Author: Squam Lake Working Group on Financial Regulation
This Squam Lake Working Group Paper endorses legislation that would give authorities the necessary powers to effect an orderly resolution of large complex financial institutions. As part of this authority, every such institution should be required to create "living wills" that would help authorities address the difficulties that might arise in a resolution.
With Wall Street careening from one crisis to the next, financial institutions focus on drawing a line to stanch the bleeding. A broader debate over systemic medicine has also kicked into gear, with talk of major reforms in store for the financial sector.
Authors: Scott D. Dyreng, Michelle Hanlon, and Edward L. Maydew
Scott D. Dyreng, Michelle Hanlon, and Edward L. Maydew say they have developed a measure to investigate the extent to which some firms are able to avoid taxes over periods as long as ten years, and how predictive one-year tax rates are for tax avoidance in the long run.
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