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Fallacies, Irrelevant Facts, and Myths in the Discussion of Capital Regulation: Why Bank Equity is Not Expensive

Anat R. Admati, Peter M. DeMarzo, Martin R. Hellwig, and Paul Pfleiderer, August 2010, Rock Center for Corporate Governance at Stanford University Working Paper No. 86, Stanford Graduate School of Business Research Paper No. 2065.

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News

• "JPMorgan was warned risk management not up to task," Reuters, May 15, 2012
• "Breaking Up Four Big Banks," by Simon Johnson, The New York Times, May 10, 2012
• "Rules for Bank Capital Still Broken After Four Years," by the Editors, Bloomberg View, May 6, 2012
• "Mexico Balks at Fed Proposal," by Victoria McGrane, The Wall Street Journal, May 1, 2012 (PDF available here)
• "Bair urges Fed to get tough on big banks," by Dave Clark, Reuters, April 4, 2012
• "Committee to Save World Repudiated by Successors," by Ian Katz, Bloomberg, March 23, 2012
• "Experts Rip Bank Stress Tests, Dividend Increases," by Dan Weil, Money News, March 16, 2012
• "Citi Rejection Stings Pandit," by Robin Sidel, Dan Fitzpatrick and Victoria McGrane, The Wall Street Journal, March 15, 2012 (PDF available here)
• "Questions as Banks Increase Dividends," by J.B. Silver-Greenberg, The New York Times, March 14, 2012
• "15 of 19 Big Banks Pass Fed's Latest Stress Test," by Peter Eavis and J.B. Silver-Greenberg, The New York Times, March 13, 2012
• "Fed Shrugged Off Warnings, Let Banks Pay Shareholders Billions," by Jesse Eisinger, ProPublica, March 2, 2012
• "Opening Up the Fed," by Simon Johnson, Economix column, New York Times, February 23, 2012
• "Banks Lobbied to Widen Volcker Rule Before Inciting Foreigners Against Law," by Yalman Onaran, Bloomberg, February 23, 2012 
• "Prize essay urges watchdog independence," by Brooke Masters, Financial Times, February 9, 2012 (subscription required to access). Related story from International Centre for Financial Regulation available here 
• "Stability, market function in focus of debates over SIFI resolution, Volcker Rule," by Julie DiMauro and Stuart Gittleman, Thomson Reuters Accelus, Jan. 25, 2012.
• "The future of banking: Hunt for a common front," by Patrick Jenkins, Brooke Masters, and Tom Braithwaite, Financial Times, Sept. 7, 2011 (subscription required to access)
• "The Banking System is Dangerous; We Are Likely to Fall for Another Nightmare," by Uri Fsovsky, Calcalist [original text in Hebrew], September 1, 2011 (Click here for a rough, informal translation)
• "What Warren Buffet wants..." by Sally Herships, Marketplace from American Public Media, August 25, 2011. Listen to the podcast
• "Warren Buffett's Bank of America Investment Shows Faith in Government Support, Experts Say," by William Alden, Huffington Post, August 25, 2011
• "Learning to Live with Debt," by Floyd Norris, New York Times, August 4, 2011
• "Greenspan Is Wrong on Bank Equity Rules, Economists Argue in FT", by Alan Purkiss, Bloomberg, August 1, 2011
• "Time to Go it Alone and Bolt from Basel?" by Barbara A. Rehm, American Banker, July 27 2011
• "Stanford Professor Not Buying Whining About Bank Equity Requirements," by Matt Levine, Dealbreaker, July 26, 2011
• "A Year After Dodd-Frank, Too Big to Fail Remains Bigger Problem Than Ever," by Shahien Nasiripour, Huffington Post, July 20, 2011
• "Regulatory Reform: A Disappearing Act?" by Tom Braithwaite and Aline van Duyn, Financial Times, July 20 2011
• "Basel III Capital Rules Too Low, Says Turner," by Brooke Masters and Tom Braithwaite, Financial Times, March 16, 2011 Commentary

Commentary and Letters

April 2012

• "Telling Strength From Weakness," by Gretchen Morgenson, The New York Times, April 28, 2012
• "Bloomberg on the Economy," interview with Anat Admati, by Mike McKee and Sara Eisen, April 17, 2012

March 2012

•  "Federal Reserve Stress Tests Make Us All Muppets," by Simon Johnson, Bloomberg View, March 18, 2012
• "15 of 19 Big Banks Pass Fed's Latest Stress Test," by Peter Eavis and J.B. Silver-Greenberg, The New York Times, March 13, 2012
• "Fed Shrugged Off Warnings, Let Banks Pay Shareholders Billions," by Jesse Eisinger, ProPublica, March 2, 2012

