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International Labour Review, Vol. 149 (2010), No. 2
It’s financialization!
Richard B. FREEMAN*
Abstract. Wall Street’s 2007–09 implosion and the ensuing global recession highlight
the crucial relationship between finance and the economy. Governments, inter-
national agencies and experts had failed to detect rising risk levels in the deregulated
financial sector. The author outlines the resu lting huge cost in lost jobs and likely
reductions in public goods and growth, as economies restabilize budgets after paying
for massive bailouts and stimulus packages. Sp ecifically, he assesses the role of mon-
etary incentives for rent-seeking in the decisions that led to the crisis. Finally, he makes
the case for radical reform of the institutions linking finance and the real economy.
n December 2009, the largest trucking firm in the United States, YRC, with
I over 30,000 truck drivers on its payroll was close to bankruptcy. The firm was
financially stressed not so much because its revenues were falling in the recession
but because it owed US$1.6 billion in loans and bonds for acquisitions it had
made in 2003 and 2005.1 To survive, YRC had to convince bondholders to swap
bonds for equity.
Ten or 20 years earlier, bondholders would readily have made the ex-
change, since their bonds would essentially have proved worthless if the YRC
had gone bankrupt. But in the 2000s era of financialization, Wall Street firms had
issued credit default swaps (CDSs) against YRC bonds.2 Investors with CDSs
who bought bonds and voted against restructuring would make more from the
CDSs than they would lose from the bonds. Goldman Sachs developed a market
in YRC bonds and CDSs, soliciting bonds for clients who woul
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