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The New Financial Deal: Understanding the Dodd-Frank Act and Its (Unintended) Consequences 1st Edition

by David A. Skeel (Author), William D. Cohan (Introduction), Harvey R. Miller (Foreword)
4 out of 5 stars 13 customer reviews
ISBN-13: 978-0470942758
ISBN-10: 0470942754
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Product Details

  • Hardcover: 220 pages
  • Publisher: Wiley; 1st edition (December 7, 2010)
  • Language: English
  • ISBN-10: 0470942754
  • ISBN-13: 978-0470942758
  • Product Dimensions: 6.3 x 0.9 x 9.3 inches
  • Shipping Weight: 14.9 ounces (View shipping rates and policies)
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (13 customer reviews)
  • Amazon Best Sellers Rank: #845,391 in Books (See Top 100 in Books)

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Customer Reviews

Top Customer Reviews

5.0 out of 5 starsThe Real Deal
By Usha Rodrigues on February 8, 2011
Format: Hardcover
My advice is: read this book. Its subtitle promises "Understanding the Dodd-Frank Act and its (Unintended) Consequences," and it delivers. Skeel is a bankruptcy expert at Penn Law, and he views Dodd-Frank through the prism of bankruptcy. Short, crisp sentences, a bullet-pointed introduction to each chapter, and references that bounce from Churchill to baseball to the Bible make The New Financial Deal a great introduction to the mechanics of Dodd-Frank. The book is admirably lean (clocking in at a mere 193 pages), filled with muscular prose and emphatically not written in typical legal scholarese.

Skeel starts from the premise that bankruptcy works. We should have relied on it more during the financial crisis of 2008, Dodd-Frank is flawed because it rejects bankruptcy principles, and that the solution is...a little more bankruptcy. Whether or not you agree with Skeel's bankruptcy-centric view of the world, his argument functions as a plot, allowing him to relate the provisions to one another in a coherent narrative. The bottom line: enjoyable, understandable, and informative. In terms of financial history, who could ask for anything more?
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5.0 out of 5 starsThe Consequences of Institutionalized Bailouts
By Banking & Finance on February 1, 2011
Format: Hardcover Verified Purchase
David Skeel provides an invaluable--and extremely impressive, given the book's speed of publication, depth of research, and elegance of writing--service with his new book, The New Financial Deal. Skeel, one of the leading bankruptcy scholars and commentators in the country, outlines the main features of Dodd-Frank and explains how the very features touted as ending "Too Big To Fail" will, in fact, guarantee a form of bailouts that give preference to the politically well connected, and do little to prevent the kind of systemic crises that brought the global economy to its knees in 2008. Skeel's analysis of the Act will be the stepping stone for scholars engaging in these issues for decades to come. But the book is not pitched simply to a scholarly audience: any concerned citizen will find in the book an able, readable guide to the Act and its potential pitfalls.

Skeel's main argument is to give bankruptcy a chance -- when large, complex banking organizations start to teeter, Skeel argues, they should prepare for and eventually take advantage of the bankruptcy process. Skeel explores the arguments against bankruptcy, and finds them largely without depth and merit. Bankruptcy, Skeel argues, is the best way to allow private firms--regardless of how complex--to fail without imposing their losses on to the rest of us.