February 2012

• "Opening Up the Fed," by Simon Johnson, Economix column, New York Times, February 23, 2012
• "Liquidity-Versus-Capital-Debate Divides Stanford," by Simon Johnson, Bloomberg View, February 19, 2012
• "Case is Strong for Capital Additions," by Joseph V. Rizzi, American Banker, Feb 16 2011
• The Tuesday Podcast: Can We Create Banks We Love?, NPR Planet Money, February 7, 2012
• "The Financial Services Roundtable Has No Clothes," by Simon Johnson, Bloomberg View, February 5, 2012

January 2012

• "Enough Complaining: The banks are running out of excuses against a higher capital ratio," by Uta Harnischfeger, Financial Times Germany, January 24, 2012

December 2011

• "Real Reasons That Bankers Don’t Like Basel Rules: Clive Crook", by Clive Crook, Bloomberg View, December 20, 2011

November 2011

• Lessons in Lobbying, Speech by Robert Jenkins, At the third Gordon Midgley Memorial Debate, London, November 22, 2011

October 2011

• Change Bank Pay Now - BoE's Jenkins,by Robert Jenkins, Reuters UK, October 31, 2011

September 2011

• "Banking Rules Are in the Interest of Americans," by Simon Johnson, New York Times "Room for Debate," September 28, 2011
• "View: Dimon Is Wrong About Bank Rules," by the Editors, Bloomberg View, September 21, 2011
• "The Banking System is Dangerous; We Are Likely to Fall for Another Nightmare", by Uri Fsovsky, Calcalist [original text in Hebrew], September 1, 2011 (Click here for a rough, informal translation)

August 2011

• "More Transparent Bank Stress Tests Are Needed," Economix column by Simon Johnson, New York Times, August 25, 2011
• "Easing capital rules would lead banks away from vital lending," letter to the editor by Anat Admati, Financial Times, August 23, 2011
• "Greenspan's reasoning on 'excessive' equity is misleading," text of Letter to the Editor signed by 20 academics, Financial Times, August 2, 2011
• "Admati on Financial Regulation," downloadable podcast interview with EconTalk host Russ Roberts (approx. 1 hour), August 1, 2011

July 2011

• "Low Bank Capital Is Next Fiscal Crisis," commentary by Simon Johnson, Bloomberg View, July 31 2011
• "The Malevolent Ex-Maestro," opinion column by Paul Krugman, New York Times, July 30, 2011
• "Anat Admati: 'The next crisis will happen sooner rather than later, we're not safer and there's still a lot of systemic risks in large banks and in the financial sector overall,'" by Shahien Nasiripour, InvestmentWatch blog, Jul 21, 2011
• "A Year After Dodd-Frank, Too Big to Fail Remains Bigger Problem Than Ever," by Shahien Nasiripour, Huffington Post, July 20, 2011
• "Regulatory Reform: A Disappearing Act?" by Tom Braitgwaite and Aline van Duyn, Financial Times, July 20 2011
• "The More Bank Capital, the Safer the Bank: We Need Buffers to Protect Taxpayers and the Financial System," op ed by John Cochrane, Wall Street Journal, July 15, 2011
• "Are Bank Examiners to Blame for Slow Job Growth?" by Simon Johnson, Economix blog, New York Times, July 14, 2011
• "More Equity, Less Risk," by Tim Harford, Financial Times, July 2, 2011
• "Banks Can Raise More Capital," op ed by David Miles, Wall Street Journal Europe edition, July 1, 2011. (See also the unedited text of this piece, "Where Will the Extra Bank Capital Come From?")

June 2011

• "How Not to Measure a Business," by John Kay, Financial Times, June 22 2011
• "Nocera vs Sorkin, Bank Capital Edition," by Felix Salmon, Reuters blog, June 21, 2011
• "Banking's Moment of Truth," op ed by Joe Nocera, New York Times, June 20, 2011
• "Tarullo's Capital Idea," Wall Street Journal editorial, June 16, 2011
• "Why the Sign Must Say: No UBS in the USA," by Thomas Hoenig, Financial Times, June 16 2011
• 'JPMorgan Seeks Halt to New Capital Rules,' by Tom Braithwaite, Financial Times, June 16, 2011
• 'The Big Banks Fight On,' by Simon Johnson, Economix blog, New York Times, June 15, 2011
• '6 Fallacies, Myths and Irrelevant Facts Bankers Want You to Believe,'S.L. Mintz, Bnet , June 15, 2011
• 'Two Views on Bank Rules: Salvation and Jobkillers,' New York Times Dealbook blog by Andrew Ross Sorkin, June 14, 2011
• 'Jamie Dimon's Faulty Capital Requirement Math,' op ed by Simon Johnson, Bloomberg View, June 9, 2011
• "Stanford Business School Professor Anat Admati Named to FDIC Systemic Resolution Advisory Committee," press release posted on San Francisco Chronicle online, June 8, 2011
• 'Attention investors: capitalism needs your help,' letter to the editor by Robert Jenkins, CEO, Combinatorics Capital, in response to June 3 op-ed in Financial Times by Anat Admati, June 7, 2011.
• 'Radicals are Right to Take on the Banks,' op-ed by Sebastian Mallaby in Financial Times, June 7, 2011
• 'Global 'Level-Playing-Field' Arguments are Invalid,' and 'Battle to Regulate Banks has just Begun,' by Anat Admati and Martin Hellwig, op ed in 'Martin Wolf's Economists' Forum' in June 7 2011 FT.com, and June 3 2011 Financial Times, respectively
• 'Banks Still Too Sick to Pay Dividends,' by Jennifer Schonberger, Kiplinger, June 2011

