A Colossal Failure of Common Sense

Author: Larry McDonald,Patrick Robinson

Publisher: Random House

ISBN: 1407030671

Category: Biography & Autobiography

Page: 368

View: 5680

When Lehman Brothers bank went under, the world gasped. One of the world's biggest and most successful banks, its downfall was the event that sparked the slide of the world economy toward a Great Depression II. This is the gripping inside story of the dark characters who ruled Lehman, who refused to heed warnings that the company was headed for an iceberg; the world-class, mid-level people who valiantly fought to get Lehman off its disastrous course; the crash that didn't have to happen. A news-breaking explanation that answers the question everyone still asks: "why did it happen?" Larry McDonald, a former vice-president at Lehman Brothers in charge of distressed debt trading and convertible securities, was right at the centre of the meltdown of the company and gives an intimate look at the madhouse that Lehman became. This book shows beyond a doubt that Richard Fuld, the long-time CEO of Lehman, and his top executives, were totally out to lunch, allowing Lehman's risk profile to reach gargantuan proportions. While the traders, like Larry McDonald, clearly predicted more than two years in advance that the market for packaged subprime mortgages and credit default swaps would evaporate, the high-flying Lehman bosses pushed hard on the gas pedal until the very end.

A Colossal Failure of Common Sense

Author: Lawrence G. McDonald

Publisher: Crown Pub

ISBN: 0307588335

Category: Business & Economics

Page: 351

View: 9952

A former vice president of Lehman Brothers explains the financial collapse of the securities giant in 2008, what led to the financial crisis, and who had been responsible for its downfall.

Europe, Canada and the Comprehensive Economic and Trade Agreement

Author: Kurt Hübner

Publisher: Routledge

ISBN: 1136741305

Category: Business & Economics

Page: 384

View: 6194

The Great Recession and the turn towards all forms of protectionism stress the relevance of international trade policy. With the global economy undergoing deep structural changes, the negotiations between Canada and the EU on a Comprehensive Economic and Trade Agreement (CETA) present a real-time experiment that sheds light on the direction that the relationships between two economic units of the G8 will take. For Canada, an agreement with the EU would end its current dependency on the US; for the EU, an agreement with Canada would be a first with a G8-economy and indicate how its new trade strategy ‘Global Europe’ will look like. This book is the first to simultaneously analyze the undercurrents of this project and introduce the main topics at hand. CETA is much more than a simple free trade agreement, its breadth covers regulatory aspects in goods, services, and finance; the opening of public procurement markets; attitudes and policies of Canadian provinces towards liberalization; climate policies and international leadership claims of the EU in comparison to Canadian policy attempts; the challenges of the Euro project and the reform efforts; and the challenges of the Euro as a international reserve currency. CETA is a challenging project that will kick-start enormous changes in trade policy-making as well as in market openness in Canada. It will mark the EU’s efforts to re-make the Atlantic Economy. This book provides deep insights into the ambiguity of the project and addresses the implications of a rapidly changing global economy for trade policy. Offering analysis of the financial industry, banking, trade policy, climate change strategy, and the Euro exchange rate, this book should be of interest to students and policy-makers alike.


Author: Janet Roitman

Publisher: Duke University Press

ISBN: 0822377438

Category: Social Science

Page: 176

View: 787

Crisis is everywhere: in Iraq, Afghanistan, Syria, and the Congo; in housing markets, money markets, financial systems, state budgets, and sovereign currencies. In Anti-Crisis, Janet Roitman steps back from the cycle of crisis production to ask not just why we declare so many crises but also what sort of analytical work the concept of crisis enables. What, she asks, are the stakes of crisis? Taking responses to the so-called subprime mortgage crisis of 2007–2008 as her case in point, Roitman engages with the work of thinkers ranging from Reinhart Koselleck to Michael Lewis, and from Thomas Hobbes to Robert Shiller. In the process, she questions the bases for claims to crisis and shows how crisis functions as a narrative device, or how the invocation of crisis in contemporary accounts of the financial meltdown enables particular narratives, raising certain questions while foreclosing others.

Trading Bases

Author: Joe Peta

Publisher: Penguin

ISBN: 1101609656

Category: Sports & Recreation

Page: 384

View: 4156

An ex–Wall Street trader improved on Moneyball’s famed sabermetrics and beat the Vegas odds with his own betting methods. Here is the story of how Joe Peta turned fantasy baseball into a dream come true. Joe Peta turned his back on his Wall Street trading career to pursue an ingenious—and incredibly risky—dream. He would apply his risk-analysis skills to Major League Baseball, and treat the sport like the S&P 500. In Trading Bases, Peta takes us on his journey from the ballpark in San Francisco to the trading floors and baseball bars of New York and the sportsbooks of Las Vegas, telling the story of how he created a baseball “hedge fund” with an astounding 41 percent return in his first year. And he explains the unique methods he developed. Along the way, Peta provides insight into the Wall Street crisis he managed to escape: the fragility of the midnineties investment model; the disgraced former CEO of Lehman Brothers, who recruited Peta; and the high-adrenaline atmosphere where million-dollar sports-betting pools were common.

