Podcast appearances and mentions of Anat Admati

(0:00) Intro (1:49) About the podcast sponsor: The American College of Governance Counsel(2:36) Introduction by Professor Anat Admati, Stanford Graduate School of Business. Read the event coverage from Stanford's CASI.(4:14) Start of Interview(4:45) What inspired Karen to write this book and how she got started with journalism.(8:00) OpenAI's Nonprofit Origin Story(8:45) Sam Altman and Elon Musk's Collaboration(10:39) The Shift to For-Profit(12:12) On the original split between Musk and Altman over control of OpenAI(14:36) The Concept of AI Empires(18:04) About concept of "benefit to humanity" and OpenAI's mission "to ensure that AGI benefits all of humanity"(20:30) On Sam Altman's Ouster and OpenAI's Boardroom Drama (Nov 2023) "Doomers vs Boomers"(26:05) Investor Dynamics Post-Ouster of Sam Altman(28:21) Prominent Departures from OpenAI (ie Elon Musk, Dario Amodei, Ilya Sutskever, Mira Murati, etc)(30:55) The Geopolitics of AI: U.S. vs. China(32:37) The "What about China" Card used by US companies to ward off regulation.(34:26) "Scaling at All Costs is not leading us in a good place"(36:46) Karen's preference on ethical AI development "I really want there to be more participatory AI development. And I think about the full supply chain of AI development when I say that."(39:53) Her biggest hope and fear for the future "the greatest threat of these AI empires is the erosion of democracy."(43:34) The case of Chilean Community Activism and Empowerment(47:20) Recreating human intelligence and the example of Joseph Weizenbaum, MIT (Computer Power and Human Reason, 1976)(51:15) OpenAI's current AI research capabilities: "I think it's asymptotic because they have started tapping out of their scaling paradigm"(53:26) The state (and importance of) open source development of AI. "We need things to be more open"(55:08) The Bill Gates demo on chatGPT acing the AP Biology test.(58:54) Funding academic AI research and the public policy question on the role of Government.(1:01:11) Recommendations for Startups and UniversitiesKaren Hao is the author of Empire of AI (Penguin Press, May 2025) and an award-winning journalist covering the intersections of AI & society. You can follow Evan on social media at:X: @evanepsteinLinkedIn: https://www.linkedin.com/in/epsteinevan/ Substack: https://evanepstein.substack.com/__To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/__Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

Our guest today is Anat Admati, professor of Finance and Economics at Stanford Graduate School of Business and co-author of The Bankers' New Clothes. In this episode, she takes a critical look at trust in powerful institutions—arguing that, when misplaced, trust can be not only naive but dangerous. Anat explains that much of the financial system operates on the illusion of oversight and accountability. While many believe that governments, regulators, and boards are safeguarding the public interest, the reality is often one of regulatory capture, corporate self-interest, and systemic opacity. She challenges listeners to rethink assumptions about “checks and balances” in modern capitalism. She also reflects on the role of academics and public intellectuals in holding power to account. While research often stays behind paywalls or within elite circles, Admati calls on scholars to engage more directly with public discourse—and describes the resistance they often face when challenging the status quo. The conversation covers trust, leadership, corporate governance, and the failures of financial reform. Anat argues that effective change requires more than technical fixes—it requires moral courage, transparency, and a willingness to challenge institutional convenience.

Anat R. Admati is the George G.C. Parker Professor of Finance and Economics at Stanford Graduate School of Business and a senior fellow at Stanford Institute for Economic Policy Research. Her disciplinary interests lie in the interaction of business, law and policy, and specifically governance and accountability mechanisms in the private sector and in government. Admati is also Faculty Director of the Corporations and Society Initiative at the GSB, whose mission is to raise awareness and increase understanding of the complex interactions among people, corporations and governments.Since 2010, Admati has been engaged in the policy debates around the globe related to financial regulations and corporate accountability. Her insights have been featured in media outlets, including the New York Times, Washington Post, Wall Street Journal, Bloomberg, the Financial Times, CNN, and PBS. In 2014, Admati was named by Time Magazine as one of the 100 most influential people in the world and by Foreign Policy Magazine as among 100 global thinkers.Admati has written academic papers on information dissemination in financial markets, portfolio management, financial contracting, corporate governance, and banking. She is the co-author, with Martin Hellwig, of the award-winning and highly acclaimed book, The Bankers' New Clothes: What's Wrong with Banking and What to Do about It (Princeton Press 2013). A 10th anniversary update will be published in 2023.Admati holds BSc from the Hebrew University, MA, MPhil, and PhD from Yale University and an honorary doctorate from University of Zurich. She is a fellow of the Econometric Society, the recipient of multiple fellowships, research grants, and paper recognition, and is a past board member of the American Finance Association. She has served on a number of editorial boards and is a former member of the FDIC's Systemic Resolution Advisory Committee, the CFTC's Market Risk Advisory Committee, and visiting scholar at the International Monetary Fund.Leoš Rousek, the Head Of Corporate Communications at PPF Group (https://www.ppf.eu/en) and contributor of PFI Talks, talked with Anat Admati.

