Governor Capital Shortfall : A New Approach to Ranking and Regulating Systemic Risks

  title={Governor Capital Shortfall : A New Approach to Ranking and Regulating Systemic Risks},
  author={Viral Acharya and Robert Engle and Matthew Richardson},
The most severe impacts of the financial crisis of 2007–2009 arose immediately after the failure of Lehman Brothers on September 15, 2008. It is natural to wonder whether the United States should have arranged for an orderly rescue of Lehman as it did for Fannie Mae and Freddie Mac the week before and as it did for AIG, Merrill Lynch, Citigroup, Bank of America, Morgan Stanley, Goldman Sachs, Washington Mutual, and Wachovia as well as many smaller and foreign banks over the next days and weeks… CONTINUE READING
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