Public Policy Commons^™

Lessons Learned: Steven H. Kasoff, Matthew A. Lieber

Journal of Financial Crises

Steve Kasoff was employed at Elliott Management Corporation from 2003 until 2020. His responsibilities centered on developing the structured products and real estate groups at Elliott. He was made senior portfolio manager, a member of the firm’s management committee, and equity partner. Kasoff has extensive experience in the origination, trading, and management of structured products such as collateralized debt obligations (CDOs) and mortgage-backed securities, including earlier posts at Deutsche Bank, Merrill Lynch, and Lehman Brothers. He earned his BA in economics from Yale College and his MBA in finance from the Wharton School of the University of Pennsylvania. In 2016, …

Lessons Learned: James Finkel, Steven H. Kasoff, Matthew A. Lieber

Journal of Financial Crises

A Wall Street veteran specializing in structured credit transactions, Jim Finkel was co-founder and director of the structured credit asset management firm Dynamic Credit Partners (DCP) from 2003 to 2009. Finkel started his career as a securities lawyer for the international law firm Cadwalader, Wickersham & Taft LLP, before moving over to the banking side in 1992. He specialized in mortgage-backed securities and collateralized loan obligations (CLOs) for several firms, including Bear Stearns and Deutsche Bank, where he headed the London-based CLO group. In 2003, Finkel returned to New York to launch and run DCP. In 2010, he joined financial …

Wall Street’S Subprime Debacle: Firsthand Accounts From Inside The Cdo Machine, Matthew A. Lieber, Steven H. Kasoff

Journal of Financial Crises

The observations, perceptions, and actions of participants in the subprime markets remain poorly documented and incompletely understood. Seeking to deepen our understanding, this study has produced seven interview summaries and one article telling the story of a hypothetical CDO deal. This article is organized in four parts. First, it presents our research questions and methods in relation to the existing knowledge on the topic. Second, it describes what we think are the study’s main contributions. Third, it previews the Lessons Learned summaries and interviews from each of the participants. And last, it identifies what we believe are some of the …

A Special Project: Inside The Cdo Machine, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

In this issue of the Journal of Financial Crisis, we feature Inside the CDO Machine—a special undertaking recently completed under the auspices of the Yale Program on Financial Stability Lessons Learned Oral History Project by Steven H. Kasoff, a Yale School of Management Fellow and former equity partner and head of real estate and structured products investments at the Elliott Management Corp., a global hedge fund. For the project, Kasoff undertook a series of interviews with industry professionals to focus on one of the critical derivatives products of the Global Financial Crisis (GFC), collateralized debt obligations (CDOs), and how they …

Anatomy Of A Trade: The Making Of A Subprime Cdo, Steven H. Kasoff

Journal of Financial Crises

This article presents a short story, a sketch in eight parts of a single fictitious subprime collateralized debt obligation (CDO) transaction. The story is informed by expert interviews, documentary research, and the author’s firsthand experience.

The Rescue Of The Us Auto Industry, Module G: The Auto Warranty Commitment Program, Benjamin Henken

Journal of Financial Crises

On March 30, 2009, President Barack Obama announced a plan for government-funded protection of warranties on new vehicles sold by General Motors (GM) and Chrysler while the companies underwent restructuring. The initiative, which would become known as the Auto Warranty Commitment Program (AWCP), was intended to bolster consumer confidence by alleviating a major risk—the loss of warranty benefits—to consumers associated with the companies’ potential bankruptcies. Under the AWCP, GM and Chrysler established independent special purpose vehicles (SPVs) to which they transferred a combination of their own money along with funding they received from Treasury in the form of a loan. …

The Rescue Of The Us Auto Industry, Module Z:Overview, Rosalind Z. Wiggins, Greg Feldberg, Alexander Nye, Andrew Metrick