“The ultimate price of a bad system falls on the public,” says Anat Admati, the George G.C. Parker Professor of Finance and Economics at Stanford Graduate School of Business and author of The Bankers' New Clothes. “The Constitution did a lot to constrain the government, but the government has failed to constrain institutions in the private sector.” Simply put, Admati says the real problem isn't just profit-hungry corporations, it's the systems that let bad actors get away with it. From the opioid crisis and Boeing's deadly 737 MAX disasters to the 2008 financial crash, Admati identifies how U.S. institutions failed — and shares the “incredibly sobering” realization that shattered her faith in the rules and those who make them. How do you think we can restore trust in business, government, and society? Email us at ifthenpod@stanford.edu. Related LinksAnat Admati faculty profileThe Bankers' New Clothes: What's Wrong with Banking and What to Do about ItNo Rules, No Trust: How Accountability Shapes CommunicationAre Businesses Undermining Democracy?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Monday November 4, 2024 Anat Admati on Internal Governance versus External Governance

In this lively episode, Anat Admati (Professor of Finance and Economics at Stanford) explains what she believes to be wrong about banking, and how it should be changed. Anat is co-author (with Martin Hellwig) of The Bankers' New Clothes, originally published in 2013, then expanded and re-published this year to encompass the era of increased regulation. Interviewer Russell Napier challenges Anat on some of her opinions, and Anat challenges Russell back, making for a fascinating listen.•The Library of Mistakes runs an outstanding course called the Practical History of Financial Markets. To find out more, go to: www.libraryofmistakes.com/course

This weekend we're joined by Anat Admati, co-author of The Bankers' New Clothes: What's Wrong with Banking and What to Do about It. New bank failures have been a rude awakening for everyone who believed that the banking industry was reformed after the Global Financial Crisis, and that we'd never again have to choose between massive bailouts and financial havoc. The Bankers' New Clothes uncovers just how little things have changed, and why banks are still so dangerous. Have a money question? Email us here Subscribe to Jill on Money LIVE YouTube: @jillonmoney Instagram: @jillonmoney Twitter: @jillonmoney "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

This weekend we're joined by Anat Admati, co-author of The Bankers' New Clothes: What's Wrong with Banking and What to Do about It. New bank failures have been a rude awakening for everyone who believed that the banking industry was reformed after the Global Financial Crisis, and that we'd never again have to choose between massive bailouts and financial havoc. The Bankers' New Clothes uncovers just how little things have changed, and why banks are still so dangerous. Have a money question? Email us here Subscribe to Jill on Money LIVE YouTube: @jillonmoney Instagram: @jillonmoney Twitter: @jillonmoney "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Anat Admati is a professor of finance and economics at Stanford University and is the coauthor of the 2013 book, *The Bankers' New Clothes: What's Wrong With Banking and What to Do About It.* Anat is also a returning guest to Macro Musings and she rejoins the podcast to talk about the 2024 expanded edition of the same book, as well as the most recent developments in banking. David and Anat also discuss the effectiveness of post-financial crisis regulations, the design and impact of Basel III Endgame, the fallout from the most recent regional banking crisis, and a lot more.   Transcript for this week's episode.   Anat's Twitter: @anatadmati Anat's Stanford profile   David Beckworth's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:   *The Bankers' New Clothes: What's Wrong With Banking and What to Do About It – New and Expanded Edition* by Anat Admati and Martin Hellwig   *The Parade of Bankers' New Clothes Continues: 34 Flawed Claims Debunked* by Anat Admati and Martin Hellwig   *Anat Admati on Debt, Equity, and Financial Instability* by Macro Musings   *Anat Admati on the Perils of Corporate Debt and How COVID-19 Relief Efforts Have Gone Wrong* by Macro Musings   *Why the Innocent Plead Guilty and the Guilty Go Free: And Other Paradoxes of Our Broken Legal System* by Jed Rakoff

Anat Admati, professor of finance and economics at Stanford Univeristy, joins the Business Scholarship Podcast to discuss her book The Bankers' New Clothes: What's Wrong with Banking and What to Do about It, which she co-authored with Martin Helwig. This episode is hosted by Andrew Jennings, associate professor of law at Emory University, and was edited by Brynn Radak, a law student at Emory University.

This week marks the first anniversary of the collapse of Silicon Valley Bank, the largest bank failure in the United States since the 2008 financial crisis. Today, Marketplace's Lily Jamali revisits the SVB collapse with Anat Admati, an economics professor at Stanford University and co-author of the book “The Banker's New Clothes.”

This week marks the first anniversary of the collapse of Silicon Valley Bank, the largest bank failure in the United States since the 2008 financial crisis. Today, Marketplace's Lily Jamali revisits the SVB collapse with Anat Admati, an economics professor at Stanford University and co-author of the book “The Banker's New Clothes.”

We're coming up to the one-year anniversary of the collapse of Silicon Valley Bank, which sparked a fresh conversation about the role of banks in the wider economy. Last year's banking drama culminated in the Federal Reserve unveiling a new liquidity facility for lenders and the US government made bank customers whole even beyond the $250,000 limit on guaranteed deposit insurance. So what did we learn from the March banking crisis? And what could we be doing differently now? In this episode, we speak with Anat Admati, professor at Stanford Graduate School of Business, about why bank bailouts (in all their different varieties) persist and what can be done about it. Anat became a major advocate of banking reform following the 2008 financial crisis, and has continued to lobby regulators and government officials for fundamental change. She discusses why banks are structurally disincentivized to behave like other types of companies, the impact of new capital requirements including the Basel Endgame proposal, and competition with other types of lenders including private credit.See omnystudio.com/listener for privacy information.

