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STANFORD GRADUATE SCHOOL OF BUSINESS — Believers in free market capitalism were appalled when the U.S. government spent $82 billion to bail out General Motors and Chrysler. But the money was well spent, saving an important U.S. industry and averting a national economic catastrophe, asserted the Obama administration’s former auto czar. Steven Rattner, the Wall [...]

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STANFORD GRADUATE SCHOOL OF BUSINESS — In a forthcoming book, Stanford Graduate School of Business finance expert Darrell Duffie goes behind the scenes to describe the financial network of incentives and financial contracts that lead to run-on-the-bank calamities during the financial crisis of 2007-2009. He argues that success in placing the global financial system on [...]

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A few months after Kenneth Chenault assumed the CEO chair at American Express Co., the Sept. 11, 2001 terrorist attacks destroyed the Twin Towers, damaging the company’s headquarters across the street in lower Manhattan. Eleven American Express employees lost their lives, and dozens more lost family members, friends, and loved ones. The company, along with [...]

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“Our prosperity depends on innovative thinking. Instead of bailing out behemoths that are ‘too big to fail,’ we must remember that mom-and-pop businesses, garage start-ups, and small ventures are the reason we succeed.” – Amy Wilkinson, MBA ’02, blogging in USA Today. She was a public policy scholar at the Woodrow Wilson Center until August [...]

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California “requires retailers to purchase beer and wine from single sources, i.e., monopolies that set prices and delivery schedules. . . . We do not need bailouts. What we need is bail to set us free from the overabundance of laws that bind and imprison us in inefficient, arcane, inequitable and costly regulatory constraints and [...]

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Nobel Laureate and GSB professor emeritus William Sharpe told an audience at Stanford that they shouldn’t place too much weight on what financial experts predict. In a darkly funny discussion on the current financial crisis, Sharpe reminded the audience that “Financial people did what financial people do. They took a lot of risks so if [...]

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Professor Darrell Duffie argues that redesigning the U.S. financial system after the current financial crisis will focus on creating financial stability. “Most of us thought we had it, but we did not,” he notes.

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Panel discussion ran the gamut from how the U.S. got into this mess; how this crisis fits in with past credit crises; and whether the financial sector is really sufficiently “different’’ than the rest of the economy to warrant a $700 billion rescue courtesy of the American taxpayer.

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Business School Finance Professor Darrell Duffie discusses the effects of having the country’s two largest mortgage finance companies placed into conservatorship and what it means for taxpayers and the economy.

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