QFINANCE: The Ultimate Resource, 4th edition

Author: Bloomsbury Publishing

Publisher: A&C Black

ISBN: 184930064X

Category: Business & Economics

Page: 2208

View: 2472

QFINANCE: The Ultimate Resource (4th edition) offers both practical and thought-provoking articles for the finance practitioner, written by leading experts from the markets and academia. The coverage is expansive and in-depth, with key themes which include balance sheets and cash flow, regulation, investment, governance, reputation management, and Islamic finance encompassed in over 250 best practice and thought leadership articles. This edition will also comprise key perspectives on environmental, social, and governance (ESG) factors -- essential for understanding the long-term sustainability of a company, whether you are an investor or a corporate strategist. Also included: Checklists: more than 250 practical guides and solutions to daily financial challenges; Finance Information Sources: 200+ pages spanning 65 finance areas; International Financial Information: up-to-date country and industry data; Management Library: over 130 summaries of the most popular finance titles; Finance Thinkers: 50 biographies covering their work and life; Quotations and Dictionary.

Breaking Up the Euro

Author: D. Chorafas

Publisher: Springer

ISBN: 1137332298

Category: Business & Economics

Page: 221

View: 3795

The drama of the common currency is a hot topic. The Euro was planned for the European Union's member states, bringing economically strong nations like Germany and Holland and weaker nations like Greece, Spain and Italy under one set of currency rules. A dozen years of its implementation has shown that the planning was incomplete at best. Add to this the weight of a deepening debt crisis among western nations, which continues unabated, and Europe has a very deep financial hole to climb out of. In this work, Dimitris N. Chorafas provides the reader with evidence to poor political judgment, then delves into preparation for the foreseeable Euro breakup and confronts the redenomination risk associated to it.

Extreme Money

Author: Satyajit Das

Publisher: John Wiley & Sons

ISBN: 1118153723

Category: Business & Economics

Page: 484

View: 6723

A definitive cultural history of high finance from one of theindustry's most astute analysts Written by internationally respected financial expert SatyajitDas, Extreme Money shows how real engineering was replacedby financial engineering in the twentieth century, enabling vastfortunes to be made not from goods produced or services performed,but from supplying and trading money. Extreme Money focuses on this evisceratedreality—the monetary shadow of real things—and what itmeans today. The high levels of economic growth and the wealth thatinevitably follows, driven by cheap debt, financial engineering,and speculation, were never sustainable, and the last few yearshave borne this out. The book shows how policy makers andregulators unknowingly underwrote the risks, substantially reducingtheir ability to control economic outcomes. Extreme moneyconcentrated economic power, wealth, and risk in the hands of asmall community of gifted, dynamic financiers largely outside theregulatory purview and the democratic process, and there's no goingback. Explains the extreme money games (via private equity,securitization, derivatives, hedge funds, and other means) inventedby the elite financiers of last century Raises deeper questions about the nature of the economicstructure and assumptions about ongoing financially engineeredprosperity that readers, politicians, and financial figures need tobe asking The book is timed to coincide with the next phase of thefinancial crisis, as prospects of recovery diminish and the globaleconomy becomes mired in a Western version of Japan's "LostDecade" Ambitious in scope and coverage, the book is the indispensible,in-depth guide to the age of modern money. An age defined byextremes of financial behavior.

Global Financial Contagion

Author: Shalendra D. Sharma

Publisher: Cambridge University Press

ISBN: 1107027209

Category: Business & Economics

Page: 406

View: 7529

This book is an authoritative account of the economic and political roots of the 2008 financial crisis. It examines why it was triggered in the United States, why it morphed into the Great Recession, and why the contagion spread with such ferocity around the globe. It also examines how and why economies - including the Eurozone, Russia, China, India, East Asia, and the Middle East - have been impacted and explores their response to the unprecedented challenges of the crisis and the effectiveness of their policy measures. Global Financial Contagion specifically looks at how the Obama administration's policy missteps have contributed to America's huge debt and slow recovery, why the Eurozone's response to its existential crisis has become a never-ending saga, and why the G-20's efforts to create a new international financial architecture may fall short. This book will long be regarded as the standard account of the crisis and its aftermath.

Second Order Project Management

Author: Mr Michael Cavanagh

Publisher: Gower Publishing, Ltd.

ISBN: 1409459306

Category: Business & Economics

Page: 144

View: 2800

If you do what you've always done, you'll get what you've always got, and if it's not good enough, you need to do something else. As project complexity increases, so too does the need to do new things. The existing Project Management tools – examples being Earned Value Management, PRINCE2, Lifecycle Management, PMBOK® – are incredibly useful; but they were designed for linear project development in a stable, understood environment. We term them 'First Order'. Second Order Project Management (PM) goes beyond, addressing the issues of a complex, unstable, uncertain environment with all its associated difficulties. Second Order PM has to address four major issues: the conspiracy of optimism, inappropriate contracting models, the application of methods and tools capable of dealing with complexity, and the need for creative, inspirational, adhocratic leadership. These problems are compounded by the need to convince executive sponsors from different disciplines to invest in the necessary process improvement – this book is designed to help alleviate the frustration that every member of the profession has experienced when trying to gain such approval. Illustrated by interviews with an international group of very senior managers responsible for managing highly complex projects, Michael Cavanagh explains why there is nothing magical, or even complicated, about Second Order PM. The techniques discussed include aspects of System Thinking, Experiential Learning and its application, Ethics and Governance, Stakeholder Relationships, Appropriate Contracting Models, Outcome-driven Management and Leadership Behaviour, all recognised as increasingly necessary in direct proportion to the complexity of the project at hand.