Kevin Mahn, president and chief investment officer at Hennion & Walsh, says that he expects interest rates, yields and inflation to all be lower over the next three years, and that the economy will start growing more robustly once the rate cuts start. That is setting up a strong three-year run for stocks and bonds, one that Mahn thinks most investors should intuitively be expecting and be comfortable with. Stanford University professor Anat Admati, co-author of "The Bankers' New Clothes: What's Wrong with Banking and What to Do about It," discusses how the collapse of Silicon Valley Bank and other troubles that occurred in 2023 are not really over, and why the system that has immunized banks from most troubles has also ensured that troubles will keep happening. Plus, in the Market Call, Craig Sarembock, wealth adviser at Bartlett Wealth Management, talks about finding growth stocks at reasonable prices.

It's been nearly 16 years since the federal government bailed out Wall Street to the tune of $700 billion in response to the financial crisis that precipitated the Great Recession. The idea that the public must guarantee critical financial institutions that are “too big to fail” was controversial then, but does it still remain an issue? Stanford finance professor Anat Admati, whom the New York Times profiled in an article titled "When She Talks, Banks Shudder," argues it's become worse.Admati joins Bethany and Luigi to discuss the updated edition of her and Martin Hellwig's book, The Bankers' New Clothes: What's Wrong with Banking and What to Do About It. Dissecting new financial developments, including the failure of Silicon Valley Bank, the crypto industry, and shadow banking, Admati lays bare how the current financial system is rigged for the benefit of the few. She also prescribes how we can build and regulate a fairer and more accountable financial system and, thus, a more stable and equitable capitalist economy.Show Notes:Read the 2024 preface of The Bankers' New Clothes on ProMarket.Revisit our 2019 conversation with Anat and Chicago Booth Professor Guy Rolnik, exploring the reasons why market and policy may fail in finance and technology and what we must do to address such failures.Read Anat's contributions to our e-books on George Stigler and Milton Friedman.

Recorded on December 5, 2023, this Authors Meet Critics panel focused on Impunity and Capitalism: the Afterlives of European Financial Crises, 1690-1830 (Cambridge University Press, 2022), by Trevor Jackson, Assistant Professor of History at UC Berkeley. Professor Jackson was joined by Anat Admati, the George G.C. Parker Professor of Finance and Economics at Stanford University Graduate School of Business, and William H. Janeway, Affiliated Member of the Economics Faculty at Cambridge University.  The panel was moderated by David Singh Grewal, Professor of Law at UC Berkeley School of Law. Co-sponsored by the Berkeley Economy and Society Initiative (BESI) and the UC Berkeley Department of History, the panel was presented as part of the Social Science Matrix Authors Meet Critics book series, which features lively discussions about recently published books authored by social scientists at UC Berkeley. For each event, the author discusses the key arguments of their book with fellow scholars. About the Book Whose fault are financial crises, and who is responsible for stopping them, or repairing the damage? Impunity and Capitalism develops a new approach to the history of capitalism and inequality by using the concept of impunity to show how financial crises stopped being crimes and became natural disasters. Trevor Jackson examines the legal regulation of capital markets in a period of unprecedented expansion in the complexity of finance ranging from the bankruptcy of Europe's richest man in 1709, to the world's first stock market crash in 1720, to the first Latin American debt crisis in 1825. He shows how, after each crisis, popular anger and improvised policy responses resulted in efforts to create a more just financial capitalism but succeeded only in changing who could act with impunity, and how. Henceforth financial crises came to seem normal and legitimate, caused by impersonal international markets, with the costs borne by domestic populations and nobody in particular at fault. A transcript of this recording is available at https://matrix.berkeley.edu/research-article/impunity-and-capitalism.

On March 10, 2023 Silicon Valley Bank collapsed . More than 90% of its' deposits exceeded the FDIC limit of $250,000 but the regulators acted quickly to assure the financial markets by extending the guarantee to all of SVB's deposits. Professor Admati dissects the SVB debacle - it is a cautionary tale. She also discusses her 2013 book The Bankers' New Clothes and the 2023 update to be published in the Fall of 2023. --- Send in a voice message: https://podcasters.spotify.com/pod/show/james-herlihy/message

In the second part of our series on Northern Rock, Neil and Jonathan pick over the lessons from the 2007 collapse of the world's most famous ex-building society with former chancellor of the exchequer Alistair Darling, Stanford finance professor Anat Admati, and bank expert Dan Davies. As interest rates rise, and tremors course through financial markets, how much more robust is our banking system, and could the same meltdown happen again? Presented by Jonathan Ford and Neil Collins.With Alistair Darling, Anat Admati and Dan Davies.Produced and edited by Nick Hilton for Podot.Additional editing by Ewan Cameron.Sponsored by Briefcase.News Hosted on Acast. See acast.com/privacy for more information.

Bloomberg Radio host Barry Ritholtz speaks with Anat Admati, a professor of finance and economics at the Stanford Graduate School of Business. In addition to being a senior fellow at the Stanford Institute for Economic Policy Research and a director at the Corporations and Society Initiative, Admati is co-author of "The Bankers' New Clothes: What's Wrong With Banking and What to Do About It."See omnystudio.com/listener for privacy information.

