Too Big To Fail

Author: Andrew Ross Sorkin
Publisher: Penguin
ISBN: 1101443243
Size: 77.14 MB
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Brand New for 2018: an updated edition featuring a new afterword to mark the 10th anniversary of the financial crisis The brilliantly reported New York Times bestseller that goes behind the scenes of the financial crisis on Wall Street and in Washington to give the definitive account of the crisis, the basis for the HBO film “Too Big To Fail is too good to put down. . . . It is the story of the actors in the most extraordinary financial spectacle in 80 years, and it is told brilliantly.” —The Economist In one of the most gripping financial narratives in decades, Andrew Ross Sorkin—a New York Times columnist and one of the country's most respected financial reporters—delivers the first definitive blow-by-blow account of the epochal economic crisis that brought the world to the brink. Through unprecedented access to the players involved, he re-creates all the drama and turmoil of these turbulent days, revealing never-before-disclosed details and recounting how, motivated as often by ego and greed as by fear and self-preservation, the most powerful men and women in finance and politics decided the fate of the world's economy.

The Crisis Of Capitalist Democracy

Author: Richard A. Posner
Publisher: Harvard University Press
ISBN: 9780674055742
Size: 23.13 MB
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Judge Posner continues to react to the current economic crisis and reflect upon the impact on our views and reliance on capitalism. Posner helps non-technical readers understand business-cycle and financial economics, and financial and governmental institutions, practices, and transactions, while maintaining a neutrality impossible for persons professionally committed to one theory or another.

Saving The Market From Itself

Author: Christopher Mitchell
Publisher: Cambridge University Press
ISBN: 1107159237
Size: 22.21 MB
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This book examines how different interbank relationships produced more generous bank bailouts in Germany than in the US or UK.

Rethinking Risk In National Security

Author: Michael J. Mazarr
Publisher: Springer
ISBN: 1349918431
Size: 78.62 MB
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This book examines the role of risk management in the recent financial crisis and applies lessons from there to the national security realm. It rethinks the way risk contributes to strategy, with insights relevant to practitioners and scholars in national security as well as business. Over the past few years, the concept of risk has become one of the most commonly discussed issues in national security planning. And yet the experiences of the 2007-2008 financial crisis demonstrated critical limitations in institutional efforts to control risk. The most elaborate and complex risk procedures could not cure skewed incentives, cognitive biases, groupthink, and a dozen other human factors that led companies to take excessive risk. By embracing risk management, the national security enterprise may be turning to a discipline just as it has been discredited.

When Small Countries Crash

Author: Scott B. MacDonald
Publisher: Transaction Publishers
ISBN: 1412843987
Size: 46.72 MB
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The public is fascinated with financial crashes. Historians portray the roar of an angry mob toppling presidents or prime ministers and destroying the property of those who are regarded as malefactors. And certainly, financial crisis is often a factor in political change. It is often overlooked, but nonetheless significant that one of the major causes for the French Revolution was the poor state of finances, with the nation coming to bankruptcy. Large systemic financial crises create history. Various actors, big and small, become caught in the drama, contributing to it in their own special way. When Small Countries Crash seeks to capture some of the drama of financial collapses and their impact on small countries, which the authors define as populations under 10 million, generally 5-6 million. MacDonald and Novo have selected countries that have had a financial crisis in the national economy; that included key actors; and where access to reliable data is available. As the authors demonstrate, the story of small countries suffering the costs of financial missteps is long and painful. They argue that smaller economies tend to be more vulnerable to economic shocks, many of which are externally generated. Small economies confront particular challenges in terms of economies of scale, diversification, and depth of expertise and workforce. The chapters in this absorbing book focus on Iceland, Latvia, Ireland, the Caribbean, Scotland, Finland, and Albania. This in-depth study is unique in its close look at financial disasters in countries that have, until now, been overlooked.

The Power Of Inaction

Author: Cornelia Woll
Publisher: Cornell University Press
ISBN: 0801471141
Size: 60.33 MB
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Bank bailouts in the aftermath of the collapse of Lehman Brothers and the onset of the Great Recession brought into sharp relief the power that the global financial sector holds over national politics, and provoked widespread public outrage. In The Power of Inaction, Cornelia Woll details the varying relationships between financial institutions and national governments by comparing national bank rescue schemes in the United States and Europe. Woll starts with a broad overview of bank bailouts in more than twenty countries. Using extensive interviews conducted with bankers, lawmakers, and other key players, she then examines three pairs of countries where similar outcomes might be expected: the United States and United Kingdom, France and Germany, Ireland and Denmark. She finds, however, substantial variation within these pairs. In some cases the financial sector is intimately involved in the design of bailout packages; elsewhere it chooses to remain at arm’s length. Such differences are often ascribed to one of two conditions: either the state is strong and can impose terms, or the state is weak and corrupted by industry lobbying. Woll presents a third option, where the inaction of the financial sector critically shapes the design of bailout packages in favor of the industry. She demonstrates that financial institutions were most powerful in those settings where they could avoid a joint response and force national policymakers to deal with banks on a piecemeal basis. The power to remain collectively inactive, she argues, has had important consequences for bailout arrangements and ultimately affected how the public and private sectors have shared the cost burden of these massive policy decisions.