May 2011

• "How Much is Enough?" The Economist, May 12, 2011
• 'Excessive Leverage Helped Cause the Great Depression and the Current Crisis … And Government Responds by Encouraging MORE Leverage,' by Barry Ritholtz, The Big Picture blog, May 3, 2011

April 2011

• 'The Next Bank Crisis Is Coming,' by Matt Miller, The Washington Post, April 27, 2011
• 'Arrogance and Authority,' by Simon Johnson, Caijing.com, April 27, 2011
• 'Banks Risks Out of Touch with Reward,' op ed by John Plender, Financial Times, April 24, 2011
• 'Fiscal Conservatives Dodge $10 Trillion Debt,' by Simon Johnson, Bloomberg, April 20, 2011.
• "Simon Johnson Takes on the Banks," Luc Vallée, The Skeptical Market Observer, April 18, 2011.
• 'Yet Again, a Chance to Rein in the Bankers has been Squandered,'commentary by Will Hutton, The Observer (Guardian.co.uk), April 17, 2011
• "Is Goldman Sachs Too Big to Fail?" Simon Johnson, New York Times Economix Blog, April 14.
• 'UK's banking climate is making the US look attractive', Financial Times, April 5, 2011

March 2011

• "Don't Listen to the Banks' Lobbyists - Basel III Is Way Too Soft," Olaf Storbeck, Handelsblatt, March 30, 2011
• "In Debate Over Bank Capital Regulation, a Trans-Atlantic Gulf," Jesse Eisinger, New York Times, March 30, 2011
• 'Dividends Lost', Simon Johnson, New York Time's Economix Blog, March 24, 2011
• 'The Road to Fiscal Crisis', Simon Johnson, Project Syndicate, March 23, 2011
• "U.S. Banks Test Weigh Means With Sentiment," Tom Braithwaite, FT.Com., March 22, 2011.
• 'How Bank Dividends Help Wall Street — and Hurt Almost Everyone Else', Alain Sherter, BNet, March 18, 2011
• "U.S. Banks Lift Dividends After Fed Green Light," Tom Braithwaite, Justin Baer, Suzanne Kapner, FT.com, March 18, 2011.
• "Battle of the Bank Policy Heavyweights," Simon Johnson, The New York Times, March 10, 2011
• 'Is the New York Fed Making a Big Mistake?' Simon Johnson, The New York Times, March 3, 2011.

February 2011

• "More Equity, Less Government: Rethinking Bank Regulation," By Mark J. Perry and Robert Dell, The American, Feb. 24, 2011
• "Case is Strong for Capital Additions," by Joseph V. Rizzi, American Banker, Feb 16 2011

January 2011

• "Looking Beyond the Earnings Reports in Financials," Outside the Box News & Commentary by Peter Atwater, Dow Jones MarketWatch, January 26, 2011
• 'Let's Put the 'Capital' Back Into Capitalism,' The ParetoCommons, Jennifer Taub, Jan. 24, 2011.
• 'Tunnel Vision, or Worse, From Banking Regulators,' by Simon Johnson, New York Times, Jan 20, 2011.
• 'The Social Networking of Bank Equity,' Robert Teitelman, The Deal Magazine, The Deal Pipeline, Jan. 20, 2011.
• "What Goldman Sachs Failed to Acknowledge," by Simon Johnson, New York Times, Jan. 13, 2011.
• 'More Bank Reforms Needed, Economists Say,' by Mark Whitehouse, Wall Street Journal online, January 9, 2010.
• 'Why are Taxpayers Subsidizing Facebook, and the Next Bubble?' New York Times blog by Simon Johnson, Jan. 6, 2011.
• 'The Ninth Decision. . .and the Road Ahead,' David Warsh, economicprincipals.com, Jan. 2, 2011.