Before the coronavirus pandemic, one of the biggest crises of our time was the global financial crisis. And even though that crisis passed, the underlying issues which gave rise to it have not been resolved. Anat Admati is the George G.C. Parker Professor of Finance and Economics at Stanford University Graduate School of Business, a director of the Corporations and Society Initiative, and a senior fellow at Stanford Institute for Economic Policy Research. She has written extensively on information dissemination in financial markets, portfolio management, financial contracting, corporate governance, and banking. Anat also co-authored the book “The Bankers' New Clothes: What's Wrong With Banking and What to Do About It” with Martin Hellwig.In this episode we're diving into the world of finance, with a focus on housing subsidies in the United States, corporate finance education, and whether or not the private sector will solve our global problems. Episode Quotes:Money influences every sector So money speaks everywhere, including nonprofits and universities are not immune from that actually. Their donors, especially of business schools, are from the private sector and you don't want to annoy them. That's why the only way you're going to talk about society is to make everybody feel good about themselves and do impact investing in philanthropy and all of that. So that's sort of the winner takes all charade of changing the world sort of part of it. So academics are not immune.Change is difficult in academiaSo change is difficult also in academia and business schools especially. In the eighties there started being this mantra with Ronald Reagan, the government is always a problem, the government is corrupt and incompetent, etc. And therefore you have all these heroic CEOs, that they will take care of us because the government can't. To which my response is if the government can't, why is that? And did you have anything to do with it, with your own actions to corrupt the government basically? To weaken the government to rob it of resources in every clever way you can. And now we're all paying the price.The lack of education of corporate financeWhen I started looking into banking as a corporate finance and corporate governance expert right after the financial crisis, I was shocked. I mean, you really actually have academics writing textbooks and it's as if like the civilization of corporate finance and what we understand about the basics of corporate finance just hasn't made it there. They just have a whole other set of words that they use. And they just seem to refuse to accept it's really in the sort of domain of willful blindness. Funding & debtWe just rely too much on debt. And the debt often becomes predatory in bad terms, payday loans, and other things, and even student loans. In other words, what is it you want to fund? And how is it you want to do it? We do way too much funding by debt in general.Show Links:Guest Profile:Faculty Profile at Stanford Graduate of School of BusinessProfessional Profile at VoxEU.orgAnat Admati's WebsiteAnat Admati on LinkedInAnat Admati on TwitterAnat Admati at TEDxStanfordHer Work:Anat Admati on Google ScholarThe Bankers' New Clothes: What's Wrong with Banking and What to Do about It - Updated Edition

Her work took her all over as she spread the message that our system is no safer since the GFC and if we want capitalism to prosper, we need to take a long hard look at not just the rules and regulations we create, but the value system we all operate within.

No matter what some politicians may claim, there’s actually no such thing as ‘less regulation’ — there are only regulations that favor the powerful, and those that don’t. Stanford economist Anat Admati walks us through the deregulation of the banking industry and explains how she would overhaul financial regulations to make them work well for society, not just for the rich and powerful.   Anat Admati is the George G.C. Parker Professor of Finance and Economics at Stanford University Graduate School of Business, a director of the Corporations and Society Initiative, and a senior fellow at Stanford Institute for Economic Policy Research. She has written extensively on information dissemination in financial markets, portfolio management, financial  contracting, corporate governance, and banking. She is the co-author of ‘The Bankers’ New Clothes: What’s Wrong with Banking and What to Do About It’.  Twitter: @anatadmati  Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics  Making financial regulation work for society: https://www.ineteconomics.org/events/finance-society/agenda/making-financial-regulation-work-a-conversation-with-anat-admati-and-brooksley-born   When she talks, banks shudder: https://www.nytimes.com/2014/08/10/business/when-she-talks-banks-shudder.html  Financial crises, corporate scandals and blind spots: who is responsible? https://blogs.lse.ac.uk/businessreview/2018/01/25/financial-crises-corporate-scandals-and-blind-spots-who-is-responsible/ The Bankers’ New Clothes: http://bankersnewclothes.com/  Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Start of Interview [1:30]How Anat's research evolved from corporate finance to corporate governance [3:40]How the Financial Crisis ignited her research interest in the banking sector [4:25]What's "special" about the finance and banking industries? [8:31]Why the lack of equity funding in banking? [10:12]The premise of her book "The Bankers' New Clothes" [11:28]"In banking you can be insolvent forever if you don't default" [13:27]"JPM's assets on balance sheet: ~$2.5T, plus off balance sheet: $4T! "that is unfathomable." [14:08]"The regulators are failing so miserably, and they are so used to failing that they perpetuate their failures"  [16:02]Over a decade after the financial crisis, "the financial system is a disaster" [16:54]"We are going to have zombies everywhere" [19:06]"Deutsche Bank is the classic zombie" [22:08]How to understand the decoupling of the stock markets from the "real economy": [23:45]Rise of private market financing. Sliding to opacity.Rise of big tech"Saving glut of the rich": the money of the world is going into the US stock market.Fed support is propping up the corporate debt market, helping the stock market.Anat's take on the BRT Statement on the Purpose of the Corporation: "I am skeptical" [29:00]Anat's take on B-corps [32:04]"I don't want CEOs to solve society's problems, I want the Government to solve them." Premise of the Corporations and Society Initiative at the GSB [33:47]Anat's take on ESG: "It's all nice and well, but it has its limits" [36:24]"If men were angels, no Government would be necessary" (James Madison) [40:05]Paul Polman's search for "Heroic CEOs" [41:09]Why cross-disciplinary research matters "I was in a bubble of finance" [41:58]Senator Sherrod Brown's book recommendation for Banking Committee: "The Color of Law" [43:18]Anat's article "A Skeptical View of Financialized Corporate Governance" (2017) [44:31]Katharina Pistor's "The Code of Capital" book [46:58]Anat's take on the current push-back against stock buybacks and dividends. Her article: "The Leverage Ratchet Effect." [48:03]"Where you see financialized corporate governance at its worst is paying shareholders in a crisis." "Bank regulators have to put a complete and utter ban on payouts for all the banks." [51:15]"We must abolish the corporate tax interest deductibility" ("we shouldn't prefer debt over equity for funding for tax reasons") [54:17]How to find Anat online:https://admati.people.stanford.edu/Corporations and Society Initiative at the Stanford Graduate School of Business.___Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License 

