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Author: Laurence M. Ball
Publisher: Cambridge University Press
ISBN: 1108420966
Category : Business & Economics
Languages : en
Pages : 297
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Book Description
This book sets the record straight on why the Federal Reserve failed to rescue Lehman Brothers during the financial crisis.
Author: Laurence M. Ball
Publisher: Cambridge University Press
ISBN: 1108420966
Category : Business & Economics
Languages : en
Pages : 297
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Book Description
This book sets the record straight on why the Federal Reserve failed to rescue Lehman Brothers during the financial crisis.
Author: Oonagh McDonald
Publisher: Manchester University Press
ISBN: 1526100509
Category : Business & Economics
Languages : en
Pages : 358
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Book Description
This electronic version has been made available under a Creative Commons (BY-NC) open access license. Using extensive documentary evidence and interviews with former Lehman employees, Oonagh McDonald reveals the decisions that led to Lehman’s collapse, investigates why the government refused a bail-out and whether the implications of this refusal were fully understood. In clear and accessible language she demonstrates both the short and long term effects of Lehman’s collapse.
Author: Lawrence G. McDonald
Publisher: Crown Currency
ISBN: 0307588351
Category : Business & Economics
Languages : en
Pages : 370
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Book Description
One of the biggest questions of the financial crisis has not been answered until now: What happened at Lehman Brothers and why was it allowed to fail, with aftershocks that rocked the global economy? In this news-making, often astonishing book, a former Lehman Brothers Vice President gives us the straight answers—right from the belly of the beast. In A Colossal Failure of Common Sense, Larry McDonald, a Wall Street insider, reveals, the culture and unspoken rules of the game like no book has ever done. The book is couched in the very human story of Larry McDonald’s Horatio Alger-like rise from a Massachusetts “gateway to nowhere” housing project to the New York headquarters of Lehman Brothers, home of one of the world’s toughest trading floors. We get a close-up view of the participants in the Lehman collapse, especially those who saw it coming with a helpless, angry certainty. We meet the Brahmins at the top, whose reckless, pedal-to-the-floor addiction to growth finally demolished the nation’ s oldest investment bank. The Wall Street we encounter here is a ruthless place, where brilliance, arrogance, ambition, greed, capacity for relentless toil, and other human traits combine in a potent mix that sometimes fuels prosperity but occasionally destroys it. The full significance of the dissolution of Lehman Brothers remains to be measured. But this much is certain: it was a devastating blow to America’s—and the world’s—financial system. And it need not have happened. This is the story of why it did.
Author: Mark Williams
Publisher: McGraw Hill Professional
ISBN: 0071749047
Category : Business & Economics
Languages : en
Pages : 257
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Book Description
Why was Lehman ignored when everyone else was bailed out? A risk advisor for top financial institutions and top B-school professor, Mark Williams explains how uncontrolled risk toppled a 158-year-old institution, using this story as a microcosm to illuminate the interconnection of the global financial system, as well as broader policy implications. This story is told through the eyes of an experienced risk manager and educator in a detailed and engaging way and provides the reader with a complete summary of how a savvy company with sophisticated employees and systems could have gotten it so wrong.
