Vatican, Banking, Ethics & Money

Vatican, Banking, Ethics & Money

The Vatican has been a bell-weather of human rights concerns and research for centuries. His Holiness Pope Francis’ personal commitment to put actions in front of the Holy See’s words are having a profound effect in Vatican City and globally.

The Pontifical Council for Peace and Justice, led by His Eminence Cardinal Peter Kodwo Appiah Turkson from Ghana, is responsible for developing policy and nudging its implementation on issues that include business ethics, and the conduct of business leaders and their bankers.  The Vocation of a Business Leader captures recent policy research and thought.

Initially in October 2012, and then as part of the Pontifical Council’s Colloquium  on the theme Banking on the Common Good, Finance for the Common Good on May 13, 2013,Urban Logic has brought forward our design work on high-transparency, impacts aware banking and related research to inform the Vatican’s (and our own) interfaith dialogue on creating banks and training bankers to handle money that is authentic in achieving its intent and impact, ethically.  From little acorns, giant chestnut trees grow!

For more on the May event, Cardinal Turkson’s interview and the Pontifical Council’s press release are here, and Vatican Radio’s coverage here.

Practicing What is Preached...As importantly, informal conversations with the new head of the IOR (Vatican Bank) on that Monday May 13th, were prelude to the Bank agreeing om May 22nd for the first time to release its financial monitor’s reports – Transparency momentum in action is good to see!

By September (2013), the Pope was speaking out regularly, decrying the idolatry of seeking money as an end goal or end game, and urging the globalized economy to return to the core functions of providing meaningful employment, and the honorable reality of a job creating meaningful lives.

Bruce Cahan

Bruce Cahan is CEO and co-founder of Urban Logic, a nonprofit that harnesses finance and technology to change how systems think, act and feel. He is an Ashoka Fellow, a Consulting Professor at Stanford University's Department of Civil and Environmental Engineering, and a CodeX Fellow at Stanford's Center for Legal Informatics. Bruce was trained as an international finance lawyer at Weil Gotshal & Manges in NYC (10 years) and as merchant banker at Asian Oceanic in Hong Kong (2 years). Bruce graduated The Wharton School at the University of Pennsylvania (B.S. Economics 1976) and Temple Law School (J.D. 1979), and is licensed as a lawyer in California (2006), New York (1980) and Pennsylvania (1980).

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Banking on Altruism

Banking on Altruism

Fear is Fake Collateral, Rugged Individualism is Bankers’ Mythology

In his May 2013 TEDxHayward Talk entitled Adjacencies Revealed, Urban Logic’s founder shared thinking that developed in dialogue with Dr. James Doty and Dr. Daniel Martin of Stanford’s Center for Compassion and Altruism Research (C-CARE) that could build stronger banks and bank customer user experiences.

Bruce Cahan

Bruce Cahan is CEO and co-founder of Urban Logic, a nonprofit that harnesses finance and technology to change how systems think, act and feel. He is an Ashoka Fellow, a Consulting Professor at Stanford University's Department of Civil and Environmental Engineering, and a CodeX Fellow at Stanford's Center for Legal Informatics. Bruce was trained as an international finance lawyer at Weil Gotshal & Manges in NYC (10 years) and as merchant banker at Asian Oceanic in Hong Kong (2 years). Bruce graduated The Wharton School at the University of Pennsylvania (B.S. Economics 1976) and Temple Law School (J.D. 1979), and is licensed as a lawyer in California (2006), New York (1980) and Pennsylvania (1980).

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Why Sustainable Banking Matters at Stanford

Why Sustainable Banking Matters at Stanford

At Stanford University, in the Engineering School, and in the d.school (Design School), and in the Law School’s Steyer-Taylor Center for Energy Policy & Finance, in the Graduate School of Business, and nearly all parts of the campus, sustainability matters.

Stanford is buzzing with students and faculty creating next-generation energy, construction, transportation, food, housing and other solutions that extend the lifecycle of resources used by our generation, and steward resources for future generations.

Designing solutions that repurpose the built environment and respect Nature’s own design quest to add resiliency that mitigates climate and other conditions is admirable.  In their own expert and innovative ways, biomimicry writ large.

Whither the bankers?  Where liveth they?  Harken the bankers back to a world underwriting to profit capital by destroying human or natural capital?  Is the legacy of un-sustainability banking – even digitized to nanosecond trading efficiency – the best that can be innovated?