Martin Hellwig is the director of the Max Planck Institute for Research on Collective Goods, and he joins Macro Musings to talk about the Eurozone and the implications of the recent German Constitutional Court (GCC) ruling for the future of the monetary union. David and Martin specifically discuss the background of the perceived Eurozone crisis, the power struggle between the GCC and the European Court of Justice, and how this case may lead to a total breakdown of the Eurozone.   Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings   Martin’s MPI profile: https://www.coll.mpg.de/martin-hellwig   Related Links:   Bonus segment with Martin: https://youtu.be/1POrO_8VcM0   *The Leverage Ratchet Effect* by Anat Admati, Peter DeMarzo, Martin Hellwig and Paul Pfleiderer https://www.gsb.stanford.edu/faculty-research/working-papers/leverage-ratchet-effect   *German Court Has Set a Bomb Under the EU Legal Order* by Martin Sandbu https://www.ft.com/content/79484c01-b66b-4f81-bdc6-fd4def940821   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

Anat Admati is a professor of finance and economics at Stanford University, and is well-known for her work on leveraging debt in our financial system and how it makes our economy more susceptible to shocks. She’s also a co-author of the popular book, *The Banker’s New Clothes: What Went Wrong with Banking and What to Do About It*. Anat joins Macro Musings again to talk about the COVID-19 crisis from the debt perspective, how the Fed and Congress have responded so far, and how their relief efforts should have been focused differently.      The transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings   Anat’s Twitter: @anatadmati Anat’s website: https://admati.people.stanford.edu/   Related Links:   Bonus segment with Anat: https://youtu.be/4xHmmgoURqg   *The Banker’s New Clothes: What’s Wrong with Banking and What to Do about It* by Anat Admati and Martin Hellwig https://press.princeton.edu/books/paperback/9780691162386/the-bankers-new-clothes   *The Leverage Ratchet Effect* by Anat Admati, Peter DeMarzo, Martin Hellwig, and Paul Pfleiderer https://onlinelibrary.wiley.com/doi/abs/10.1111/jofi.12588   *Macrofinancial History and the New Business Cycle Facts* by Oscar Jorda, Mortiz Schularick, and Alan Taylor https://www.frbsf.org/economic-research/files/wp2016-23.pdf   *Coronavirus Crisis Lays Bare the Risks of Financial Leverage, Again” by Martin Wolf https://www.ft.com/content/098dcd60-8880-11ea-a01c-a28a3e3fbd33   *House of Debt: How They (And You) Caused the Great Recession, and How We Can Prevent It from Happening Again* by Atif Mian and Amir Sufi https://press.uchicago.edu/ucp/books/book/chicago/H/bo20832545.html   *Collateral Frameworks: The Open Secret of Central Banks* by Kjell Nyborg https://www.cambridge.org/core/books/collateral-frameworks/DE8BACD87F364A66DD496F601BE92FE7   *Bankruptcy for Banks: A Sound Concept That Needs Fine-Tuning* by Mark Roe and David Skeel https://www.nytimes.com/2016/08/17/business/dealbook/bankruptcy-for-banks-a-sound-concept-that-needs-fine-tuning.html   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

Remdesivir, a Coronavirus treatment, gets approval for limited use in the US - Wall Street Journal reporter Joseph Walker tells us more about the firm behind it, Gilead, and the US public's attitude to paying for the new drug. The aviation industry continues to receive bad news today - Bjorn Fehrm is an aviation analyst and tells us which airlines are expecting deep cuts for years to come. Plus, why are the stock markets doing surprisingly well, whilst global economy and businesses reel from lockdowns due to Covid-19? US radio station Marketplace's Kai Ryssdal speaks to Anat Admati, a finance professor at Stanford, to unravel the conflicted messages. And we delve in to the day's stock market movements with Chris Low of FTN Financial in the US.

