The Federal Reserve should lose its authority to bail out big, failing financial firms like AIG and Bear Stearns under proposed reforms aimed at limiting the collateral damage from such failures, U.S. Treasury Secretary Timothy Geithner said. Geithner added in this video from the Wall Street Journal that the bankruptcy code should be the primary tool for failing financial institutions, but there might be some cases where a bail out would be necessary.
It's been a little over a year since the markets and economy imploded, resulting in massive layoffs in financial services. So what have some former financial workers been doing with their time?
While many financial firms have been forced to budget and manage on a quarter-to-quarter basis during the financial crisis, successful information technology managers have been able to plan and manage with view to long term objectives.
Are Life Settlement Securities the next toxic asset? Less than one year after the credit crisis, firms such as Goldman Sachs, Credit Suisse and JP Morgan are creating life settlement securities which are made by repackaging thousands of life insurance policies into tradable securities.
Allianz Global Investors' three investment management companies will soon run on a single platform maintained by a tiny 33-person IT team that is managed by Steve Rapp, managing director and CTO.
The 401(k) is not working for millions of Americans. In fact, the 401(k) was originally created by Congress as a tax dodge for executives, not as the primary investment retirement vehicle for half of the country's workers.