13 Bankers: The Wall Street Takeover and the Next Financial by Simon Johnson PDF

By Simon Johnson

Despite its key function in developing the ruinous monetary obstacle of 2008, the yank banking has grown greater, extra ecocnomic, and extra proof against legislation than ever. Anchored through six megabanks whose resources volume to greater than 60 percentage of the country’s gross household product, this oligarchy proved it will possibly first carry the worldwide financial system hostage after which use its political muscle to struggle off significant reform. 13 Bankers brilliantly charts the increase to energy of the monetary zone and forcefully argues that we needs to get a divorce the massive banks if we wish to keep away from destiny monetary catastrophes.
Updated, with extra research of the government’s fresh try to reform the banking undefined, it is a well timed and professional account of our political economic system.

Show description

Read or Download 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Vintage) PDF

Similar banks & banking books

Download e-book for kindle: International Networks of Banks and Industry by M. Fennema (auth.)

Study into interlocking directorates and different organizational ties among huge organizations dates again to the start of the century. In Germany and the USA interlocking directorates grew to become a tremendous technique of coordination and regulate of huge enterprises and banks on the finish of the 19th century and have been, for that reason, fairly topic to clinical research and public debate.

Download PDF by Kent Matthews, Massimo Giuliodori, Visit Amazon's Frederic S: The Economics of Money, Banking & Financial Markets

Have been you trying to find the ebook with entry to MyEconLab? This product is the e-book on my own, and doesn't include entry to MyEconLab.   This ecu version takes Mishkin’s marketplace top textual content The Economics of cash, Banking and monetary Markets a step extra putting the vital topics in context for eu scholars.

New PDF release: The Principles of Banking

The final word advisor for financial institution administration: how one can live on and thrive during the company cycleAn crucial advisor for bankers and scholars of finance in all places, the rules of Banking reiterates that the first requirement of banking—sound capital and liquidity threat management—had been forgotten within the years sooner than the monetary crash.

Download e-book for kindle: Better banking : understanding and addressing the failures by Adrian Docherty

Why did the monetary problem ensue? Why did nobody see it coming? and the way did our banks lose a lot of our cash? what is being performed to deal with the banking undefined? and should it paintings? those are the questions that specialists Adrian Docherty and Franck Viort conceal in larger Banking: knowing and Addressing the mess ups in hazard administration, Governance and legislation.

Extra resources for 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Vintage)

Sample text

The measures proposed by the Obama administration placed some new constraints on Wall Street, but left intact the preeminence and power of a handful of megabanks; and even these proposals faced opposition from the financial lobby on Capitol Hill. The reform bill will probably bring about some improvements, such as better protection for consumers against abusive practices by financial institutions. But the core problem—massive, powerful banks that are both “too big to fail” and powerful enough to tilt the political landscape in their favor—will remain as Wall Street returns to business as usual.

5 What did that mean, “we’re all in this together”? It was clear that the thirteen bankers needed the government. Only massive government intervention, in the form of direct investments of taxpayer money, government guarantees for multiple markets, practically unlimited emergency lending by the Federal Reserve, and historically low interest rates, had prevented their banks from following Bear Stearns, Lehman Brothers, Merrill Lynch, Washington Mutual, and Wachovia into bankruptcy or acquisition in extremis.

But it will be quite a fight. * The CEOs and their banks were Ken Chenault, American Express; Ken Lewis, Bank of America; Robert Kelly, Bank of New York Mellon; Vikram Pandit, Citigroup; John Koskinen, Freddie Mac; Lloyd Blankfein, Goldman Sachs; Jamie Dimon, JPMorgan Chase; John Mack, Morgan Stanley; Rick Waddell, Northern Trust; James Rohr, PNC; Ronald Logue, State Street; Richard Davis, US Bank; and John Stumpf, Wells Fargo. 4 * Because the accounting treatment of derivatives was unclear, the amount of capital that banks had to set aside for their derivatives positions was generally disproportionately low compared to the amount of risk they were taking on.

Download PDF sample

Rated 4.53 of 5 – based on 32 votes