Remdesivir, a Coronavirus treatment, gets approval for limited use in the US - Wall Street Journal reporter Joseph Walker tells us more about the firm behind it, Gilead, and the US public's attitude to paying for the new drug. The aviation industry continues to receive bad news today - Bjorn Fehrm is an aviation analyst and tells us which airlines are expecting deep cuts for years to come. Plus, why are the stock markets doing surprisingly well, whilst global economy and businesses reel from lockdowns due to Covid-19? US radio station Marketplace's Kai Ryssdal speaks to Anat Admati, a finance professor at Stanford, to unravel the conflicted messages. Plus: how to save Eurovision this year? We discuss all this live with Sinead Mangan who presents the ABC radio program ‘Australia Wide’, in Perth. (Image: One vial of the drug Remdesivir during a press conference in Germany (Photo by ULRICH PERREY/POOL/AFP via Getty Images)

Roger Diwan, IHS Markit Vice President of Financial Services, says it is not clear how much ability other OPEC countries will have to follow Saudi Arabia's oil supply cuts. Luigi Zingales, University of Chicago Booth School Finance Professor, discusses the fundamental difference between climate change and climate risk for banking. Anat Admati, Stanford Finance Professor, says problems plaguing democracy and capitalism are rooted between corporations and governments. And Ted Alden, CFR Senior Fellow, says we have gone "far down" a unilateral trade road with this administration. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Roger Diwan, IHS Markit Vice President of Financial Services, says it is not clear how much ability other OPEC countries will have to follow Saudi Arabia's oil supply cuts. Luigi Zingales, University of Chicago Booth School Finance Professor, discusses the fundamental difference between climate change and climate risk for banking. Anat Admati, Stanford Finance Professor, says problems plaguing democracy and capitalism are rooted between corporations and governments. And Ted Alden, CFR Senior Fellow, says we have gone "far down" a unilateral trade road with this administration.

Bloomberg News Technology Reporter Mark Bergen and Bloomberg News Wealth Team Reporter Sophie Alexander explain Google’s management shakeup and payout. Bob Smith, President and CIO at Sage Advisory, talks about the year of "the climate" and its impact on investment strategy. Anat Admati, Stanford GSB Finance and Economics Professor, breaks down the role of academics in the political economy. Bloomberg Businessweek Editor Joel Weber and Businessweek Features Editor Bret Begun on The Bloomberg 50, discuss people who defined 2019. And we Drive to the Close with Charles Lemonides, Chief Investment Officer ValueWorks. Hosts: Carol Massar and Jason Kelly. Producer: Doni Holloway.

Bloomberg News Technology Reporter Mark Bergen and Bloomberg News Wealth Team Reporter Sophie Alexander explain Google's management shakeup and payout. Bob Smith, President and CIO at Sage Advisory, talks about the year of "the climate" and its impact on investment strategy. Anat Admati, Stanford GSB Finance and Economics Professor, breaks down the role of academics in the political economy. Bloomberg Businessweek Editor Joel Weber and Businessweek Features Editor Bret Begun on The Bloomberg 50, discuss people who defined 2019. And we Drive to the Close with Charles Lemonides, Chief Investment Officer ValueWorks. Hosts: Carol Massar and Jason Kelly. Producer: Doni Holloway. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Anat Admati, Finance and Economics Professor at Stanford Graduate School of Business, shares her thoughts on how Business Schools can help restore trust in capitalism. John Owen, CEO of Airshare, talks about the business of private aviation and expanding into the upper Midwest.  Hosts: Carol Massar and Jason Kelly. Producer: Paul Brennan. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Anat Admati, Finance and Economics Professor at Stanford Graduate School of Business, shares her thoughts on how Business Schools can help restore trust in capitalism. John Owen, CEO of Airshare, talks about the business of private aviation and expanding into the upper Midwest.  Hosts: Carol Massar and Jason Kelly. Producer: Paul Brennan.

James Sweeney, Credit Suisse Chief Economist, forecasts the Fed will cut rates from 25-50 basis points. Catherine Mann, Citigroup Global Chief Economist, says the incoming data from the U.S. and global economies do not warrant "dramatic" market pricing. Lisa Ellis, MoffettNathanson Partner, discusses how IBM's recent acquisition of Red Hat will strengthen its position in cloud computing. Anat Admati, Stanford Finance Professor, doesn't think the U.S. financial system is fundamentally safer than it was before the financial crisis. Mia Fineman, The Metropolitan Museum of Art Associate Curator & lead on, "Apollo's Muse: The Moon In The Age of Photography," and Bob Moon, Bloomberg Radio Anchor, remember the moon landing, 50 years on.  Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

James Sweeney, Credit Suisse Chief Economist, forecasts the Fed will cut rates from 25-50 basis points. Catherine Mann, Citigroup Global Chief Economist, says the incoming data from the U.S. and global economies do not warrant "dramatic" market pricing. Lisa Ellis, MoffettNathanson Partner, discusses how IBM's recent acquisition of Red Hat will strengthen its position in cloud computing. Anat Admati, Stanford Finance Professor, doesn't think the U.S. financial system is fundamentally safer than it was before the financial crisis. Mia Fineman, The Metropolitan Museum of Art Associate Curator & lead on, "Apollo's Muse: The Moon In The Age of Photography," and Bob Moon, Bloomberg Radio Anchor, remember the moon landing, 50 years on. 

Buchbesprechung: "Des Bankers neue Kleider: Was bei Banken wirklich schief läuft und was sich ändern muss" von Anat Admati und Martin Hellwig, 528 Seiten, 24,99 Euro, FinanzBuch Verlag 2013

Anat Admati of Stanford's Graduate School of Business talks with EconTalk host Russ Roberts about the financial crisis of 2008, the lessons she has learned, and how it has changed her view of economics, finance, and her career.

