2008 Financial Crisis 2008 Financial Crisis – Index The Global Economic & Financial Crisis: A Timeline, by Mauro F. Guillén – 96p the92ers.com/content/confederacy-dunces Economic Stabilization Act of 2008 (P.L. 110-343): Allowed the Secretary of the Treasury to purchase and insure “troubled assets” to help promote the strength of the economy and financial system. The act established…

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Paul Volcker 1979-1987 – Federal Reserve, Chair, August 1979 to August 1987 2009-2011 – Economic Recovery Advisory Board, Chair, February 2009 until January 2011. Volcker Rule fraser.stlouisfed.org/archival-collection/paul-a-volcker-papers-5297 volckeralliance.org/profiles/paul-volcker 2015 – Volcker Alliance – Prior Proposals to Consolidate Federal Financial Regulators – 188p National Commission on the Public Service Report of the National Commission on the…

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2022 0908 – GOV (Senate) – Current Issues in Insurance – SandBox   0-5:40 SB Life Insurance in the event of a tragedy. NAIC. FIO to promote National Coordination in the Sector. International. Keeping people’s hard earned money safe. Lockheed / Athene / Private Eqity firm Apollo. People are nervous.  PE into Insurance and other…

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OTS – Office of Thrift Supervision AIG – OTS – Office of Thrift Supervision 2008 – Financial Crisis Michael Finn – Northeast Regional Director, Office of Thrift Supervision Clarence Lee – Former Managing Director, Office of Thrift Supervision ->Complex and International Organization Scott Polakoff John Reich, Former Director of Office of Thrift Supervision Universal Life…

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Accounting Fair Value Accounting GAAP – Generally Accepted Accounting Principles Mark to Market Accounting SAP – Statutory Accounting Principles IAS – international accounting standards for insurers “natural reserve theory” AICPA – American Institute of Certified Public Accountants The CPA letter FASB – Financial Accounting Standards Board IFRS – International Financial Reporting Standards IASB – International…

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Run on the Bank A bank run is the sudden withdrawal of deposits of just one bank. A banking panic or bank panic is a financial crisis that occurs when many banks suffer runs at the same time, as a cascading failure. In a systemic banking crisis, all or almost all of the banking capital in a country is wiped out; this can…

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TARP – Troubled Asset Relief Program TARP – MEDIA 2009 0408 – WSJ – U.S. to Offer Aid to Life Insurers: Firms Face Capital Crunch; How Much They Will Get From TARP Remains Unclear, By Scott Patterson, Deborah Solomon and Leslie Scism – [link] Shares of life insurers have fallen more than 40% this year. Their…

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COP – Congressional Oversight Panel COP – Index Start – 2008 1126 End –  COP – Reports COP – June 2010 Report – Snippets cybercemetery.unt.edu///cop.senate.gov/ Firefox, not Chrome cybercemetery.unt.edu///frbny-documents.pdf cybercemetery.unt.edu////aig-documents.pdf congress.gov/committee/congressional-oversight-panel/jocp00 wikipedia.org///Congressional_Oversight_Panel_(COP) CSPAN – COP – Troubled Asset Relief Program Oversight Panel – [link] senate.gov/general/common/generic/COP_redirect.htm The Congressional Oversight Panel (COP) was a bipartisan organization that…

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Private Right of Action 2004 – LR – PSLRA, SLUSA, and Defrauded Retirement Investors: Overlooked Side Effects of a Potent Legislative Medicine, by Michael J. Borden  —  [BonkNote]  A regulator pointed out that a provision for a private cause of action is a major departure from NAIC policy, and after extensive discussion, the working group…

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2000-1 (p117) – ATTACHMENT FIVE – Suitability of Sales of Life Insurance and Annuities – Draft March 15, 2000 Separate Accounts Working Group – Chicago, Illinois – March 13, 2000 (p77) – Ron Panneton (National Association of Insurance and Financial Advisors—NAIFA) said this discussion reminded him of a similar discussion the Life Disclosure Working Group…

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