How Banking Undermines Democracy and the Rule of Law

Professor Anat Admati's talk will be based on the new and expanded edition of her book "The Bankers' New Clothes: What is Wrong with Banking and What to Do About It" (Princeton University Press, 2024, coauthored with Martin Hellwig), and other writings.

Abstract

Despite the policy failures that enabled and even encouraged the buildup of risk in the banking system and ultimately led to the global financial crisis of 2007-2009, “reformed” rules remain poorly designed, the system remains much too fragile and dangerous, and bailouts persist. In resisting beneficial reforms, bank lobbies make false, misleading, and self-serving arguments. The weak rules and poor enforcement reflect the symbiosis of bankers with politicians, the media, lawyers, and economists. They encourage and enable a culture of recklessness, rule infringements, and even criminal behavior, with impunity. The power of bankers to distort rules and political discourse threatens our democracies.

Practicalities

This event will be a hybrid event. The seminar will take place in Roeterseiland campus (REC) building M, room number M0.02, and will also be streamed online via Zoom. Find all information on the website of the University of Amsterdam.