A black swan refers to highly improbable but impactful events. While the term is most frequently used in a financial context, it can apply to other fields as well. Baseball is a good example, especially given its long history and emphasis on individual statistics. What were baseball’s greatest black swans? I’ll look at some notable…

Recent news reports indicate the incoming administration is considering consolidating federal banking regulators as part of a broader effort to improve government efficiency. I went through two such consolidations during my 36-year career in bank supervision. Efficiency gains are likely to be meager, at best.  At the same time, having multiple banking regulators can undermine…