Faculty in the News - Archive
Wednesday, October 1, 2008Professor Michael GreenbergerArtvoice.com
– In the last decade, deregulation has led to soaring prices of commodities such as corn and oil, and lawmakers and financial experts place the blame on their counterparts who pushed for deregulation and the large financial institutions that exploited it. Michael Greenberger, JD, a professor at the School of Law and a former director at the U.S. Commodity Futures Trading Commission, said commodities markets are "as important to understand and regulate as the securities and debt markets are."
Tuesday, September 30, 2008Professor Michael GreenbergerThe Philadelphia Inquirer, TradingMarkets.com
– The latest victim of the subprime mortgage crisis, faltering Wachovia Bank was bought by Citigroup for $2.16 billion, creating one of the nation’s largest banks. Michael Greenberger, JD, professor at the School of Law and a former director at the Commodity Futures Trading Commission, said "the thesis, at least as far as the market is concerned, is that the combined institution will be better off than the two apart."
Tuesday, September 30, 2008Professor Michael GreenbergerFortune magazine
– Privately traded derivatives contracts known as ‘credit default swaps’ (CDS) now comprise a $55 trillion market, and experts say CDS which are out of bounds for government regulators are at the heart of the current financial crisis. Michael Greenberger, JD, professor at the School of Law and a former director at the Commodity Futures Trading Commission, said "if CDS had been taken out of play, companies would've said, ‘I can't get this [risk] off my books.’" Greenberger added: "If they couldn't keep passing the risk down the line, those guys would've been stopped in their tracks. The ultimate assurance for issuing all this stuff was, ‘It's insured.’"
Tuesday, September 30, 2008Professor Robert PercivalEarth News
– Ecuador has become the first country to approve a constitution that, among other reforms, recognizes certain inalienable rights for nature. Expect the Rights of Nature approach to face a test in Ecuador, says Robert Percival, JD, MA, professor and director of the School of Law’s Environmental Law Program. "The constitution outlines broad principles, and what impact they will have depends on how they are treated by the president, the legislature, and the courts," Percival said in an interview. "Certainly, a number of courts have taken very vague environmental provisions and used them as justification for intervention in environmental matters. This constitution goes even further by offering much more extensive and explicit provisions, but it will still require action by the president, lawmakers, and the courts to implement."
Monday, September 29, 2008Professor Michael GreenbergerWTOP Radio (103.5 FM, Washington, D.C.)
– As Congress takes up the financial bailout plan, taxpayers want to know how much of the massive cost they will be forced to shoulder, and what government can do to make sure this disaster doesn’t happen again. Michael Greenberger, JD, a professor at the School of Law and a former director at the Commodity Futures Trading Commission, said "There were a lot of very complex instruments that were providing extreme risks that weren’t properly calculated by the banks, the insurance companies, and the hedge funds that were dealing with this. Those risky instruments need to be brought under regulation and there needs to be protections for the public."
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