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Opinion Pieces

2019

How Business Schools Can Help Restore Trust in CapitalismPDF  Harvard Business Review  |  September 3, 2019

2018

Fix the regulatory flaws in our fragile financial system, or risk another crisisCity A.M. | June 12, 2018

Risks Grow as Reform Resolve Disappears, 2018 Global Public Investor, Official Monetary and Financial Institutions Forum  

Financial crises, corporate scandals and blind spots: who is responsible?, London School of Economics Blog | January 25, 2018

2017

Why Financialized Corporate Governance Works Poorly, The Harvard Law School Forum on Corporate Governance and Financial Regulation | August 9, 2017

2016

In Banking It’s All Other People’s MoneyThe Washington Post | April 22, 2016   PDF

The Financial System Remains Too Fragile, Too Distorted, Too Dangerous, New York Times Room for Debate | April 14, 2016

2015

Where's the Courage to Act on Banks?, Bloomberg View | October 12, 2015 PDF

Designing and Enforcing Effective Financial Regulation, International Banker | May 25, 2015 PDF

2014

The Fed Is Failing to Encourage the Right Investments, New York Times Room for Debate | October 27, 2014

A Reckless Banking Industry is a Drag on the Economy (with Martin Hellwig), Financial Times | September 12, 2014

The Government Let Banks Have Too Much Debt and Not Enough Equity, New York Times Room for Debate | May 20, 2014

Immensity Undermines Responsibility, New York Times Room for Debate | January 12, 2014

2013

Tarp's legacy is disturbing – the bank bailout five years later, The Guardian | October 2, 2013 PDF

Higher equity level for banks not such a bitter pill, Financial Times | September 16, 2013 PDF

Five Years of Financial Non-Reform, Project Syndicate | September 13, 2013 PDF

We’re All Still Hostages to the Big Banks, New York Times | August 25, 2013 PDF

Too Much Equity? In Anything, Brown-Vitter Asks Too Little, American Banker | June 24, 2013 PDF

Letter: Banks are not a special case on debt-equity ratio (with Martin Hellwig), Financial Times | May 20, 2013 PDF

The Emperors of Banking Have No Clothes (with Martin Hellwig), The Globalist | March 19, 2013

Don’t Trust These Bankers Who Want to Raise the Speed Limit (with Robert Jenkins), The Independent | March 15, 2013

Gutting Regulation May Help the Banker, But Harm Society, American Banker | March 8, 2013

Must Financial Reform Await Another Crisis? (with Martin Hellwig), Bloomberg View | February 6, 2013 PDF

The Case Against Banking’s Case for Less Capital (with Martin Hellwig), Bloomberg View | February 5, 2013 PDF

Emperors of Banking Have No Clothes (with Martin Hellwig), Bloomberg View | February 4, 2013 PDF

2012

The Great Bank Escape, Project Syndicate | December 31, 2012 PDF

What Obama Should Do Now: Make the Financial System Safer, The Washington Post | November 9, 2012 PDF

Why the Bank Dividends are a Bad Idea, Reuters | March 14, 2012 PDF

More bank equity serves us all better (with Neil Barofsky), Financial Times | March 6, 2012 PDF

2011

Easing capital rules would lead banks away from vital lending, Financial Times | August 23, 2011 PDF

Greenspan’s reasoning on ‘excessive’ equity is misleading (with 19 academics), Financial Times | August 2, 2011

Beware of Banks’ Flawed Focus on Return on Equity, New York Times DealBook | July 25, 2011 PDF

An Open letter to JPMorgan Chase Board of Directors, Reuters | June 14, 2011 PDF

Battle to Regulate Banks Has Just Begun/Global Level Playing Field Arguments are Invalid (with Martin Hellwig), Financial Times | June 3 & June 7, 2011

Rethinking how banks create value, FS Focus Magazine | June 2011

Containing the Debt Crisis, New York Times Room for Debate | May 24, 2011

Stock Market Sensitivities, New York Times Room for Debate | April 18, 2011

Fed Runs Scared with Boost to Bank Dividends, Bloomberg | Febuary 24, 2011 PDF

Only recapitalized banks should pay dividends (with 16 academics), Financial Times | February 15, 2011

Banks Need to Generate Investor Value without Subsidies, Financial Times | February 9, 2011

Address Excessive Leverage, New York Times Room for Debate | January 31, 2011

Excessive bank dividends drain the system of essential capital Financial Times | January 28, 2011

Dividends Can Wait Until Banks are Stronger Financial Times | January 19, 2011

2010

Bankruptcy is Not an Option, New York Times Room for Debate | December 8, 2010

What Jamie Dimon Won't Tell You, Huffington Post | December 4, 2010 PDF

Highly leveraged lenders inflict great suffering on society, Financial Times | Deember 2, 2010 PDF

Healthy banking system is the goal, not profitable banks (with 19 academics), Financial Times | November 9, 2010 PDF

How the U.S. Air Force fought suicide, and we can, too, Palo Alto Weekly | April 23, 2010