Opinion
Banks and shadow lenders have the balance sheet blues
A former Fed governor’s blueprint on the banking system helps explain the margin pressures on the banks and the growing strains in the property lending sector.
Jonathan ShapiroSenior reporterIn December 2011, Barack Obama nominated two men to fill vacant positions on the Federal Reserve Board. One was dealmaker Jerome Powell, and the other a Harvard economist named Jeremy Stein.
While Powell eventually became Fed chairman, Stein lasted two years before he retreated into academia. But in that time he left his mark, and made several insightful speeches that helped policymakers and investors understand how the financial system hung together and where risks could emerge.
Subscribe to gift this article
Gift 5 articles to anyone you choose each month when you subscribe.
Subscribe nowAlready a subscriber?
Introducing your Newsfeed
Follow the topics, people and companies that matter to you.
Find out moreRead More
Latest In Financial services
Fetching latest articles