December 2010

• 'Banks best Basel as Regulators Dilute or Delay Capital Rules,' by Yalman Onaran, Bloomberg Businessweek, Dec. 21, 2010.
• 'Yogi Berra on Leverage', The ParetoCommons, Lawrence Baxter, Dec. 2, 2010.
• 'The Bill Daley Problem', Simon Johnson, The Baseline Scenario.

November 2010

• 'G20 Bankers of the Year: Faking It,' Monika Mitchell, The Economy of Trust Blog, Nov. 13, 2010.
• 'Whose Risk is It? Bank Capital, Basel III, and the Bankers,' The ParetoCommons, Lawrence Baxter, Nov. 9, 2010.

September 2010

• 'Basel: The Mouse that Did Not Roar', Martin Wolf, the Financial Times, Sept. 14 2010.
• 'Eight Years and Bigger Than Ever: Will Basel III Help?', The ParetoCommons, Jennifer Taube, Sept. 13, 2010.
• 'Why Bank Equity is Not Expensive' (Includes video), Stanford Knowledgebase
• 'Fallacies, Irrelevant Facts, and Myths,' the ParetoCommons, Lawrence Baxter, Sept. 7, 2010.
• 'Why Regulators Should be Tough on Bank Capital,' Felix Salmon, Reuters, Sept. 7, 2010.
• KPFA "Letters and Politics" program, interview with Anat Admati (6: 27 news intro; Q&A 8:14-35:48)

Presentations and Lectures

• "Monetary Policy and Banking Fragility," by David Miles, presented at the London School of Economics, July 27 2011
• "The False Tradeoff Between Economic Growth and Bank Capital,"slide presentation by Anat Admati, Washington DC briefing, June 22 2011
• Slides from presentation by Anat Admati, Peter DeMarzo and Paul Pfleiderer, Stanford Finance Forum, June 3, 2011
• Slides from Anat Admati's presentation, panel on bank capital, NBER Corporate Finance meeting, Chicago, April 30, 2011

Policy Papers

• "Comments to the UK Independent Commission on Banking," by Anat Admati and Martin Hellwig, July 4, 2011
• Statement of FDIC chair Sheila Bair before U.S. House Subcommittee on TARP, Financial Services, and Bailouts of Public and Private Programs, June 22, 2011
• 'Comments on Proposal to Ensure the Loss Absorbency of Regulatory Capital at the Point of Non-viability', Text prepared by Anat Admati for the Basel Committee on Bank Supervision, October, 2010.
• "Banking on the State," by Andrew G. Haldane and Piergiorgio Alessandri, presented at the Federal Reserve Bank of Chicago 12th annual International Banking Conference on "The International Financial Crisis: Have the Rules of Finance Changed?" September 25, 2009

Academic Writing

• "Liability Holding Companies," by Anat Admati, Peter Conti-Brown, Paul Pfleiderer, UCLA Law Review, forthcoming, 2012
• On the Relevancy of Modigliani and Miller to Banking: A Parable and Some Observations, Paul Pfleiderer, Stanford University
• "Monetary Policy and Banking Fragility," by David Miles, presented at the London School of Economics, July 27 2011
• Capital Regulation after the Crisis: Business as Usual?" by Martin Hellwig, Max Planck Institute for Research on Collective Goods, Bonn, Germany, July 2010
• 'Increased-Liability Equity: A Proposal to Improve Capital Regulation of Large Financial Instituions,' by Anat Admati and Paul Pfleiderer; Stanford Graduate School of Business Working Paper, revised June, 2010.
• "Too-Systemic-to-Fail: What Option Markets Imply About Sector-Wide Government Guarantees," by Bryan T. Kelly, Hanno Lustig, Stijn Van Nieuwerburgh, NBER Working Paper 17149, June 2011
• "Design of Contingent Capital with a Stock Price Trigger for Mandatory Conversion," by Suresh Sundaresan and Zhenyu Wang, April 30, 2010
• "Regulation or Prohibition: The $100 Billion Question," by Andrew G. Haldane, Journal of Regulation & Risk North Asia, March 2010
• "Basel II: The Route Ahead or Cul-de-Sac?" by Richard Brealey, Journal of Applied Corporate Finance: A Morgan Stanley Publication, Fall 2006
•  "Banks, Capital and Regulation: Towards an Optimal Capital Regime for a Small Open Economy," by Ian Harrison, April 2004
• "Do the M & M propositions apply to banks?"  by Merton H. Miller, Journal of Banking & Finance, Vol. 19, 1995