Global And Regional Problems

Author: Professor Pami Aalto
Publisher: Ashgate Publishing, Ltd.
ISBN: 1409476588
Size: 39.59 MB
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Distinctive due to explicit and systematically developed links between international relations (IR) and related disciplines, this book addresses global and regional interactions and the complex policy problems that often characterise this agenda. Such enhanced communication is crucial for improving the capacity of IR to engage with concrete issues that today are of high policy relevance for international organisations, states, diplomats, mediators and humankind in general. Whilst the authors do not reject the present IR, they offer a wider research agenda with new directions intended not only for those IR scholars who are unsatisfied with the analytical power of the current discipline, but also for those working on 'international', 'foreign', 'global' or 'interregional' issues in other disciplines and fields of research. In this instance they pay particular attention to linking up with peace research, international political economy (IPE) and cultural political economy (CPE), sociology, political geography, development studies, linguistics, cultural studies, environmental studies and energy research, gender studies, and traditions of area studies.

After The Music Stopped

Author: Alan S. Blinder
Publisher: Penguin
ISBN: 1101605871
Size: 74.51 MB
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New York Times Bestseller One of our wisest and most clear-eyed economic thinkers offers a masterful narrative of the crisis and its lessons. Many fine books on the financial crisis were first drafts of history—books written to fill the need for immediate understanding. Alan S. Blinder, esteemed Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board, held off, taking the time to understand the crisis and to think his way through to a truly comprehensive and coherent narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we can do from here—mired as we still are in its wreckage. With bracing clarity, Blinder shows us how the U.S. financial system, which had grown far too complex for its own good—and too unregulated for the public good—experienced a perfect storm beginning in 2007. Things started unraveling when the much-chronicled housing bubble burst, but the ensuing implosion of what Blinder calls the “bond bubble” was larger and more devastating. Some people think of the financial industry as a sideshow with little relevance to the real economy—where the jobs, factories, and shops are. But finance is more like the circulatory system of the economic body: if the blood stops flowing, the body goes into cardiac arrest. When America’s financial structure crumbled, the damage proved to be not only deep, but wide. It took the crisis for the world to discover, to its horror, just how truly interconnected—and fragile—the global financial system is. Some observers argue that large global forces were the major culprits of the crisis. Blinder disagrees, arguing that the problem started in the U.S. and was pushed abroad, as complex, opaque, and overrated investment products were exported to a hungry world, which was nearly poisoned by them. The second part of the story explains how American and international government intervention kept us from a total meltdown. Many of the U.S. government’s actions, particularly the Fed’s, were previously unimaginable. And to an amazing—and certainly misunderstood—extent, they worked. The worst did not happen. Blinder offers clear-eyed answers to the questions still before us, even if some of the choices ahead are as divisive as they are unavoidable. After the Music Stopped is an essential history that we cannot afford to forget, because one thing history teaches is that it will happen again.

Bull By The Horns

Author: Sheila Bair
Publisher: Simon and Schuster
ISBN: 1451672500
Size: 30.42 MB
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NEW YORK TIMES and WALL STREET JOURNAL BESTSELLER The former FDIC chairwoman, and one of the first people to acknowledge the full risk of subprime loans, offers a unique perspective on the financial crisis. Appointed by George W. Bush as the chairman of the Federal Deposit Insurance Corporation (FDIC) in 2006, Sheila Bair witnessed the origins of the financial crisis and in 2008 became—along with Hank Paulson, Ben Bernanke, and Timothy Geithner—one of the key public servants trying to repair the damage to the global economy. Bull by the Horns is her remarkable and refreshingly honest account of that contentious time and the struggle for reform that followed and continues to this day.

Stewardship

Author: John G. Taft
Publisher: John Wiley & Sons
ISBN: 1118237269
Size: 16.92 MB
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A compelling argument for why stewardship of wealth and service to others should be our highest financial priority Stewardship is the journey of financial insider John Taft towards understanding and affirming the importance of stewardship—which he has come to define as "serving others"—as a core principle for the financial services industry, the global financial system, and society at large. By defining the attributes of authentic stewardship, this book presents a path forward by analyzing the success of Canadian banks in weathering the financial crisis; evaluates the effectiveness of global financial reform efforts in making the financial system safer, sounder, and more secure; offers wealth management prescriptions for individual investors; evaluates the potential of ESG (environmental, social, and governance) investment processes as a way to instill stewardship behaviors among corporate CEOs (particularly at financial services firms); and, ultimately, calls for a return to stewardship's core principles as the key to not only minimizing the scope and consequences of future failures, but also to addressing other societal challenges. Argues for a return towards stewardship, with financial services companies doing right by their customers Analyzes the response of Canadian banks to the financial crisis to provide meaningful advice for investors and businesses alike Inspired by Taft's experience running one of the largest wealth management firms in the country during the financial crisis and his direct participation in subsequent legislative and regulatory efforts to rewrite the rules under which the U.S. securities industry operates From the man who made the decision to reimburse clients affected by the collapse of a money market mutual fund comes a compelling look at why financial service companies should start doing what's right for their customers.