A Colossal Failure of Common Sense

Author: Larry McDonald,Patrick Robinson

Publisher: Random House

ISBN: 1407030671

Category: Biography & Autobiography

Page: 368

View: 6222

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: 7084

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.

The Crime Of Our Time

Author: Danny Schechter

Publisher: Red Wheel Weiser

ISBN: 9781934708620

Category: Business & Economics

Page: 288

View: 9382

Veteran journalist Danny Schechter investigates a complex web of fraud and crime that he shows played a major—if largely unreported—role in bringing the economy down. His four-year investigation focuses on three interconnected cesspools of corruption: what the FBI calls an "epidemic of mortgage fraud," predatory and deceptive securitization by Wall Street, and insurance scams.

Power Play

Author: Patrick Robinson

Publisher: Canelo

ISBN: 1788633326

Category: Fiction

Page: 300

View: 4797

The future of the United States rests on one man's shoulders... A highly volatile nuclear world looms. Israel has obliterated the deep underground nuclear weapons facility built by Iran, and the United States is nerve-wracked about the stance of a defiant North Korea. Against this backdrop, the Russians plan a cyber warfare offensive on the US. In addition to a ballistic strike on the National Security Agency at Fort Meade, they plan to jam the top-secret electronic access key to America’s missile launch system – the nuclear football. If successful, Russia would establish a temporary dominance over the United States. As this geopolitical battle rages in the shadows, behind locked doors, it is up to a Mossad spymaster based in Moscow to avert the Russian scheme. He calls upon the one man he believes can succeed, US Navy SEAL Commander Mack Bedford. It is now up to Mack to prevent the Russians’ cyber weaponry from reaching the American mainland, at which point it would be impossible to stop... The final installment in the Mack Bedford series, Power Play is a nerve-shredding thriller, perfect for fans of James Swallow, Tom Clancy and Stephen Leather

Resisting Corporate Corruption

Author: Stephen V. Arbogast

Publisher: John Wiley & Sons

ISBN: 1119323754

Category: Business & Economics

Page: 594

View: 1078

Resisting Corporate Corruption teaches business ethics in a manner very different from the philosophical and legal frameworks that dominate graduate schools. The book offers twenty-eight case studies and nine essays that cover a full range of business practice, controls and ethics issues. The essays discuss the nature of sound financial controls, root causes of the Financial Crisis, and the evolving nature of whistleblower protections. The cases are framed to instruct students in early identification of ethics problems and how to work such issues within corporate organizations. They also provide would-be whistleblowers with instruction on the challenges they’d face, plus information on the legal protections, and outside supports available should they embark on that course. Some of the cases illustrate how ‘The Young are the Most Vulnerable,’ i.e. short service employees are most at risk of being sacrificed by an unethical firm. Other cases show the ethical dilemmas facing well-known CEOs and the alternatives they can employ to better combine ethical conduct and sound business strategy. Through these case studies, students should emerge with a practical toolkit that better enables them to follow their moral compass. Finally, the cases provide an in depth look at how a corporation becomes progressively corrupted (Enron), how the Financial Crisis was rooted in ethical decay at institutions as diverse as Countrywide, Goldman Sacks, Citigroup, Fannie Mae and Moody’s, and at the ethical challenges that persist in the post-Crisis, post-Dodd-Frank environment.

The Future of Financial Regulation

Author: Johan A. Lybeck

Publisher: Cambridge University Press

ISBN: 1316546233

Category: Business & Economics

Page: N.A

View: 8781

A number of changes have been made to the supervision and regulation of banks as a result of the recent financial meltdown. Some are for the better, such as the Basel III rules for increasing the quality and quantity of capital in banks, but legal changes on both sides of the Atlantic now make it much more difficult to resolve failing banks by means of taxpayer funded bail-outs and could hinder bank resolution in future financial crises. In this book, Johan A. Lybeck uses case studies from Europe and the United States to examine and grade a number of bank resolutions in the last financial crisis and establish which were successful, which failed, and why. Using in-depth analysis of recent legislation, he explains how a bank resolution can be successful, and emphasizes the need for taxpayer-funded bail-outs to create a viable banking system that will promote economic and financial stability.

