International Business Review Founder, Editor-in-Chief daniel p. hellwig Senior manager hamad a. almudhaf publishing managers Max Maeckler diego arroyo Matthew levin Maxwell black Senior Editors Jasmin imran al-Sous Julia hansen art directors Jonathan hodes geraldine haneine Stern
The International Business Review is a student-run publication, featuring business-related editorials as well as internationally oriented interviews and articles. We aim to provide a platform to exchange ideas, opinions, and perspectives on economic issues, as well as to enhance communication and spark debate amongst students, faculty, alumni, and the business community, alike.
distribution raphael langenscheidt
The spring 2010 edition of the International Business Review focuses on the future of financial
Communication florian hagenbuch
division and extent of power and responsibilities remain unresolved. While the most important
international Editors erik buischi rafael levy Julia Cohen nicholas theuerkauf Janis kreilis alexander Cherniyak Charles hendren penny Metchev Contributing authors Sean Caverly Sindhura Chitturi Juan Carlos ibarra Mantas nemanis alexander Massa estelle Merle Serge Morell Carlotta Siniscalco lukas f. Streiff david vinnikov Cheng-wen (Charles) tsai linfu (frank) zhang
regulation. As the world emerges from The Great Recession the complexity mounts because the financial institutions operate globally, governmental regulators continue to operate locally. As Oswald Gruebel, the CEO of UBS, put it during our interview: “nobody is looking at the interconnection of banks on a global level.” In fact, just as Prof. Herring noted, the first bank to fail was not a bank located in the United States, but, indeed, a German bank. However complex the situation may be today, Professor Muhammad Yunus, the nobel Laureate and Grameen Bank chairman, insisted that “this is a good time to use our understanding of what has gone wrong, apply new ideas, redesign the system, start new, and fresh.” By focusing this issue of the IBR on the status quo of financial regulation, we hope to provide a few additional insights on the matter to all our readers and the community. This magazine is your magazine, too! We invite all of you to contribute. Read, engage and enjoy!
Faculty advisora prof. Janice r. bellace prof. nicholas gonedes
International Business Review 3925 Walnut Street, Suite 1403 Philadelphia, PA 19104 Telephone: 215-796-4975 email@example.com www.ibr-magazine.com The IBR is an undergraduate student publication at the Wharton School, University of Pennylvania.
Daniel P. Hellwig,
Hamad A. Almudhaf,