Banks Are Flirting With Bonds That Burned Them Before
SMITH BRAIN TRUST – Nostalgia can be a worrying thing.
That’s what Maryland Smith’s Clifford Rossi has been feeling.
Clifford Rossi
Dr. Clifford Rossi is an Executive-in-Residence and Professor of the Practice at the Robert H. Smith School of Business, University of Maryland. Prior to entering academia, Rossi had nearly 25 years' experience in banking and government, having held senior executive roles in risk management at several of the largest financial services companies. His most recent position was Managing Director and Chief Risk Officer for Citigroup's Consumer Lending Group where he was responsible for overseeing the risk of a $300+B global portfolio of mortgage, home equity, student loans and auto loans with 700 employees under his direction. While there he was intimately involved in Citi's TARP and stress test activities. He also served as Chief Credit Officer at Washington Mutual (WaMu) and as Managing Director and Chief Risk Officer at Countrywide Bank.
Fixing the Vague, Complex Volcker Rule
SMITH BRAIN TRUST – This week’s loosening of the Volcker Rule – designed to prevent banks from making speculative investments that do not benefit their customers – has drawn polar reactions.
Equifax’s Big Little Fine
SMITH BRAIN TRUST – “It’s a lot of money,” says Maryland Smith’s Clifford Rossi, of the nearly $700 million that credit reporting giant Equifax has agreed to pay over a massive data breach it disclosed two years ago.
Will You Friend Facebook's Cryptocurrency?
SMITH BRAIN TRUST – Who will “friend” the new Facebook cryptocurrency? Maryland Smith experts weighed in, after the social media giant’s announcement that it would launch a new blockchain-based payment service, called Libra.
They questioned the timing of the decision, forecast how Facebook might change the cryptocurrency marketplace with the strength of its 2.4 billion monthly active users worldwide, and explored what the move means for traditional banks.
Echoes of the Financial Crisis, in Drug Manufacturing
SMITH BRAIN TRUST – The crisis over tainted heart drugs made in China and sold in the United States had an oddly familiar ring to it for Maryland Smith’s Clifford Rossi.
But it wasn’t a previous medical drug crisis that crept to mind for him. “No,” he says, “my mind immediately went to, ‘Well, it’s not just about banks, this whole risk management thing.’”
Fannie and Freddie Might Need Your Money
SMITH BRAIN TRUST – Ten years ago Fannie Mae and Freddie Mac emerged as a major worry in the financial sector, one that would require a massive bailout from the federal government and placement into conservatorship.
Smith Master of Finance Rises to No. 2 in U.S.
The Master of Finance program at the University of Maryland’s Robert H. Smith School of Business climbed to No. 2 in the United States in a Financial Times report published on June 18, 2018.
Post-Crisis and Below Average: A Financial Sector Report Card
SMITH BRAIN TRUST – The Smith School's Clifford Rossi remembers pacing his office in a 41-story office tower in Midtown Manhattan, watching Citi’s stock price plunge again below $4 per share and thinking that it appeared to be teetering on the brink. The stock had lost nearly 70 percent of its value that week, nearly 90 percent since the start of the year.
Here’s What’s Missing From Dodd-Frank Reforms
SMITH BRAIN TRUST – Your credit report might not be as accurate as you think. About 20 percent of Americans have at least one material error on their credit histories, according to a recent regulatory review.
A Wells Fargo Sanction, a Warning for Its Peers
SMITH BRAIN TRUST – For Wells Fargo, the Fed’s surprisingly stringent sanctions last week undoubtedly come as a bit of a blow. For the rest of the banking industry, more of a warning.
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