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 Singapore Perspectives 2015 by Justin O'Brien
Cover of the book Advances in Geosciences by Justin O'Brien
Cover of the book New Theories and Predictions on the Ozone Hole and Climate Change by Justin O'Brien
Cover of the book An Introduction to Stochastic Processes and Nonequilibrium Statistical Physics by Justin O'Brien
Cover of the book Differential Operators on Spaces of Variable Integrability by Justin O'Brien
Cover of the book Oblique Derivative Problems for Elliptic Equations by Justin O'Brien
Cover of the book Space-Time Symmetry and Quantum YangMills Gravity by Justin O'Brien
Cover of the book China-ASEAN Sub-Regional Cooperation by Justin O'Brien
Cover of the book The Formation of the Solar System by Justin O'Brien
Cover of the book Fundamentals of Atomic Force Microscopy by Justin O'Brien
Cover of the book Independent Innovation in China by Justin O'Brien
Cover of the book Chaos, Complexity and Transport by Justin O'Brien
Cover of the book Metals and Energy Finance by Justin O'Brien
Cover of the book Birds and Frogs by Justin O'Brien
Cover of the book Asian Economic Systems 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