One of the greatest strengths of the book is Skeel's willingness to peer into the future of the Act and make predictions about how the Act will--or will not--fulfill its goal of ending taxpayer bailouts. Here, the reader need not agree with Skeel's bankruptcy preference in order to benefit from his analysis. Even Messrs. Dodd and Frank themselves can hardly dispute the fact that bankruptcy was not seriously considered as a viable option for allowing large, complex banks to fail. Skeel asks the hard questions about why this was so, to the benefit of anyone who thinks seriously about these issues.
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4.0 out of 5 starsI wish there were more books like this
By TomDiehl on November 29, 2012
Format: Hardcover
Here's the problem: You've got an important piece of legislation that you want to get your head around, but slogging through 2300 pages of legislation is rarely enlightning and never fun. This book is the solution. Skeel presents a well reasoned and supported argument for Dodd-Frank's strengths (consumer protection) and weakness (numerous). I like that he proposes fixes to the Act (e.g. subjecting derivatives to bankruptcy) in lieu of outright repeal, as the latter isn't likely to happen anytime soon. And I found the overview of the players who brought about the Act (Warren, Geithner, et al.) helpful as well. Many thanks.
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3.0 out of 5 starsA good framework lacking rigor.
By Alex on November 3, 2013
Format: Hardcover
David Skeel’s The New Financial Deal: Understanding the Dodd-Frank Act and Its (Unintended) Consequences provided a basic overview of the Dodd-Frank Act that lacked in-depth analysis and rigor. Skeel, a Professor of Corporate Law at Penn with an expertise in Bankruptcy and an extensive Curriculum Vitae promises to disseminate the Wall Street Reform and Consumer Protection Act in a meaningful way while also providing his suggestions to correct major flaws within this piece of legislation. While both of these promises are kept, neither are done so in a manner that yield significant value to the reader.

Skeel begins with his own explanation of government intervention within the financial system ranging from the marriage between Bear Sterns and JP Morgan Chase, to the collapse of Lehman Brothers and the “bailouts” of American International Group (AIG), Chrysler and General Motors. This includes basic explanations of the events that occurred and his opinions on their flaws. A brief outline on the original drafters of the bill, including the involvement from Timothy Geithner, Henry Paulson, Ben Bernanke, and of course Christopher Dodd and Barney Frank, was also included.

After laying out the basic framework for the Dodd-Frank Act, Skeel then proceeds to break down the content into key regulatory reforms enacted under this law. This include the new derivative reforms, capital requirements, Consumer Protection Agency, new resolution tools at the FDIC’s disposal, and international regulations changes. Each of these topics were broken down into bite-sized sections that provide a basic overview of what the law will mean and its implementation.

Skeel also introduces his imaginary example bank referred to as Bank of the World, a massive would-wide financial conglomerate.Read more ›
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Most Recent Customer Reviews

5.0 out of 5 starsAn excellent book which give the reader a detailed understanding of...

An excellent book which give the reader a detailed understanding of the financial crisis, the government's responses, and where we should go in the future. Read more

Published 9 months ago by Larry
4.0 out of 5 starsGood Book

I liked reading this book. It gives new ideas to a man with no financial deal. Written well. I like the book

Published on January 7, 2014 by Subramaniam Ganesan
5.0 out of 5 starsAn A-Plus Book

This is perhaps the "serious person's" version of the new book by David Stockman, making some of the same arguments against bailouts (which are still likely to occur even after... Read more

Published on April 1, 2013 by James T. Ranney
5.0 out of 5 starstechnical critique, easy enough for the lay reader

David Skeel, a bankruptcy expert at UPenn Law, explains everything you wanted to know about the Dodd-Frank Act and why he does not think it will solve the problems of 2008. Read more

Published on January 14, 2013 by Christopher D. Hampson
5.0 out of 5 starsMore central control of our economy coming our way

In trying to understand why the government decided to abandon the time-proven rules governing bankruptcy, I purchased this book. Read more

Published on November 25, 2011 by CuriousOne
1.0 out of 5 starsUnnecessarily outrageous price

This is patently ridiculous given that the book is available directly from Amazon for far less: The New Financial Deal: Understanding the Dodd-Frank Act and Its (Unintended)... Read more

Published on July 7, 2011 by K. G. Flippin
5.0 out of 5 starsIntriguing

Skeel clearly elucidates what the new law does and does not do. In his view, the law's main benefit is the new Consumer Finance Protection Bureau. Read more

Published on May 15, 2011 by Maria
1.0 out of 5 starsAll for war, nothing for education

The book proposes to let the states declare bankruptcy and so escape their obligations to pay the pensions of public-school teachers, state-university professors, cops, firemen,... Read more

Published on January 30, 2011 by Kevin Cahill
4.0 out of 5 starsOne Step Forwards and Two Steps Backwards

Skell's book is an excellent read if one has the basic understanding of what is the law versus what is one's opinion of fairness and equity. Read more

Published on January 13, 2011 by Stanley B. Platt

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