Ten years ago the world financial system had a heart attack. Gripped by panic, banks stopped lending, cash ran out and the world came to the edge of a financial precipice. Professor Ian Goldin questions whether lessons have really been learned from what happened a decade ago and asks whether we are now better prepared to identify and prevent the next one? He talks about the threat that climate change might pose with Lord Nick Stern, asks Peter Piot – the man who discovered Ebola – how problematic a pandemic might be and questions whether financial innovation is really a good thing with Anat Admati, co-author of The Bankers' New Clothes. Presenter: Ian Goldin Producer: Ben Carter (Photo: Bitcoin. Credit: Omar Marques/Getty Images)

Anat Admati is the George G.C. Parker Professor of Finance and Economics at Stanford University’s Graduate School of Business and co-author of the book, *The Bankers’ New Clothes: What’s Wrong with Banking and What to Do About It.* She joins the show to discuss her book, which argues that America’s banking system continues to be dangerously fragile even in the aftermath of the Dodd-Frank Act. Anat argues that banks take on too much leverage and that they should be required to hold more equity. David’s blog: http://macromarketmusings.blogspot.com/ Anat’s Stanford profile: https://www.gsb.stanford.edu/faculty-research/faculty/anat-r-admati David’s Twitter: @davidbeckworth Anat’s Twitter: @anatadmati Related: *The Bankers’ New Clothes: What’s Wrong with Banking and What to Do About It* by Anat Admati and Martin Hellwig http://bankersnewclothes.com/ Anat’s paper, “It Takes a Village to Maintain a Dangerous Financial System” http://bankersnewclothes.com/wp-content/uploads/2016/06/Takes-a-Village-May-2016.pdf

Anat Admati, professor of finance and economics at Stanford Graduate School of Business, says capital levels for European banks are meaningless with accounting tricks. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Anat Admati, professor of finance and economics at Stanford Graduate School of Business, says capital levels for European banks are meaningless with accounting tricks.

SHALOM! Truthunveiled777 This Time Itâ??s URGENT! In a recent Fox Business interview, presidential nominee Donald Trump warned about getting stocks out of the stock market, and stressed the coming financial implications â?? in America and in the world. â??I did invest, and I got out, and it was actually very good,â?? he said, also warning of â??very scary scenariosâ?? ahead for investors who choose to remain in the stock market. But the better question is, why have there been so many warnings concerning the economy? In just 2016 alone, top banks such as the Royal Bank of Scotland (RBS) has issued a warning to â??sell everything.â?? And theyâ??re not the only ones! Economic â??expertsâ?? such as linguist Noam Chomsky, as well as Anat Admati, who is the finance and economics professor at Stanford University, and even Richard Wolff, professor of economics emeritus at University of Massachusetts, Amherst, have all warned of potential bank bailouts to come in America â?? along with many others! And letâ??s not forget the FDICâ??s very cryptic letter to JP Morgan Chase released back in April 2016 â?? which says on page 11: â??Flexibilityâ??or â??optionalityâ??â??within the resolution strategy helps mitigate risks that, if not overcome, could otherwise undermine successful execution of the preferred strategy, and, more broadly, pose serious adverse effects to the financial stability of the United States.â?? Is There Something BIGGER Going On Here?!?! THE TRUTH REVEALED!!! PAY ATTENTION TO THE WARNING SIGNS AHEAD OF TIME! AND PREPARE ACCORDINGLY! PLEASE SEEK YAHUAH AND HIS TRUE SON YAHUSHA â?? WHILE YOU STILL CAN!!!!!!! ALSO SEE â?? Zika In America! https://youtu.be/hHPzp58FnA0 ALSO SEE â?? Weâ??re Closer Than You Think! https://youtu.be/YsOvo51E4Ys ALSO SEE â?? Austria Bail-Ins! https://youtu.be/ykPfWazMZf0 LEARN MORE! Donald Trump Warning CNN: http://money.cnn.com/2016/08/02/investing/donald-trump-stock-market/ AFR: http://www.afr.com/markets/equity-markets/donald-trump-says-sell-stocks-now-20160802-gqjn56 HTB: http://www.hangthebankers.com/next-banking-crisis-coming/ Salon: http://www.salon.com/2016/07/31/get_out_your_wallets_america_it_might_not_be_long_before_were_bailing_out_too_big_to_fail_banks_again/ RBS â??Sell Everythingâ?? (TG): https://www.theguardian.com/business/2016/jan/12/sell-everything-ahead-of-stock-market-crash-say-rbs-economists Bank Of England Digital Currency (RT): https://www.rt.com/business/352280-england-cb-bitcoins-issue/ FDIC Letter To JP Morgan: https://www.federalreserve.gov/newsevents/press/bcreg/jpmorgan-chase-letter-20160413.pdf Drills And Preparations NECN: http://www.necn.com/news/new-england/Vermont-Disaster-Drill-Features-Bus-Crash-and-Plague-Outbreak-388471052.html Newsplex: http://www.newsplex.com/content/news/388685592.html NPR: http://www.npr.org/sections/health-shots/2016/06/27/483069862/inside-a-secret-government-warehouse-prepped-for-health-catastrophes

Stanford's Anat Admati says banks are taking away resources from the rest of the economy. Former SEC Chairman Arthur Levitt discusses the relationship between state and federal regulators in the pursuit of rule-breaking banks. Bloomberg Markets' Joe Weisenthal reacts to the market open. And Bloomberg's Peter Elliot explains why restaurant landlords aren't in a rush to fill empty premises. All this and more on Bloomberg Surveillance with Tom Keene and Michael McKee. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Stanford's Anat Admati says it shouldn't be a national objective for U.S. banks to be globally competitive. She joins Tom Keene and Michael McKee on Bloomberg Surveillance. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Izzy Kaminska and David Keohane talk to Anat Admati and Frances Coppola about banking fragility, capital requirements, and banks crying wolf. See acast.com/privacy for privacy and opt-out information.

