YouSaid · the spoken record

Arthur Levitt

lines on the record
66
first
2015-07-31
most recent
2015-07-31
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1
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podcast

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  1. “So the alternative is hey, you don't have to have FDIC insurance. If you're that confident that your reputation is that good, see how far it goes, or spin out those separate hedge funds and other entities. And it seems all the banks actually have done that.”

    2015-07-31 · Masters in Business · Former SEC Chairman Arthur Levitt: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “You're listening to masters in business on Bloomberg Radio, a special edition focusing on regulation during the fifth year anniversary of the Dodd-Frank legislation and who better to speak to about this than my guest, former SEC chairman, Arthur Levitt. Before the break, we were talking a little bit about the Volcker rule. And for people who are not familiar with the Volcker rule, it bans taxpayer insured banks from making speculative bets with their own money. And I think we both agree that's a reasonable thing to do.”

    2015-07-31 · Masters in Business · Former SEC Chairman Arthur Levitt: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “So Arthur, in the last minute we have, what is the alternative to something like Dodd-Frank? What could have Congress done in its stead?”

    2015-07-31 · Masters in Business · Former SEC Chairman Arthur Levitt: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “So here we are. We have Dodd-Frank 80% in place. It's not quite fully in place. We have the Volcker rule taking effect. If we didn't pass legislation such as Dodd-Frank, what sort of alternatives do we have? And do you want to address, you raised an interesting point. I shouldn't let slip. How significant isn't that Congress didn't pass this themselves the rules, but handed it off to a committee rather than do what used to be considered their jobs.”

    2015-07-31 · Masters in Business · Former SEC Chairman Arthur Levitt: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “And here we are five years after Dodd-Frank was put into effect. And literally this week that you and I are sitting here having this conversation was the rollout of the Volcker rule. Why did it take five years for something as obvious as, hey, if you're federally insured, if the FDIC guarantees your depositors, you can't speculate with insured capital, why did it take so long for that to take place?”

    2015-07-31 · Masters in Business · Former SEC Chairman Arthur Levitt: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “So let's talk about that exactly. This month is the fifth year anniversary of the legislation being passed. It's still a work in progress. There are still things that have to be put into effect. What has been the positive consequences of Dodd-Frank? And what are some of the negatives?”

    2015-07-31 · Masters in Business · Former SEC Chairman Arthur Levitt: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “You're listening to Masters in Business on Bloomberg Radio, my special guest for this special episode about the pros and cons of financial regulation is Arthur Levitt, former chairman of the SEC. And I want to take the other side of an argument from you. You said earlier the crash in 08 taught everybody to write lessons and people would learn from that. But isn't the history of Wall Street and the history of finance that they burned their hand and they go ouch for a little while? And then a few years later, it's all forgotten. Think back to the nifty 50, what took place in the 60s and 70s. Think back to the dot-com collapse in 2000. None of these episodes are hidden. It's all there. No one seems to want to learn from history.”

    2015-07-31 · Masters in Business · Former SEC Chairman Arthur Levitt: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Put a gun to Congress's head. So we have the Commodity Futures Modernization Act. We have the repeal of Glass Steagle. And then you said comes 2008. Now, did it take a full-blown financial crisis to make people rethink regulation? Or was this something that was just eventually going to bite us in the behind and we had to do something?”

    2015-07-31 · Masters in Business · Former SEC Chairman Arthur Levitt: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “And if I recall correctly, the travelers city court merger was sort of presented to Congress as a fait accompli, and either you repeal Glasteagle or we have to unwind this big merger.”

    2015-07-31 · Masters in Business · Former SEC Chairman Arthur Levitt: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Fascinating. So we have Finance Royalty. So we're here. It's the fifth anniversary of Dodd-Frank. There have been lots of things happening in the world of financial regulation, all sorts of interesting things. And I thought you would be the perfect person to have a conversation about this with. So let's begin with what came before this era. When we look at the period before you became SEC chair and after, we were really in a period of fairly robust deregulation. We saw the repeal of Glass Steagle, we saw the passage of the commodities modernization act which really allowed derivatives to be freely traded without any sort of regulatory oversight. In fact, the general Sense of that era of the nineteen eighties and nineteen nineties was less regulation was better. Is that a fair assessment?”

    2015-07-31 · Masters in Business · Former SEC Chairman Arthur Levitt: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Wow, fascinating. And you come from a family. Of people who have served the finance industry. Your dad was also one of the longest serving New York State Comptrollers, right? He was in the job for...”

    2015-07-31 · Masters in Business · Former SEC Chairman Arthur Levitt: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “So, for those of you who somehow may not be familiar with, With Chairman Levitt, he ran a brokerage firm back in the early 60s called Carter Berlin& Weil with a young whippersnapper named Sandy Weil in 1978. He was chairman of the American Stock Exchange. In 1989, he became chairman of the New York City Economic Development Corporation, and in 1993 he was appointed chairman of the SEC by President Clinton. And I recall you once telling me that you found out you were up for the position, that you had gotten the position by reading about it in the Wall Street Journal.”

    2015-07-31 · Masters in Business · Former SEC Chairman Arthur Levitt: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Welcome to Masters in Business on Bloomberg Radio. Today we have a very special guest. Our show today is all about regulation as we just passed the fifth anniversary of the Dodd-Frank legislation. My guest today is the 25th and longest serving chairman of the SEC. Arthur Levitt, he ran the agency from 1993 to 2001. I'm sure you're familiar with his works. He is our first returning guest on masters in business. Arthur, welcome back to the show.”

    2015-07-31 · Masters in Business · Former SEC Chairman Arthur Levitt: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “And significant to what goes on to the day-to-day workings of the markets. So who better than a conversation with Arthur Levitt about regulation in America?”

    2015-07-31 · Masters in Business · Former SEC Chairman Arthur Levitt: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “This week on Masters in Business on Bloomberg Radio, I have a very special edition. It is the fifth anniversary of Dodd-Frank, and I thought, what better time than right now to have a thoughtful conversation about regulation and the perils of deregulation and the perils of excess regulation than with former SEC chairman Arthur Levitt? There are few people who know as much about the ins and outs of the stock market and the regulatory apparatus that sit on top of it, as well as the politics and all of the various nuances that go with regulating one of the largest, most robust financial systems in the world. And so Arthur and I had a wide-ranging conversation. We covered everything from Dodd-Frank to the Volcker rule.”

    2015-07-31 · Masters in Business · Former SEC Chairman Arthur Levitt: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source

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    2015-07-31 · Masters in Business · Former SEC Chairman Arthur Levitt: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source