Engineering a Financial Bloodbath

How Sub-Prime Securitization Destroyed the Legitimacy of Financial Capitalism

Business & Finance, Finance & Investing, Banks & Banking, Nonfiction, Social & Cultural Studies, Political Science, Politics, Economic Conditions
Cover of the book Engineering a Financial Bloodbath by Justin O'Brien, World Scientific Publishing Company
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Justin O'Brien ISBN: 9781848167186
Publisher: World Scientific Publishing Company Publication: July 13, 2009
Imprint: ICP Language: English
Author: Justin O'Brien
ISBN: 9781848167186
Publisher: World Scientific Publishing Company
Publication: July 13, 2009
Imprint: ICP
Language: English

In July 2007, the then chief executive of Citigroup, Charles Prince, captured the hubris of a market dangerously addicted to debt: “When the music stops, in terms of liquidity, things will be complicated. But as long as music is playing, you have got to get up and dance. We're still dancing.” By the end of the year, Mr Prince was forced to resign along with some of the most influential bankers on Wall Street. Global investment houses in the United States and Europe were forced to turn to sovereign wealth funds for emergency funding. Their rescue comes at a significant material and reputational price.

This book investigates the origins and implications of the securitization crisis, described by the chief executive of ANZ as a “financial services bloodbath”. Based on extensive interviews, it offers an integrated series of case studies drawn from the United States, the United Kingdom and Australia. A central purpose is to not only chart what went wrong within the investment houses and why the regulatory systems failed, but also provide policy guidance. The book therefore combines the empirical with the normative. In so doing, it provides a route map to navigate one of the most significant financial and regulatory failures in modern times.

Contents:

  • A Capital Battle
  • The Price of Failure
  • Apportioning Blame
  • The Moral Hazard of Intervention
  • The New Mercantilism
  • Enhancing Integrity Through Design

Readership: General informed public, particularly readers of business publications such as the Financial Times, Wall Street Journal or Australian Financial Review; academics in political economy, governance and law; policymakers involved in the regulation of financial markets.
Key Features:

  • Provides a timely examination of the securitization crisis and how the modeling systems designed to diversify risk could in fact enhance it by spreading the contagion across global markets
  • Presents insights based on case studies and interviews conducted with leading academics and professionals in the financial, legal and regulatory communities
  • Written in an accessible manner with immediate relevance for a wide readership
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

In July 2007, the then chief executive of Citigroup, Charles Prince, captured the hubris of a market dangerously addicted to debt: “When the music stops, in terms of liquidity, things will be complicated. But as long as music is playing, you have got to get up and dance. We're still dancing.” By the end of the year, Mr Prince was forced to resign along with some of the most influential bankers on Wall Street. Global investment houses in the United States and Europe were forced to turn to sovereign wealth funds for emergency funding. Their rescue comes at a significant material and reputational price.

This book investigates the origins and implications of the securitization crisis, described by the chief executive of ANZ as a “financial services bloodbath”. Based on extensive interviews, it offers an integrated series of case studies drawn from the United States, the United Kingdom and Australia. A central purpose is to not only chart what went wrong within the investment houses and why the regulatory systems failed, but also provide policy guidance. The book therefore combines the empirical with the normative. In so doing, it provides a route map to navigate one of the most significant financial and regulatory failures in modern times.

Contents:

Readership: General informed public, particularly readers of business publications such as the Financial Times, Wall Street Journal or Australian Financial Review; academics in political economy, governance and law; policymakers involved in the regulation of financial markets.
Key Features:

More books from World Scientific Publishing Company

Cover of the book A Biography of Paul Berg by Justin O'Brien
Cover of the book Computer Science and Technology by Justin O'Brien
Cover of the book Cucurbiturils by Justin O'Brien
Cover of the book Genetic Privacy by Justin O'Brien
Cover of the book Crafts of Simulation Programming by Justin O'Brien
Cover of the book When the Scientist Presents by Justin O'Brien
Cover of the book An Excursion in Diagrammatic Algebra by Justin O'Brien
Cover of the book Understanding the Political Economy of the Arab Uprisings by Justin O'Brien
Cover of the book More Physics with MATLAB by Justin O'Brien
Cover of the book Correlated Electrons in Quantum Matter by Justin O'Brien
Cover of the book Introduction to Electricity and Magnetism by Justin O'Brien
Cover of the book Experimental Approaches for the Investigation of Innate Immunity by Justin O'Brien
Cover of the book What We Learned from PISA by Justin O'Brien
Cover of the book China by Justin O'Brien
Cover of the book Balancing Capacity and Demand in Service Operations by Justin O'Brien
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy