com/~lynn/2009f.html#67 Just posted third article about toxic assets in a series on the current financial crisis
http://www.garlic.com/~lynn/2009g.html#20 IBM forecasts 'new world order' for financial services
http://www.garlic.com/~lynn/2009g.html#29 Transparency and Visibility
http://www.garlic.com/~lynn/2009i.html#23 Why are z/OS people reluctant to use z/OS UNIX? (Are settlements a good argument for overnight batch COBOL ?)
http://www.garlic.com/~lynn/2009i.html#60 In the USA "financial regulator seeks power to curb excess speculation."
http://www.garlic.com/~lynn/2009j.html#12 IBM identity manager goes big on role control
http://www.garlic.com/~lynn/2009j.html#30 An Amazing Document On Madoff Said To Have Been Sent To SEC In 2005
http://www.garlic.com/~lynn/2009p.html#57 MasPar compiler and simulator
past posts mention Gramm's wife on board of Enron (and Enron's audit
committee).
http://www.garlic.com/~lynn/2009c.html#48 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#53 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#55 Who will give Citigroup the KNOCKOUT blow?
http://www.garlic.com/~lynn/2009c.html#65 is it possible that ALL banks will be nationalized?
http://www.garlic.com/~lynn/2009d.html#10 Who will Survive AIG or Derivative Counterparty Risk?
http://www.garlic.com/~lynn/2009d.html#28 I need insight on the Stock Market
http://www.garlic.com/~lynn/2009d.html#61 Quiz: Evaluate your level of Spreadsheet risk
http://www.garlic.com/~lynn/2009d.html#62 Is Wall Street World's Largest Ponzi Scheme where Madoff is Just a Poster Child?
http://www.garlic.com/~lynn/2009d.html#63 Do bonuses foster unethical conduct?
http://www.garlic.com/~lynn/2009d.html#73 Should Glass-Steagall be reinstated?
http://www.garlic.com/~lynn/2009e.html#0 What is swap in the financial market?
http://www.garlic.com/~lynn/2009e.html#13 Should we fear and hate derivatives?
http://www.garlic.com/~lynn/2009f.html#29 What is the real basis for business mess we are facing today?
http://www.garlic.com/~lynn/2009f.html#51 On whom or what would you place the blame for the sub-prime crisis?
http://www.garlic.com/~lynn/2009f.html#53 What every taxpayer should know about what caused the current Financial Crisis
http://www.garlic.com/~lynn/2009g.html#7 Just posted third article about toxic assets in a series on the current financial crisis
http://www.garlic.com/~lynn/2009g.html#33 Treating the Web As an Archive
http://www.garlic.com/~lynn/2009h.html#17 REGULATOR ROLE IN THE LIGHT OF RECENT FINANCIAL SCANDALS
http://www.garlic.com/~lynn/2009i.html#60 In the USA "financial regulator seeks power to curb excess speculation."
http://www.garlic.com/~lynn/2009j.html#30 An Amazing Document On Madoff Said To Have Been Sent To SEC In 2005
http://www.garlic.com/~lynn/2009o.html#84 Opinions on the 'Unix Haters' Handbook'
http://www.garlic.com/~lynn/2009q.html#77 Now is time for banks to replace core system according to Accenture
--
Anne & Lynn Wheeler
re:
http://www.garlic.com/~lynn/2009r.html#35 70 Years of ATM Innovation
repeal will be slightly over ten years from GLB act in '99
Bipartisan Senate Bill Would Reinstate Glass-Steagall Act
http://www.consumeraffairs.com/news04/2009/12/glass_steagall.html
from above:
"The American people shouldn't be subsidizing the risk-taking of Wall
Street traders, but that's exactly what has happened since the repeal of
Glass-Steagall,"
... snip ...
previous posts mentioning percora hearings (doing some amount of work on
html'ing transcripts of the pecora hearings) i.e. '30s senate hearings
leading up to glass-steagall:
http://www.garlic.com/~lynn/2009b.html#58 OCR scans of old documents
http://www.garlic.com/~lynn/2009b.html#59 As bonuses...why breed greed, when others are in dire need?
http://www.garlic.com/~lynn/2009d.html#62 Is Wall Street World's Largest Ponzi Scheme where Madoff is Just a Poster Child?
http://www.garlic.com/~lynn/2009d.html#73 Should Glass-Steagall be reinstated?
http://www.garlic.com/~lynn/2009d.html#77 Who first mentioned Credit Crunch?
http://www.garlic.com/~lynn/2009e.html#8 The background reasons of Credit Crunch
http://www.garlic.com/~lynn/2009e.html#23 Should FDIC or the Federal Reserve Bank have the authority to shut down and take over non-bank financial institutions like AIG?
http://www.garlic.com/~lynn/2009e.html#40 Architectural Diversity
http://www.garlic.com/~lynn/2009f.html#56 What's your personal confidence level concerning financial market recovery?
http://www.garlic.com/~lynn/2009f.html#65 Just posted third article about toxic assets in a series on the current financial crisis
http://www.garlic.com/~lynn/2009g.html#5 Do the current Banking Results in the US hide a grim truth?
http://www.garlic.com/~lynn/2009g.html#33 Treating the Web As an Archive
http://www.garlic.com/~lynn/2009h.html#22 China's yuan 'set to usurp US dollar' as world's reserve currency
http://www.garlic.com/~lynn/2009h.html#25 The Paradox of Economic Recovery
http://www.garlic.com/~lynn/2009h.html#29 Analysing risk, especially credit risk in Banks, which was a major reason for the current crisis
http://www.garlic.com/~lynn/2009i.html#40 64 Cores -- IBM is showing a prototype already
http://www.garlic.com/~lynn/2009i.html#57 In the USA "financial regulator seeks power to curb excess speculation."
http://www.garlic.com/~lynn/2009j.html#35 what is mortgage-backed securities?
http://www.garlic.com/~lynn/2009o.html#23 Opinions on the 'Unix Haters' Handbook'
http://www.garlic.com/~lynn/2009p.html#2 Opinions on the 'Unix Haters' Handbook
http://www.garlic.com/~lynn/2009p.html#20 U.K. lags in information security management practices
http://www.garlic.com/~lynn/2009p.html#25 Opinions on the 'Unix Haters' Handbook
sidd
> re:
> http://www.garlic.com/~lynn/2009r.html#35 70 Years of ATM Innovation
> http://www.garlic.com/~lynn/2009r.html#46 70 Years of ATM Innovation
>
> repeal will be slightly over ten years from GLB act in '99
>
> Bipartisan Senate Bill Would Reinstate Glass-Steagall Act
> http://www.consumeraffairs.com/news04/2009/12/glass_steagall.html
>
> from above:
>
> "The American people shouldn't be subsidizing the risk-taking of Wall
> Street traders, but that's exactly what has happened since the repeal of
> Glass-Steagall,"
>
the rollback of Glass Steagall began a loooong time ago. It was barely
alive by 1999. For a good timeline see:
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html
grey...@mail.com
Like most things in real history, step back a little and the
personalities fade in the face of pressure from insiders.
--
greymaus
.
.
...
Anne & Lynn Wheeler
> the rollback of Glass Steagall began a loooong time ago. It was barely
> alive by 1999. For a good timeline see:
> http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html
re:
http://www.garlic.com/~lynn/2009r.html#53 70 Years of ATM Innovation
a few posts from last year referring to that PBS program
http://www.garlic.com/~lynn/2008f.html#13 independent appraisers
http://www.garlic.com/~lynn/2008f.html#46 independent appraisers
http://www.garlic.com/~lynn/2008f.html#71 Bush - place in history
http://www.garlic.com/~lynn/2008f.html#97 Bush - place in history
http://www.garlic.com/~lynn/2008g.html#2 Bush - place in history
http://www.garlic.com/~lynn/2008g.html#51 IBM CEO's remuneration last year ?
http://www.garlic.com/~lynn/2008g.html#66 independent appraisers
http://www.garlic.com/~lynn/2008h.html#89 Credit Crisis Timeline
http://www.garlic.com/~lynn/2008k.html#36 dollar coins
http://www.garlic.com/~lynn/2008k.html#41 dollar coins
http://www.garlic.com/~lynn/2008l.html#67 dollar coins
http://www.garlic.com/~lynn/2008l.html#70 dollar coins
http://www.garlic.com/~lynn/2008m.html#16 Fraud due to stupid failure to test for negative
http://www.garlic.com/~lynn/2008n.html#53 Your thoughts on the following comprehensive bailout plan please
http://www.garlic.com/~lynn/2008n.html#78 Isn't it the Federal Reserve role to oversee the banking system??
