Why the Giants Fell: Structural Issues behind 2008 Financial Crisis Past, Present, and Future - Softcover

Inhaltsangabe

2007 - 2009 was one of the worst financial periods in the modern history. Giants fell on Wall Street, and people’s lifelong savings evaporated overnight. I was a first-year analyst at Lehman Brothers, fresh out of college and three months into my dream job. Funnily, my memories begin with cost-cutting, brown boxes, and broken dreams. Having worked with Nomura, Citibank, and JPMorgan over the last ten years, time is ripe to take a walk down the memory lane.This book explores the structural problems that resulted in the subprime mortgage crisis. It all makes sense now but was difficult to interpret real time. When you are in a bubble, you do not realize how big the bubble is and when it will burst. Who was to blame? Was it an oversight by banks that issued the subprime loans? Was it the failure of regulators that let lending standards deteriorate? Was it the ignorance of Fed that kept the rates low? Was it the conflict of Credit Rating Agencies that estimated the risks wrong? Was it the high leverage of big Investment Banks that lacked proper risk management? This book answers some of these questions. We study the past, present, and future respectively in the three parts of Why the Giants Fell.Ample statistics and charts guide each discussion. The data is the combination of the source cited (Securities and Exchange Commission, S&P Dow Jones Indices LLC, US Bureau of Labor Statistics, Federal Reserve, Department of Treasury, US Census, etc.) combined with authors quantitative analysis.

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