Journal of Financial Crises

In the fall of 2008, credit markets tightened amid a broader economic downturn that severely impacted the US auto industry, especially the three largest domestic manufacturers, General Motors (GM), Ford Motors, and Chrysler. The companies requested assistance from the government in a bid to stay afloat, but Congress declined to authorize funding. The Bush administration, however, provided bridge loans to GM and Chrysler under the Auto Industry Finance Program (AIFP), funded through the Troubled Assets Relief Program (TARP), to sustain them until the Obama administration was in place. Within months, the Obama administration decided that a speedy bankruptcy would be …

The Rescue Of The Us Auto Industry, Module E: Emergency Assistance For Chrysler Financial, Alexander Nye

Journal of Financial Crises

In the fall of 2008, due to the confluence of the Global Financial Crisis and years of structural decline in the auto industry, Chrysler was nearing bankruptcy. Chrysler’s related finance company, Chrysler Financial, was also in dire straits. On December 19, 2008, President Bush announced the Automotive Industry Financing Program and that the US Treasury would extend Chrysler a $4 billion Bridge Loan to give the company time to prepare a viable restructuring plan. Two weeks later, the Treasury arranged $1.5 billion in low-interest financing for Chrysler Financial to fund the securitization of new consumer car loans and the facility …

The Rescue Of The Us Auto Industry, Module F: Auto Supplier Support Program, Riki Matsumoto

Journal of Financial Crises

The Global Financial Crisis that began in 2007 intensified the decade-long malaise of two of the largest auto manufacturers in the US, General Motors and Chrysler. Their possible collapse was deemed to pose a systemic risk by the United States government. In response, the Department of the Treasury made efforts to provide support to the automotive industry through the Automotive Industry Financing Program (AIFP). As US auto parts suppliers experienced deteriorated automotive markets, disrupted manufacturer operations, and stressed credit markets, the Treasury announced the Auto Supplier Support Program (ASSP) on March 19, 2009, as an auxiliary program to the overall …

The Rescue Of The Us Auto Industry, Module C: Restructuring Chrysler Through Bankruptcy, Alexander Nye

Journal of Financial Crises

In late 2008, due to the confluence of the financial crisis and years of structural decline in the auto industry, Chrysler was nearing bankruptcy. The US Treasury provided Chrysler’s owner, Chrysler Holding, with a $4 billion bridge loan and Chrysler’s related finance company, Chrysler Financial, with a $1.5 billion financing program under the Troubled Assets Relief Program (TARP). The government-led restructuring through bankruptcy involved the commitment of roughly $5 billion in debtor-in-possession (DIP) loans from the US Treasury and the Canadian government, under which the US Treasury ultimately lent $1.89 billion, using TARP funds, and Canada lent about $1 billion, …

The Rescue Of The Us Auto Industry, Module D: Emergency Assistance To Ally Financial (Formerly Gmac), Riki Matsumoto, Kaleb B. Nygaard

Journal of Financial Crises

In 2008, GMAC was a $200 billion company providing financing to General Motors customers. As the Global Financial Crisis entered a critical stage in early 2008, GMAC’s funding strategy and liquidity position were adversely affected by the significant disruption in credit markets and the broader economic downturn. This reduced access to financing, which impacted GMAC’s ability to provide automotive wholesale inventory and retail financing to General Motors and Chrysler. In late 2008 and early 2009 GM and Chrysler underwent a complex restructuring process. To restore liquidity to GMAC’s auto finance business, the Federal Reserve agreed to expedite GMAC’s conversion to …

The Rescue Of The Us Auto Industry, Module B: Restructuring General Motors Through Bankruptcy, Kaleb B. Nygaard

Journal of Financial Crises

As the Global Financial Crisis worsened in 2008, credit markets tightened and a broader economic downturn developed, hitting the auto industry particularly hard. The crisis intensified a decade-long decline of the largest US auto manufacturers. Because of its size and importance to the economy, the US government decided to provide assistance to General Motors (GM) to sustain it while it developed plans for its long-term viability. Congress declined to authorize funding for the auto manufacturers, but in December 2008, Treasury provided a bridge loan to GM under the Troubled Assets Relief Program (TARP) to sustain the company until the Obama …

