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Speech
Lessons from the financial crisis: remarks at The Economic Club of New York, New York City
Remarks at The Economic Club of New York, New York City.
Working Paper
The Resolution of a Systemically Important Insurance Company during the Great Depression
This paper explores the economic issues related to systemically important insurance companies, using an example from the Great Depression, the National Surety Company. National Surety was a large and diverse insurance company that experienced a major crisis in 1933 due to losses from its guarantees of mortgage-backed securities. A liquidity crisis ensued, as policyholders staged a massive run on the company, demanding the return of their unearned premiums. The New York State Insurance Commissioner stepped in with a reorganization plan that split the company in two, out of fear that a ...