In order to redesign sustainable cities and businesses, the banks that hold our deposits and create the rules for lending capital must understand sustainability, and must evolve to create Sustainable Banking that keeps the bank safe as an institution, keeps the customer of the bank safe throughout their personal or business lifecycle, and keeps the regions impacted and their quality of life safe.

When the Stanford graduates with sustainability ideas and business plans tucked into their gaps and gowns can show up in a bank and have a banker reward the startup business for adding sustainability, the banks will be safer, and make regional  of life safer, for all.

Through an active collaboration with Stanford, Urban Logic is pushing forward a Sustainable Banking Affiliates Program, and more:  Check out – SustainableBanking.Stanford.edu.

Bruce Cahan

Bruce Cahan is CEO and co-founder of Urban Logic, a nonprofit that harnesses finance and technology to change how systems think, act and feel. He is an Ashoka Fellow, a Consulting Professor at Stanford University's Department of Civil and Environmental Engineering, and a CodeX Fellow at Stanford's Center for Legal Informatics. Bruce was trained as an international finance lawyer at Weil Gotshal & Manges in NYC (10 years) and as merchant banker at Asian Oceanic in Hong Kong (2 years). Bruce graduated The Wharton School at the University of Pennsylvania (B.S. Economics 1976) and Temple Law School (J.D. 1979), and is licensed as a lawyer in California (2006), New York (1980) and Pennsylvania (1980).

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TEDxNewWallStreet – Re-imagining Banking built in and for the Information Age
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TEDxNewWallStreet – Re-imagining Banking built in and for the Information Age

2008 – 2012 had seen a stubborn recession, shattering personal wealth and global confidence in the largest banks.  The Occupy Wall Street Protests in New York and London pressed for reforms to the banking system, by legislative, regulatory and judicial means.

By March 2012,  Silicon Valley had been pursuing its agenda of revolutionizing the banking system through innovations for nearly a decade.  Square did for in store local purchasing what PayPal did for online shopping, moving billions in credit card payments out of the hands of bankers and into the hands of “payments processors.”  Kiva created a disruptive microfinance finance, uncontrolled by and side-steppng at scale the administrative overhead of large sprawling nonprofit organizations.  Kickstarter anticipated the JOBS Act‘s embrace of crowdfunding small businesses, using elegant design storytelling to pre-sell products that have yet to be built.

Silicon Valley is well known for changing paradigms that concentrated power in entertainment, telecommunications and automotive industries.

Thus, on March 11, 2012, Urban Logic decided to convene TEDxNewWallStreet as a day-long exploration of what it might look like for Silicon Valley to be the New Wall Street, and ask how it might be fairer, safer, cheaper and see and show its impacts with greater transparency.

Moving opaque, dysfunctional, predatory banking into the digital age isn’t progress.

Fixing banking to become highly-transparent and impacts-aaware, that’s progress.

Our TEDxNewWallStreet speakers were amazing, and let the audience at the Computer History Museum, and on YouTube understand how bankers and bank technologists in Silicon Valley are changing the paradigm, again:

 

Bruce Cahan

Bruce Cahan is CEO and co-founder of Urban Logic, a nonprofit that harnesses finance and technology to change how systems think, act and feel. He is an Ashoka Fellow, a Consulting Professor at Stanford University's Department of Civil and Environmental Engineering, and a CodeX Fellow at Stanford's Center for Legal Informatics. Bruce was trained as an international finance lawyer at Weil Gotshal & Manges in NYC (10 years) and as merchant banker at Asian Oceanic in Hong Kong (2 years). Bruce graduated The Wharton School at the University of Pennsylvania (B.S. Economics 1976) and Temple Law School (J.D. 1979), and is licensed as a lawyer in California (2006), New York (1980) and Pennsylvania (1980).

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State-Owned Banks: why just after a crisis?
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State-Owned Banks: why just after a crisis?

In Colonial America, states issued their local currency so as to achieve independence from the banking and bankers of the Old World in Great Britain and Europe.  Today, the Bank of North Dakota formed in 1919  is all that remains of the state-owned bank tradition.