The Rescue Of The Us Auto Industry, Module A: Automotive Bridge Loans, Alexander Nye

Journal of Financial Crises

In 2008, in the midst of the Global Financial Crisis, America’s Big Three automakers neared their breaking point. Two of them, General Motors (GM) and Chrysler, asked Congress for funding to prevent uncontrolled bankruptcies. Policymakers realized these uncontrolled bankruptcies would damage the manufacturing sector. Congress considered but failed to pass a framework conditioning short-term financing on the companies’ producing acceptable restructuring plans. With the companies warning that they could not survive the coming presidential transition, on December 19, 2008, President George W. Bush announced the Automotive Industry Financing Program (AIFP) under the authority of the Emergency Economic Stability Act (EESA) …

Broad-Based Capital Injection Programs, June Rhee, Junko Oguri, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

This paper surveys 36 broad-based capital injection (BBCI) programs and attempts to identify some best (and worst) practices. We argue that it is crucial to distinguish between programs implemented during acute (“panic”) and chronic (“debt overhang”) phases of a crisis, where the goals of program design should be different. In an acute phase, programs should be designed to influence the behavior of bank counterparties, while in chronic phases, the focus should be on bank behavior itself. With this framing, we identify seven themes to guide program design, and provide many illustrative examples for the policymaker’s tool kit.

Contested Deployment, Bert B. Tussing, John Eric Powell, Benjamin C. Leitzel

Books, Monographs & Collaborative Studies

As indicated in the 2018 National Defense Strategy and evolving Multi-Domain Operations doctrine, the assumption the homeland will provide a secure space for mobilization and deployment is no longer valid. This integrated research project goes beyond affirming this assumption and contributes to efforts to mitigate the concerns a contested deployment entails.

Following the introductory chapter, Chapter 2, “Army Deployments in a Contested Homeland: A Framework for Protection,” explores how current coordination and cooperation mechanisms between the DoD and state and local government may need realignment, with civil authorities preparing themselves to support military mobilization. Chapter 3, “Strategic Seaports and National …

Deterioration Of The Tenth Amendment: Why Federalism’S Hierarchy Must Be Restored, Giana Depaul

Helm's School of Government Conference - 2021-2024

No abstract provided.

Pandemics And The Protection Of Privacy And Personal Information: Issues With Regard To The Use And Protection Of Information On The Basis Of Improving Public Health In The Fight Against Infectious Diseases, Fumio Shimpo

Japanese Society and Culture

In order to make use of the response to the new the coronavirus disease (COVID-19) for pandemic countermeasures due to infectious diseases that may have a serious impact on the lives and health of the people, which may occur in the future, the handling of personal information and the protection of privacy necessary to ensure the effectiveness of countermeasures against infectious diseases will be examined. This paper intends to establish to comprehensively understand the systems for the collection and publication of information related to infectious diseases based on the Infectious Diseases Control Law, and to clarify the structure and issues …

Agenda For Temple Management And Buddhism-Related Businesses: Focusing On Monk Temp Services And Large Ossuaries, Hisato Nakamura

Japanese Society and Culture

In a previous article, the author examined the revitalization of Japanese temples, which are in a critical economic condition, from the perspective of management strategy. With the exception of prominent nationwide temples and tourist temples in metropolitan areas, temples are in a state of decline owing to a weakening Buddhist culture in metropolitan areas and low population density, among other causes. This paper, too, examines the rise of Buddhism-related businesses, focusing on the now-common tombstone dealers and funeral parlours. Then, the status quo of monk temp services, which have a close relationship with funeral parlours and its brokers, is considered, …

Criminal Justice Update - March 2022, Autumn R. Chassie

Criminal Justice Updates

The Criminal Justice Update is a monthly newsletter created by the Adams County Bar Foundation Fellow providing updates in criminal justice policy coming from Pennsylvania's courts and legislature as well as the US Supreme Court.

