Uncontrolled Risk: Lessons of Lehman Brothers and How Systemic Risk Can Still Bring Down the World Financial System

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McGraw Hill Professional, Apr 16, 2010 - Business & Economics - 256 pages
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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.

 

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Contents

Chapter 1 The Inquisition
1
Chapter 2 From Humble Roots to Wall Street Contender
9
Chapter 3 From Private to Public
23
Chapter 4 History of Investment Banking
31
Chapter 5 How the Investment Banking Money Machine Works
45
Chapter 6 The RollerCoaster 1980s
57
Rebuilding Years
67
Chapter 8 Lehmans NearDeath Experience
77
Chapter 11 The Real Estate Bet and the Race to the Bottom
117
Chapter 12 The Bear Mauling
137
Chapter 13 Time Runs Out
149
Chapter 14 The Death of Lehman Regulation and Investment Banking
165
Chapter 15 The Enablers and the Deciders
185
The PostLehman Financial Landscape
211
Lehman Chronology 18452010
221
Notes
231

Chapter 9 Innovation Imitation and Increased Risk
91
Chapter 10 Lehmans Risk Management
105
Index
241
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About the author (2010)

Mark T. Williams is a risk management practitioner and academic with two decades of experience. He has worked as a senior executive for major energy trading companies, a trust banker, and an examiner for the Federal Reserve Bank. Williams is currently on the fi nance and economics faculty at Boston University and serves as a senior advisor at the Brattle Group. He has been a guest columnist for Reuters.com, Forbes.com, and the Boston Globe.

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