Engineering a Financial Bloodbath : How Sub-Prime Securitization Destroyed the Legitimacy of Financial Capitalism.

By: O'Brien, JustinMaterial type: TextTextPublisher: Singapore : Imperial College Press, 2008Copyright date: ©2009Description: 1 online resource (209 pages)Content type: text Media type: computer Carrier type: online resourceISBN: 9781848162174Subject(s): Capital market -- State supervision | Financial crises | Financial institutions -- State supervision | Subprime mortgage loansGenre/Form: Electronic books.Additional physical formats: Print version:: Engineering a Financial Bloodbath : How Sub-Prime Securitization Destroyed the Legitimacy of Financial CapitalismDDC classification: 332.042 LOC classification: HG1725 -- .O27 2009ebOnline resources: Click to View
Contents:
Intro -- Contents -- Preface -- 1. A Capital Battle -- 2. The Price of Failure -- I MISMANAGING MANAGERIAL RISK -- II WEAKENING PROSECUTORIAL AUTHORITY -- III WILLING DEFENESTRATION -- 3. Apportioning Blame -- I PRIDE AND PREJUDICE: THE FALL OF LEHMAN -- II RATING FAILURE -- III INADEQUATE INSURANCE: THE CASE OF AIG -- IV THE DEMISE OF AUTHORITY -- 4. The Moral Hazard of Intervention -- I CONTROLLING THE CORPORATION -- II BRINGING THE STATE BACK IN -- III DRIVING A BARGAIN -- IV A NEW PARADIGM FOR FINANCIAL REGULATION -- 5. The New Mercantilism -- I WHITE KNIGHTS OR ERRANT KNAVES? -- II PROTECTING THE NATIONAL INTEREST -- III THE LIMITS OF TRANSPARENCY -- 6. Enhancing Integrity Through Design -- I POLICY RATIONALES FOR FINANCIAL REGULATION -- II REGULATING THE AUSTRALIAN CAPITAL MARKET -- III ADDING SUBSTANCE TO NEGOTIATED REGULATION -- Conclusion -- Bibliography -- Index.
Summary: 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.
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Intro -- Contents -- Preface -- 1. A Capital Battle -- 2. The Price of Failure -- I MISMANAGING MANAGERIAL RISK -- II WEAKENING PROSECUTORIAL AUTHORITY -- III WILLING DEFENESTRATION -- 3. Apportioning Blame -- I PRIDE AND PREJUDICE: THE FALL OF LEHMAN -- II RATING FAILURE -- III INADEQUATE INSURANCE: THE CASE OF AIG -- IV THE DEMISE OF AUTHORITY -- 4. The Moral Hazard of Intervention -- I CONTROLLING THE CORPORATION -- II BRINGING THE STATE BACK IN -- III DRIVING A BARGAIN -- IV A NEW PARADIGM FOR FINANCIAL REGULATION -- 5. The New Mercantilism -- I WHITE KNIGHTS OR ERRANT KNAVES? -- II PROTECTING THE NATIONAL INTEREST -- III THE LIMITS OF TRANSPARENCY -- 6. Enhancing Integrity Through Design -- I POLICY RATIONALES FOR FINANCIAL REGULATION -- II REGULATING THE AUSTRALIAN CAPITAL MARKET -- III ADDING SUBSTANCE TO NEGOTIATED REGULATION -- Conclusion -- Bibliography -- Index.

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.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2018. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.

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