http://www.garlic.com/~lynn/2008n.html#82 Fraud in financial institution
http://www.garlic.com/~lynn/2008o.html#18 Once the dust settles, do you think Milton Friedman's economic theories will be laid to rest
http://www.garlic.com/~lynn/2008o.html#19 What's your view of current global financial / economical situation?
http://www.garlic.com/~lynn/2008o.html#28 Does anyone get the idea that those responsible for containing this finanical crisis are doing too much?
http://www.garlic.com/~lynn/2008o.html#37 The human plague
http://www.garlic.com/~lynn/2008o.html#51 Why are some banks failing, and others aren't?
http://www.garlic.com/~lynn/2008p.html#8 Global Melt Down
http://www.garlic.com/~lynn/2008p.html#9 Do you believe a global financial regulation is possible?
http://www.garlic.com/~lynn/2008q.html#26 Blinkenlights
http://www.garlic.com/~lynn/2008q.html#57 Blinkenlights
http://www.garlic.com/~lynn/2008q.html#61 Blinkenlights
http://www.garlic.com/~lynn/2008r.html#58 Blinkenlights
http://www.garlic.com/~lynn/2008r.html#64 Is This a Different Kind of Financial Crisis?
http://www.garlic.com/~lynn/2008s.html#9 Blind-sided, again. Why?
http://www.garlic.com/~lynn/2008s.html#20 Five great technological revolutions
http://www.garlic.com/~lynn/2008s.html#23 Garbage in, garbage out trampled by Moore's law
http://www.garlic.com/~lynn/2008s.html#35 Is American capitalism and greed to blame for our financial troubles in the US?
http://www.garlic.com/~lynn/2008s.html#55 Is this the story behind the crunchy credit stuff?
Anne & Lynn Wheeler
another flavor:
Gramm=Leach-Bliley Act
http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act
from above:
Citicorp (a commercial bank holding company) merged with Travelers Group
(an insurance company) in 1998 to form the conglomerate Citigroup, a
corporation combining banking, securities and insurance services under a
house of brands that included Citibank, Smith Barney, Primerica and
Travelers. This combination, announced in 1993 and finalized in 1994,
would have violated the Glass-Steagall Act and the Bank Holding Company
Act of 1956 by combining securities, insurance, and banking, if not for
a temporary waiver process.[1] The law was passed to legalize these
mergers on a permanent basis.
... snip ...
and ...
The merger violated the Bank Holding Company Act (BHCA), but Citibank
was given a two-year forbearance that was based on an assumption that
they would be able to force a change in the law. The Gramm-Leach-Bliley
Act passed in November 1999, repealing the BHCA and portions of the
Glass-Steagall Act, allowing banks, brokerages, and insurance companies
to merge, thus making the Citigroup/Traveler Group merger legal.
Top Citigroup officials were allowed to review and approve drafts of the
legislation before it was formally introduced.[4]
After resigning as Treasury Secretary and while secretly in negotiations
to head Citigroup, Robert Rubin helped broker the final deal to pass the
bill.[4] He later became one of 3-CEO's that headed up CitiCorp.
... snip ...
Citigroup has often been cited as the "too big to fail" institution in
the most financial distress and the most in need of gov. bail-out.
the PBS program was somewhat more circumspect about Rubin's role in this
... possibly in part, because the program is from 2003 and predates it
all coming crashing down.
The Long Demise of Glass-Steagall
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html
from above:
After 12 attempts in 25 years, Congress finally repeals Glass-Steagall,
rewarding financial companies for more than 20 years and $300 million
worth of lobbying efforts. Supporters hail the change as the
long-overdue demise of a Depression-era relic
... snip ...
the show includes interviews with Levitt (SEC Chairman) ... Levitt
mentioned in this periodically cited reference:
Greenspan Slept as Off-Books Debt Escaped Scrutiny
http://www.bloomberg.com/apps/news?pid=20601109&refer=home&sid=aYJZOB_gZi0I
from above:
That same year Greenspan, Treasury Secretary Robert Rubin and SEC
Chairman Arthur Levitt opposed an attempt by Brooksley Born, head of
the Commodity Futures Trading Commission, to study regulating
over-the-counter derivatives. In 2000, Congress passed a law keeping
them unregulated.