Author: Peter Chapman
Publisher: Penguin
ISBN: 1101442700
Category : Business & Economics
Languages : en
Pages : 346
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Book Description
On September 11, 1844, Henry Lehman arrived in New York City on a boat from Germany. Soon after, he moved to Montgomery, Alabama, where he and his brother Emanuel established a modest cotton brokering firm that would come to be called Lehman Brothers. On September 15, 2008, Dick Fuld, the last CEO of Lehman Brothers, filed for corporate bankruptcy amid one of the worst financial crises in American history. After 164 years, one of the largest and most respected investment banks in the world was gone, leaving everyone wondering, "How could this have happened?" Peter Chapman, an editor and writer for The Financial Times, answers this question by exploring the complete history of Lehman Brothers between those two historic Septembers. He takes us back to its early days as a cotton broker in Alabama, and then to its glory days as one of the leading corporate financiers in America. He also provides an intimate portrait of the people who ran Lehman over the decades-from Henry Lehman, the founder, to Bobbie Lehman, who led the company into the world of radio, motion pictures, and air travel in first part of the 20th century, to Dick Fuld, who allowed it to morph into a dealer of shoddy securities. Throughout his account of this imperiously rich firm, Chapman examines the impact Lehman Brothers had not only on American finance but also on American life. As a major backer of companies like Pan American Airlines, Macy's, and RKO, Lehman helped lead the country into major new industries and helped support some of its most intrepid entrepreneurs. He then shows how, starting in the 1980s, Lehman's increased focus on short-term gain investments led the firm down the dangerous path that would eventually lead to its demise. In the end, the story of Lehman Brothers is not only the story of a truly important American company but a cautionary tale of what happens when leaders lose sight of their core mission in their quest for something too good to be true. Praise for The Last of the Imperious Rich: "Thought provoking and illuminating" - The New York Times "Chapman has succeeded in holding up a mirror to America's past - and what its future might hold" - Bloomberg
Author: Dennis Faber
Publisher: Oxford University Press, USA
ISBN: 9780198755371
Category : Law
Languages : en
Pages : 0
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Book Description
This new book analyses the legal and practical issues experienced during the Lehman Brothers litigation, the largest and most complex bankruptcy proceedings in history. By examining the issues the work provides a useful reference source for future large scale and cross-border bankruptcy proceedings of multinational groups. The author team includes experts from the various jurisdictions in which Lehman Brothers was operative, many of whom were involved in the litigation. The authors set out practical solutions to the issues faced, concerning, for example, the use of existing payment and settlement systems for consent solicitation, and filing instructions and insolvency distributions. Economic challenges, such as the valuation of distressed financial instruments, are also considered. Additionally, the book provides a critique of the current law, analysis of the interpretation and scope of core legal principles and makes recommendations for regulatory reform and judicial cooperation. In this book first-hand accounts by key parties in the insolvency proceedings with expertise on the main issues are complemented by the views of selected independent experts to provide the first complete work on this ground-breaking litigation.
Author: Hal S. Scott
Publisher: MIT Press
ISBN: 0262034379
Category : Business & Economics
Languages : en
Pages : 439
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Book Description
An argument that contagion is the most significant risk facing the financial system and that Dodd¬Frank has reduced the government's ability to respond effectively. The Dodd–Frank Act of 2010 was intended to reform financial policies in order to prevent another massive crisis such as the financial meltdown of 2008. Dodd–Frank is largely premised on the diagnosis that connectedness was the major problem in that crisis—that is, that financial institutions were overexposed to one another, resulting in a possible chain reaction of failures. In this book, Hal Scott argues that it is not connectedness but contagion that is the most significant element of systemic risk facing the financial system. Contagion is an indiscriminate run by short-term creditors of financial institutions that can render otherwise solvent institutions insolvent. It poses a serious risk because, as Scott explains, our financial system still depends on approximately $7.4 to $8.2 trillion of runnable and uninsured short-term liabilities, 60 percent of which are held by nonbanks. Scott argues that efforts by the Federal Reserve, the FDIC, and the Treasury to stop the contagion that exploded after the bankruptcy of Lehman Brothers lessened the economic damage. And yet Congress, spurred by the public's aversion to bailouts, has dramatically weakened the power of the government to respond to contagion, including limitations on the Fed's powers as a lender of last resort. Offering uniquely detailed forensic analyses of the Lehman Brothers and AIG failures, and suggesting alternative regulatory approaches, Scott makes the case that we need to restore and strengthen our weapons for fighting contagion.
Author: Garett Jones
Publisher: Palgrave Macmillan
ISBN: 9781349554126
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
Why do banks collapse? Are financial systems more fragile in recent decades? Can policies to fix the banking system do more harm than good? What's the history of banking crises? With dozens of brief, non-technical articles by economists and other researchers, Banking Crises offers answers from diverse scholarly viewpoints.
Author: Joseph Tibman
Publisher: Joseph Tibman
ISBN: 188328371X
Category : Business & Economics
Languages : en
Pages : 12
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Book Description
For the first time, Joe Tibman pulls back the kimono to share intriguing information and detail about Lehman Brothers and the economic meltdown that has never before been revealed:
Author: Financial Crisis Inquiry Commission
Publisher: Cosimo, Inc.
ISBN: 1616405414
Category : Political Science
Languages : en
Pages : 692
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Book Description
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
