Occupy Wall Street, reportedly a people-powered movement, started in Liberty Square in Manhattan’s financial district, New York. Since then, the Occupy movement has spread globally to over 1,500 cities worldwide. The claimed purpose of this movement is to fight back against the corrosive power of major banks and multinational corporations in the world’s economy. The movement blames Wall Street for its role in the economic collapse in the late 2000s, and demands reforms of various kinds. Looking further back the history, we can observe several great financial market failures, such as the great depression in the USA in 1929, the share market collapse in 1987, the Asian Financial Crisis in 1997-98, as well as the Global Financial Crisis of the late 2000s. The collapse of financial markets is usually associated with significant economic downturn, resulting in severe social ramifications with high levels of unemployment. While contemplating financial market failures, some people say: “the bankers are greedy, selling toxic financial products…” or “the regulation and supervision of financial institutions is not strict enough…. These and other similar views have led to the Occupy Wall Street movement. As a student in Managing Financial Services Firms, write an essay addressing the following:
a. Provide an analytical description of one or more financial crises that have occurred in the world’s economy; (20 marks)
b. The role of financial institutions or bankers in the world economy; (10 marks)
c. Areas of the financial system in which financial regulation is inadequate, and why; (20 marks)
d. Your recommended changes to the financial regulatory system, internationally and domestically; (20 marks)
e. How these changes would help to fix existing gaps in regulation and supervision; (20 marks); and
f. Any other issues that you consider are relevant to the broad topic (10 marks).
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