How to change too-big-to-fail ethic?

Philadelphia Inquirer by Harold Brubaker | Oct. 26, 2009 (News Report)

Thirty years ago, the biggest bank in Philadelphia was in deep trouble because of a bad bet on interest rates.

First Pennsylvania, then the oldest bank in the nation, had invested heavily in long-term government securities paying fixed rates of interest. When Paul Volcker, then the chairman of the Federal Reserve, raised interest rates in 1978 to fight inflation, the bank was crushed; it had to pay more to borrow than it earned on the bonds. Full Story »

Posted by Derek Hawkins

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Subjects: U.S., Business
Topics: U.S. Economy, Finance
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# Tweets: 3 (as of 2009-10-26)
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Posted by: Posted by Derek Hawkins - Oct 26, 2009 - 8:18 AM PDT
Reviewed by: Derek Hawkins (review)
Content Type: Article
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Edited by: Derek Hawkins - Oct 26, 2009 - 8:20 AM PDT
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 by Derek Hawkins - Oct. 26, 2009
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