Contents:

• Updates from PA Governor's Office - No new updates this month
• Updates from the PA Legislature - No new updates this month
• Updates from the Courts
• U.S. Supreme Court: Criminal Law & Procedure
• PA Supreme Court: No new updates this month
• PA Superior Court: Criminal Law & Procedure

Global Climate Governance: Rising Trend Of Translateral Cooperation, Nataliya Stranadko

Public Affairs and Policy Faculty Publications and Presentations

The transformation from the Kyoto Protocol to the Paris Agreement has been analyzed by international relations scholars, international law, and transnational governance theory. The international relations literature looks at the climate regime from a perspective of power distribution, state interests, institutions, and multilateral negotiations. International law theory focuses on legal analysis and design of international climate agreements. The transnational governance literature examines the participation of transnational actors at different levels of governance. However, each of these theories overlooks a bilateral trend of cooperation in a multilateral setting that arises as part of the construction or reconstruction of the international regime. …

Faith-Based Public Foundations: Identifying The Field And Assessing Its Impact, Allison K. Ralph, Brad R. Fulton, Samuel Allen

The Foundation Review

Charitable activity is a core tenet of most faith traditions, and many charitable organizations have a religious identity. However, little is known about the prevalence and scale of faith-based foundations, and how they differ from secular foundations.

This article identifies the field of public foundations, differentiates between faith-based and secular foundations, and compares their characteristics by analyzing Form 990 data. An analysis of these data estimates that 24% of all public charities operate as foundations and that 17% of public foundations are faith-based. These findings are used to generate first-ever estimates for the entire field of public foundations.

This analysis …

Giving With Pride: Considering Participatory Grantmaking In An Anti-Racist, Lgbtq+ Community Foundation, Elizabeth J. Dale, Nicole J. Plastino

The Foundation Review

Institutional racism is woven into organizations, processes, and practices in complex ways that inhibit transformational change. Participatory grantmaking and trust-based philanthropy are two paradigms that can shift such power dynamics in foundation giving. This article examines how Pride Foundation, a regional LGBTQ+ community foundation in the Pacific Northwest, restructured its grantmaking as part of a broader organization-wide commitment to racial justice.

Through an embedded case study, the authors followed Pride Foundation in the first year of transforming its grantmaking to address two questions: the factors foundations should consider when exploring participatory grantmaking, and how a foundation can best navigate a …

Grassroots Environmental Justice Work And Philanthropy: Challenges And Opportunities, Jennifer S. Ramirez, Ana I. Baptista, Molly Greenberg, Adrienne Perovich, Anna Yulsman, Antonio Lopez, Andrew Rosenberg

The Foundation Review

Across the United States, grassroots groups within the environmental justice movement are leading important work on the front lines of the climate crisis, especially in marginalized communities. Despite the importance of these organizations, the philanthropic sector has devoted the lion’s share of environmental funding to more mainstream nonprofits.

Building Equity and Alignment for Environmental Justice and the Tishman Environment and Design Center at The New School conducted a landscape assessment study of environmental funders and grassroots environmental justice organizations in the Gulf South and the Midwest. The study had four research aims: gain a greater understanding of environmental justice funding, …

Lead, Advise, Witness: Shifting Mindsets To Achieving Impact At Scale, Jeffrey Sunshine, Bernadette Sangalang

The Foundation Review

The David and Lucile Packard Foundation created Starting Smart and Strong, a 10-year, place-based initiative in three California communities, to develop and test solutions that support parents, caregivers, and educators as they prepare young children to be healthy and ready for school. The initiative brings together public and private partners to create comprehensive early learning systems, with a focus on impact at scale.

Seven years into Starting Smart and Strong, we offer key insights into our experiences as program staff managing this complex initiative and how our approach to scaling impact has shifted over the course of the strategy. Listening …

Executive Summaries

The Foundation Review

No abstract provided.

