In the wake of the most significant financial crisis since the Great Depression, the President signed into law on May 20, 2009, the Fraud Enforcement and Recovery Act of 2009, creating the Financial Crisis Inquiry Commission. The Commission was established to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." The 10 members of the bi-partisan Commission, prominent private citizens with significant experience in banking, market regulation, taxation, finance, economics, housing, and consumer protection, were appointed by Congress on July 15, 2009. The Chair, Phil Angelides, and Vice Chair, Bill Thomas, were selected jointly by the House and Senate Majority and Minority Leadership.The FCIC is charged with conducting a comprehensive examination of 22 specific and substantive areas of inquiry related to the financial crisis. Some of these areas include: fraud and abuse in the financial sector, including fraud and abuse towards consumers in the mortgage sector; Federal and State financial regulators, including the extent to which they enforced, or failed to enforce statutory, regulatory, or supervisory requirements; the global imbalance of savings, international capital flows, and fiscal imbalances of various governments; monetary policy and the availability and terms of credit; accounting practices, including, mark-to-market and fair value rules, and treatment of off-balance sheet vehicles; tax treatment of financial products and investments; credit rating agencies in the financial system, including, reliance on credit ratings by financial institutions and Federal financial regulators, the use of credit ratings in financial regulation, and the use of credit ratings in the securitization markets; lending practices and securitization, including the originate-to-distribute model for extending credit and transferring risk; and more The Commission is called upon to examine the causes of major financial institutions which failed, or were likely to have failed, had they not received exceptional government assistance.In its work, the Commission is authorized to hold hearings; issue subpoenas either for witness testimony or documents; and refer to the Attorney General or the appropriate state Attorney General any person who may have violated U.S. law in relation to the financial crisis.
Between Jan. 1, 2006 and June 24, 2008, a total of 1,280 serious defects were identified on 228 State and 495 locally-owned highway bridges in New York State. To determine whether these defects were addressed within the required time frame of seven weeks, the report reviewed the records relating to a sample of 204 of the defects which pertain to 44 State and 74 locally owned bridges. It found that 69 of the 204 defects (33.8%) pertaining to 25 State and 16 locally owned bridges were not addressed within the required time frame. In fact, it took, on average, more than 17 weeks to address these 69 defects. This report contains 11 recommendations for strengthening the Dept.¿s oversight of the actions taken in addressing serious structural defects on bridges.
For decades, crime novelists have set their stories in New York City, a place long famed for decay, danger, and intrigue. What happens when the mean streets of the city are no longer quite so mean? In the wake of an unprecedented drop in crime in the 1990s and the real-estate development boom in the early 2000s, a new suspect is on the scene: gentrification. Thomas Heise identifies and investigates the emerging “gentrification plot” in contemporary crime fiction. He considers recent novels that depict the sweeping transformations of five iconic neighborhoods—the Lower East Side, Chinatown, Red Hook, Harlem, and Bedford-Stuyvesant—that have been central to African American, Latinx, immigrant, and blue-collar life in the city. Heise reads works by Richard Price, Henry Chang, Gabriel Cohen, Reggie Nadelson, Ivy Pochoda, Grace Edwards, Ernesto Quiñonez, Wil Medearis, and Brian Platzer, tracking their representations of “broken-windows” policing, cultural erasure, racial conflict, class grievance, and displacement. Placing their novels in conversation with oral histories, urban planning, and policing theory, he explores crime fiction’s contradictory and ambivalent portrayals of the postindustrial city’s dizzying metamorphoses while underscoring the material conditions of the genre. A timely and powerful book, The Gentrification Plot reveals how today’s crime writers narrate the death—or murder—of a place and a way of life.
This book examines ways in which formerly prosperous regions can renew their economy during and after a period of industrial and economic recession. Using New York’s Capital Region (i.e., Albany, Troy, Schenectady, etc.) as a case study, the authors show how entrepreneurship, innovation, investment in education, research and political collaboration are critical to achieving regional success. In this way, the book provides other regions and nations with a real-life model for successful economic development. In the past half century, the United States and other nations have seen an economic decline of formerly prosperous regions as a result of new technology and globalization. One of the hardest-hit United States regions is Upstate New York or “the Capital Region”; it experienced a demoralizing hemorrhage of manufacturing companies, jobs and people to other regions and countries. To combat this, the region, with the help of state leaders, mounted a decades-long effort to renew and restore the region’s economy with a particular focus on nanotechnology. As a result, New York’s Capital Region successfully added thousands of well-paying, skill-intensive manufacturing jobs. New York’s success story serves as a model for economic development for policy makers that includes major public investments in educational institutions and research infrastructure; partnerships between academia, industry and government; and creation of frameworks for intra-regional collaboration by business, government, and academic actors. Featuring recommendations for best practices in regional development policy, this book is appropriate for scholars, students, researchers and policy makers in regional development, innovation, R&D policy, economic development and economic growth.
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