In the aftermath of the 2007 financial crisis, many argued for stronger banking regulations and more fiscal oversight; yet as the recession carried on some worried that new regulations would hamper an economic recovery and dissuade banks from lending. Are fiscal oversight and a strong banking system mutually exclusive?Anat Admati suggests that a safer and healthier economic system will not require a sacrifice of our current institutions and can come at no cost to society. She will explore how weak regulations and ineffective enforcement led to a buildup of risks that unleashed the financial crisis, as well as what lessons we have, and have not, learned. Speaker: Anat Admati, George Parker Professor of Finance and Economics, Stanford Graduate School of Business Moderator: Sedge Dienst, Trustee, World Affairs Council of Northern California

Anne McElvoy applies herself to the crisis of modern banking, the plight of buildings in Moscow and a masterpiece of British theatre. She talks to Simon Russell Beale and John Simm about the latter, Pinter's early tragicomdedy, The Hothouse, before sharing notes on bankers with the academic economist, Anat Admati and then enlisting the views of the conservationist, Clem Cecil about the Melnikov House - one of the jewels in Russia's modernist crown. She's also joined by Karen Leeder and Catherine Merridale to discuss the power that Hitler and Stalin still exert over writers in Germany and Russia.

Anat Admati of Stanford University talks with EconTalk host Russ Roberts about her new book (co-authored with Martin Hellwig), The Bankers' New Clothes. Admati argues that the best way to reduce the fragility of the banking system is to increase capital requirements--that is, require banks to finance their activities with a greater proportion of equity rather than debt. She explains how debt magnifies returns and losses while making each bank more fragile. Despite claims to the contrary, she argues that the costs of reducing debt are relatively small for society as a whole while the benefits are substantial.

Anat Admati of Stanford University talks with EconTalk host Russ Roberts about her new book (co-authored with Martin Hellwig), The Bankers' New Clothes. Admati argues that the best way to reduce the fragility of the banking system is to increase capital requirements--that is, require banks to finance their activities with a greater proportion of equity rather than debt. She explains how debt magnifies returns and losses while making each bank more fragile. Despite claims to the contrary, she argues that the costs of reducing debt are relatively small for society as a whole while the benefits are substantial.

Anat Admati of Stanford University talks with EconTalk host Russ Roberts about her new book (co-authored with Martin Hellwig), The Bankers' New Clothes. Admati argues that the best way to reduce the fragility of the banking system is to increase capital requirements--that is, require banks to finance their activities with a greater proportion of equity rather than debt. She explains how debt magnifies returns and losses while making each bank more fragile. Despite claims to the contrary, she argues that the costs of reducing debt are relatively small for society as a whole while the benefits are substantial.

Anat Admati of Stanford University talks with EconTalk host Russ Roberts about her new book (co-authored with Martin Hellwig), The Bankers' New Clothes. Admati argues that the best way to reduce the fragility of the banking system is to increase capital requirements--that is, require banks to finance their activities with a greater proportion of equity rather than debt. She explains how debt magnifies returns and losses while making each bank more fragile. Despite claims to the contrary, she argues that the costs of reducing debt are relatively small for society as a whole while the benefits are substantial.

Stanford University economist Anat Admati, author of The Bankers' New Clothes, argues that the roots of the 2008 financial crisis lie in the excessive debt the banking industry takes on. But the reforms that have been put in place over the past few years are woefully inadequate. If we can regulate the amount of money banks borrow, we might be able to prevent the next crisis.

Anat Admati of Stanford University talks with EconTalk host Russ Roberts about ways to make the financial system more stable. In particular, Admati explores the implications of higher capital requirements. She argues that current policies subsidize leverage--high levels of debt relative to equity--and that current levels of leverage increase the vulnerability of the system to swings in asset prices. She then gives her response to criticisms of higher equity levels. The conversation concludes with a discussion of the role of academic economists and finance professors as advocates for various policies.

Anat Admati of Stanford University talks with EconTalk host Russ Roberts about ways to make the financial system more stable. In particular, Admati explores the implications of higher capital requirements. She argues that current policies subsidize leverage--high levels of debt relative to equity--and that current levels of leverage increase the vulnerability of the system to swings in asset prices. She then gives her response to criticisms of higher equity levels. The conversation concludes with a discussion of the role of academic economists and finance professors as advocates for various policies.

Anat Admati of Stanford University talks with EconTalk host Russ Roberts about ways to make the financial system more stable. In particular, Admati explores the implications of higher capital requirements. She argues that current policies subsidize leverage--high levels of debt relative to equity--and that current levels of leverage increase the vulnerability of the system to swings in asset prices. She then gives her response to criticisms of higher equity levels. The conversation concludes with a discussion of the role of academic economists and finance professors as advocates for various policies.