In response to 2008’s Credit Crisis, U.S. taxpayers pumped $608 billion into the banking system (of which $367 billion has been repaid as of August 2013).  An immense DC-Wall Street-Main Street public debate followed, along with passage of The Dodd-Frank Wall Street Reform And Consumer Protection Act (echoing reform measures passed after every previous domestic banking crisis), and the lobbyists on Capitol Hill carving the reforms into shards and loopholes without sufficient enforcement budget or the will to prosecute offenders at “too big to fail” banks.

Two options for public investment remain relatively unexplored:

  • Reviving State-owned banks who, by reason of being government-owned, would be subject to higher public purpose accountability, conflict of interest and transparency rules
  • Investing in a national program of banking services innovation and redesign, through smaller new banks and non-bank organizations

Urban Logic has surveyed global state-owned banking history, and posted it online at StateOwnedBanks.com (as a Wikimedia research site and to reduce spam, please create an account to access our work there).  For an illustrated timeline of multiple banking crises, recessions and other developments in the U.S., and legislative responses to them, download this PDF, and because it is 600 years wide, zoom in 12 times (12x).

 

Bruce Cahan

Bruce Cahan is CEO and co-founder of Urban Logic, a nonprofit that harnesses finance and technology to change how systems think, act and feel. He is an Ashoka Fellow, a Consulting Professor at Stanford University's Department of Civil and Environmental Engineering, and a CodeX Fellow at Stanford's Center for Legal Informatics. Bruce was trained as an international finance lawyer at Weil Gotshal & Manges in NYC (10 years) and as merchant banker at Asian Oceanic in Hong Kong (2 years). Bruce graduated The Wharton School at the University of Pennsylvania (B.S. Economics 1976) and Temple Law School (J.D. 1979), and is licensed as a lawyer in California (2006), New York (1980) and Pennsylvania (1980).

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Banking for the Uninitiated
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Banking for the Uninitiated

Over the past few years, Urban Logic has looked at how banks reflect society’s priorities, and cause multiple impacts in doing so.

In order to understand “banking,” numerous books, professional journals and a deluge of popular works after the 2008 Credit Crisis have come forward to demystify the “black box of banking”, so that it can be simply understood.

Two of our favorite books that explain banking as it is currently practiced today are:

Other good reads on banking and money tell tales of bankers and banker hubris, and those are fun literature too!

Bruce Cahan

Bruce Cahan is CEO and co-founder of Urban Logic, a nonprofit that harnesses finance and technology to change how systems think, act and feel. He is an Ashoka Fellow, a Consulting Professor at Stanford University's Department of Civil and Environmental Engineering, and a CodeX Fellow at Stanford's Center for Legal Informatics. Bruce was trained as an international finance lawyer at Weil Gotshal & Manges in NYC (10 years) and as merchant banker at Asian Oceanic in Hong Kong (2 years). Bruce graduated The Wharton School at the University of Pennsylvania (B.S. Economics 1976) and Temple Law School (J.D. 1979), and is licensed as a lawyer in California (2006), New York (1980) and Pennsylvania (1980).

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Jerusalem, Middle East Peace & Money

Jerusalem, Middle East Peace & Money

October 26, 2010 at the Koret-Milken Institute in Jerusalem offered Urban Logic the opportunity to present research on using using interfaith ethics to tag money, and in that way bring greater understanding and tolerance to the various religious groups in and surrounding Israel.

The Koret-Milken Fellows are impressive, and go on to occupy major leadership positions in government and industry in Israel.  The Institute, through Glenn Yago‘s leadership, conducts ground-breaking research on infrastructure, capital finance, legislation and other challenges facing the Israeli Government, business sector and society.koret milken institute

Bruce Cahan

Bruce Cahan is CEO and co-founder of Urban Logic, a nonprofit that harnesses finance and technology to change how systems think, act and feel. He is an Ashoka Fellow, a Consulting Professor at Stanford University's Department of Civil and Environmental Engineering, and a CodeX Fellow at Stanford's Center for Legal Informatics. Bruce was trained as an international finance lawyer at Weil Gotshal & Manges in NYC (10 years) and as merchant banker at Asian Oceanic in Hong Kong (2 years). Bruce graduated The Wharton School at the University of Pennsylvania (B.S. Economics 1976) and Temple Law School (J.D. 1979), and is licensed as a lawyer in California (2006), New York (1980) and Pennsylvania (1980).

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