Wealth of Persons

Author: John McNerney

Publisher: Wipf and Stock Publishers

ISBN: 149822993X

Category: Philosophy

Page: 380

View: 2944

Thomas Piketty's Capital in the Twenty-First Century initiated a great debate not just about inequality but also regarding the failures found in the economic models used by theoreticians and practitioners alike. Wealth of Persons offers a totally different perspective that challenges the very terms of the debate. The Great Recession reveals a great existential rift at the core of certain economic reflections, thereby showing the real crisis of the crisis of economics. In the human sciences we have created a kind of "Tower of Babel" where we cannot understand each other any longer. The "breakdowns" occur equally on the personal, social, political, and economic levels. There is a need for an "about-face" in method to restore harmony among dissociated disciplines. Wealth of Persons offers a key to such a restoration, applying insights and analysis taken from different economic scholars, schools of thought, philosophical traditions, various disciplines, and charismatic entrepreneurs. Wealth of Persons aims at recapturing an adequate understanding of the acting human person in the economic drama, one that measures up to the reality. The investigation is a passport allowing entry into the land of economic knowledge, properly unfolding the anthropological meaning of the free economy.

An Analysis of Charles P. Kindleberger's Manias, Panics, and Crashes

Author: Nicholas Burton

Publisher: CRC Press

ISBN: 135135244X

Category: Business & Economics

Page: 106

View: 3837

Perhaps the most peculiar feature of a financial bubble – one that Charles Kindleberger's classic work Manias, Panics and Crashes draws particular attention to – is the inability of those trapped inside it to grasp the seriousness of their predicament. They know in principle that bubbles exist, and they know that the financial crashes that result from them are capable of destroying individuals' wealth and entire economies. Yet whenever and wherever a bubble begins to form, we're told that this time things are different, that there are sound reasons to continue to invest and to presume that prices will continue to rise steadily forever. Kindleberger's achievement is to use the critical thinking skill of evaluation to examine this strange mindset and the arguments advanced in support of it. He harshly judges the acceptability of the reasons used to create such arguments, and highlights the issues of relevance and adequacy that give us every reason to doubt them. Kindleberger also uses his powers of reasoning to effect an unusual achievement – writing a work soundly rooted in economics that nonetheless engages and convinces a non-specialist audience of the correctness of his arguments.

Managing for Success

Author: Morgen Witzel

Publisher: Bloomsbury Publishing

ISBN: 1472904982

Category: Business & Economics

Page: 240

View: 5670

The damage that incompetent managers do is incalculable. Every year they wipe tens of billions off the value of companies around the world. But the routinely incompetent behaviour that leads to failure is often covered up, incompetent managers are paid off and the causes of failure are swept under the carpet. Yet, most of these failures could have been avoided if only we knew how to spot the signs of incompetence in advance, and take steps to prevent it happening. Prevention is always better, and cheaper, than cure. Morgen Witzel tackles the problem of incompetence in the round by exploring the political, cultural, psychological and personal factors that lead to incompetency at every level of business. Arrogance, excessive reliance on formal plans and metrics, lack of professional pride, and poor and misguided business education and training are among the problems that drag businesses down. Using international case studies from Ford Motor Company, Royal Ahold and Lehman Brothers, practical solutions are provided for avoiding incompetence by changing the culture within organizations and the ways in which managers are trained and developed to truly manage for success and minimise failure.

Sovereign Debt Crisis

Author: D. Chorafas

Publisher: Springer

ISBN: 0230307124

Category: Business & Economics

Page: 275

View: 6637

Restructuring the balance sheets of Western governments, banks and households is an important issue in the recovery after the recent crisis. Chorafas' latest book focuses on sovereign debt, sovereign risk and the developing economic and financial business climate and explains why the year of the big crisis may fall in the middle of this decade.