... snip ..
Other news articles have Gramm's wife becoming head of CFTC until
Gramm's success in legislation that exempted the regulation ... and then
leaves to join Enron's board and also member of their audit committee.
recent story about SEC during the height of the problems leading up
to the current situation:
Fraud prosecutions fell as crisis loomed
http://www.usatoday.com/news/washington/2009-12-15-prosecute-fraud_N.htm
misc. past posts mentioning news reference to Rubin &/or Levitt
http://www.garlic.com/~lynn/2009c.html#53 How to defeat new telemarketing tactic
http://www.garlic.com/~lynn/2009c.html#65 is it possible that ALL banks will be nationalized?
http://www.garlic.com/~lynn/2009d.html#10 Who will Survive AIG or Derivative Counterparty Risk?
http://www.garlic.com/~lynn/2009d.html#16 The Formula That Killed Wall Street
http://www.garlic.com/~lynn/2009d.html#18 HSBC is expected to announce a profit, which is good, what did they do differently?
http://www.garlic.com/~lynn/2009d.html#28 I need insight on the Stock Market
http://www.garlic.com/~lynn/2009d.html#42 Bernard Madoff Is Jailed After Pleading Guilty -- are there more "Madoff's" out there?
http://www.garlic.com/~lynn/2009d.html#61 Quiz: Evaluate your level of Spreadsheet risk
http://www.garlic.com/~lynn/2009d.html#62 Is Wall Street World's Largest Ponzi Scheme where Madoff is Just a Poster Child?
http://www.garlic.com/~lynn/2009d.html#63 Do bonuses foster unethical conduct?
http://www.garlic.com/~lynn/2009d.html#73 Should Glass-Steagall be reinstated?
http://www.garlic.com/~lynn/2009e.html#0 What is swap in the financial market?
http://www.garlic.com/~lynn/2009e.html#13 Should we fear and hate derivatives?
http://www.garlic.com/~lynn/2009e.html#23 Should FDIC or the Federal Reserve Bank have the authority to shut down and take over non-bank financial institutions like AIG?
http://www.garlic.com/~lynn/2009e.html#35 Architectural Diversity
http://www.garlic.com/~lynn/2009f.html#29 What is the real basis for business mess we are facing today?
http://www.garlic.com/~lynn/2009f.html#51 On whom or what would you place the blame for the sub-prime crisis?
http://www.garlic.com/~lynn/2009g.html#7 Just posted third article about toxic assets in a series on the current financial crisis
http://www.garlic.com/~lynn/2009g.html#33 Treating the Web As an Archive
http://www.garlic.com/~lynn/2009h.html#17 REGULATOR ROLE IN THE LIGHT OF RECENT FINANCIAL SCANDALS
http://www.garlic.com/~lynn/2009i.html#60 In the USA "financial regulator seeks power to curb excess speculation."
http://www.garlic.com/~lynn/2009o.html#84 Opinions on the 'Unix Haters' Handbook'
http://www.garlic.com/~lynn/2009q.html#77 Now is time for banks to replace core system according to Accenture
--
Anne & Lynn Wheeler
> html'ing transcripts of the pecora hearings) i.e. '30s senate hearings
> leading up to glass-steagall:
re:
http://www.garlic.com/~lynn/2009r.html#53 70 Years of ATM Innovation
as previously mentioned, last spring ... I had been asked to do
something with the scans of the tens of thousands of pages of Pecora
hearing transcripts ... anticipating that something similar might go on
... but then nothing seemed to happen. however, somebody wanted a recent
reminder of this article from a year ago ...
http://www.nytimes.com/2009/01/06/opinion/06chernow.html?_r=1
misc other posts in this thread:
http://www.garlic.com/~lynn/2009q.html#78 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009q.html#81 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009r.html#4 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009r.html#10 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009r.html#16 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009r.html#20 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009r.html#34 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009r.html#35 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009r.html#46 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009r.html#47 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009r.html#60 70 Years of ATM Innovation
http://www.garlic.com/~lynn/2009r.html#61 70 Years of ATM Innovation