Immigration Federalism In The United States: Constructing A Contemporary Institutional Framework Centered On Local Communities Through A Case Study Approach, Sara Kuehlhorn Friedman

Dissertations and Theses

This research study presents a new model of immigration federalism which integrates existing theories into a framework that emphasizes agency at the local level. Unlike dominant models of federalism that observe the cascading effect of higher-level policy on lower levels of government, this research focuses on empirical evidence at the local level to understand its relation to policy at higher levels. Immigration federalism is receiving substantial interest in scholarly work and in practice, but it lacks a cohesive and comprehensive theory explaining variation at the community level. There is little reason to expect sweeping changes in immigration policy at the …

Hygiene, Storage, And Waste Management For The Unsheltered Community: Gaps & Opportunities Analysis, Jacen Greene, Todd Ferry, Lisa Hawash, Marisa Zapata, Nicholas M. Puczkowskyj

Homelessness Research & Action Collaborative Publications and Presentations

This study, completed in early February 2022, included focus groups and interviews with 18 government employees and service providers, interviews with 19 people experiencing unsheltered homelessness, a review of research literature and news articles on the topic, and previous surveys and research from Portland State University to better understand gaps and opportunities in providing hygiene, storage and waste management to people living unsheltered.

Effect Of Covid-19 On The Wellbeing Of Healthcare Professionals In Public Isolation Hospitals In Egypt, Shaimaa Sabbah

Theses and Dissertations

One of the most vulnerable groups severely hit by the COVID-19 pandemic has been the Healthcare Professionals (HCPs), especially the physicians, pharmacists, and nurses who work in public Isolation hospitals. The Egyptian medical syndicate declared the death of more than 600 physicians from February 2020 till January 2022. In the meantime, the Egyptian government has worked on different policies for relieving the negative effects of the pandemic on this vulnerable group; however, easing restrictions, no total lockdown implementation, and monitoring bureaucracy has negatively affected the wellbeing of those HCPs. The study aims to figure out recommended policies to protect HCPs’ …

Si Los Demás Se Distancian: Acción Colectiva, Confianza Y Normas Sociales Para El Cuidado En Tiempos De La Covid-19. Análisis Del Primer Año De La Pandemia, María Antonia Chinkousky, Ricardo Pérez, Santiago Silva Jaramillo

Gobernar: The Journal of Latin American Public Policy and Governance

Este artículo revisa la coyuntura del primer año de la pandemia del COVID-19 a la luz de las normas sociales y la prosocialidad. Para esto, nos acercamos sintéticamente a la metodología de bola de nieve para analizar una serie de experiencias e intervenciones de entidades públicas y privadas que alentaban comportamientos prosociales para evitar contagios masivos en la población en 2020, en el momento más inicial de la pandemia. Los resultados de estos estudios se presentan como recomendaciones para los tomadores de decisión y otros interesados en aplicar herramientas similares para crisis de salud pública. El texto finaliza recopilando los …

La Política Deportiva Ante El Reclutamiento Forzado: La Gestión Deportiva De Los Gobiernos Municipales Del Area Metropolitana Del Valle De Aburrá Ante El Reclutamiento Forzado De Menores En Tiempos De La Covid-19, Noreida Puerta Alcaraz

Gobernar: The Journal of Latin American Public Policy and Governance

El presente trabajo analiza la gestión del deporte como alternativa de prevención para el reclutamiento forzado de menores en el Área Metropolitana del Valle de Aburrá (Medellín, Colombia) y su reinvención en el contexto del Covid-19. Sin embargo, pese a que es una problemática que afecta a los 10 municipios que la integran, se evidencia falta de coordinación y articulación de la política deportiva a nivel metropolitano para su intervención desde lo intermunicipal. La investigación utilizó un enfoque cualitativo bajo el método de la teoría fundamentada, cuya comprensión de los datos se hizo a través de la técnica de análisis …