Banking Books

Book SynopsisThe New York Times bestseller from business journalist Christopher Leonard infiltrates one of America’s most mysterious institutions—the Federal Reserve—to show how its policies spearheaded by Chairman Jerome Powell over the past ten years have accelerated income inequality and put our country’s economic stability at risk.If you asked most people what forces led to today’s unprecedented income inequality and financial crashes, no one would say the Federal Reserve. For most of its history, the Fed has enjoyed the fawning adoration of the press. When the economy grew, it was credited to the Fed. When the economy imploded in 2008, the Fed got credit for rescuing us. But here, for the first time, is the inside story of how the Fed has reshaped the American economy for the worse. It all started on November 3, 2010, when the Fed began a radical intervention called quantitative easing. In just a few short years, the Fed more than quadrupled the money supply with one goal: to encourage banks and other investors to extend more risky debt. Leaders at the Fed knew that they were undertaking a bold experiment that would produce few real jobs, with long-term risks that were hard to measure. But the Fed proceeded anyway…and then found itself trapped. Once it printed all that money, there was no way to withdraw it from circulation. The Fed tried several times, only to see the market start to crash, at which point the Fed turned the money spigot back on. That’s what it did when COVID hit, printing 300 years’ worth of money in a few short months. Which brings us to now: Ten years on, the gap between the rich and poor has grown dramatically, inflation is raging, and the stock market is driven by boom, busts, and bailouts. Middle-class Americans seem stuck in a stage of permanent stagnation, with wage gains wiped out by high prices even as they remain buried under credit card debt, car loan debt, and student debt. Meanwhile, the “too big to fail” banks remain bigger and more powerful than ever while the richest Americans enjoy the gains of a hyper-charged financial system. The Lords of Easy Money “skillfully” (The Wall Street Journal) tells the “fascinating” (The New York Times) tale of how quantitative easing is imperiling the American economy through the story of the one man who tried to warn us. This is the first inside story of how we really got here—and why our economy rests on such unstable ground.Trade Review"A fascinating page-turner....There’s something undeniably gratifying about an elegantly crafted morality tale — and the business reporter Christopher Leonard has written a good one....A fascinating and propulsive story about the Federal Reserve — yes, you read that right. Leonard, in the tradition of Michael Lewis, has taken an arcane subject, rife with the risk of incomprehensibility (or boredom), and built a riveting narrative in which the stakes couldn’t be any clearer."– The New York Times "Skillfully tells the story of how, over several decades, a phalanx of economic sophisticates at the Fed have badly misunderstood the U.S. economy and often come up with policies that fail to produce the intended results." – The Wall Street Jornal "A timely addition—appearing just as inflation is making headlines....Leonard writes vividly about a technical subject....By focusing on a regional banker, Leonard offers a refreshingly non-Washington view....The author is surely correct that many Americans view the Fed as an unelected power aligned with elites, perhaps contributing to the disaffection that exploded on Jan. 6, 2021."– The Washington Post "It’s tough to turn the nuances of monetary policy into personality-driven narrative. But Christopher Leonard has succeeded in doing just that with The Lords of Easy Money....He turns [an] unassuming economist into the protagonist of a compelling tale about how the Federal Reserve changed the entire nature of the American economy... Weaving together narrative non-fiction with big ideas can be difficult. One of the best things about this book is that through Hoenig, Leonard, a business journalist, is able to tell the whole, complicated half-century story of how we got to where we are now in a way that isn’t at all wonky. There are real people here, making real decisions about the real world." – The Financial Times "[A] bracing and closely reported chronicle....Leonard’s book is an indispensable account in many respects—his coverage of the invisible bailout of the repo market alone stands as a bracing case study in how the false pieties of quantitative easing directly stoked ruinous asset bubbles. But Leonard is also that rarest of financial reporters who conscientiously tracks the real-life consequences of the Olympian deliberations undertaken by the paper economy’s gatekeepers....richly reported, accessible, biting, and long-overdue." – The New Republic "The book is a timely read to understand what could happen next through a thorough analysis of what this policy intervention looks like on the ground."– Enterprise: The State of the Nation "We get his point and it is a good one. This has been an era of loose money and the benefits have been very unevenly distributed... The office politics of the Fed are well captured by Leonard, as is the intimidating physical setting." – The New York Times "Leonard is skilled at explaining complicated financial maneuvering in a way normal people can understand... A good reminder of how uncertain a lot of monetary policy is." – The Washington Free Beacon“Leonard's wonderfully readable new book is about one of the most important, yet least covered and least understood, changes in American life. That's the effect of the dramatically increased role in financial markets played by the Federal Reserve. As Leonard convincingly argues, it might be nothing short of catastrophic.” — Bethany McLean, New York Times bestselling co-author of The Smartest Guys in the Room “An essential, engrossing and, above all, human tale featuring the central banker who dared to dissent from the party line and a factory worker whose sufferings are traceable to that dissident’s failure to carry his case. A monetary page-turner? Christopher Leonard has actually produced one.” — James Grant, founder and editor of Interest Rate Observer “Thanks to Leonard's gripping narrative, I now have a new monetary hero: former Fed governor Tom Hoenig. If, like me, you are desperate to understand how we got into this predicament, The Lords of Easy Money is required reading.” — William D. Cohan, New York Times bestselling author of House of Cards “Leonard’s richly reported and provocative exploration will have you reassessing whether the Fed built on a solid foundation or on air.”— Jesse Eisinger, Pulitzer Prize winning author of The Chickenshit Club “An eye-opener. Well-researched and engaging, it brings to life consequential issues that influence the current and future wellbeing of most Americans... How this journey ends has important implications not just for the United States but also globally.” — Mohamed A. El-Erian, New York Times bestselling author of The Only Game in Town and president of Queens’ College, Cambridge University.

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Book SynopsisCut risk and generate profit even after the market drops The Second Leg Down offers practical approaches to profiting after a market event. Written by a specialist in global macro, volatility and hedging overlay strategies, this book provides in-depth insight into surviving in a volatile environment. Historical back tests and scenario diagrams illustrate a variety of strategies for offsetting portfolio risks with after-the-fact options hedging, and the discussion explores how a mixture of trend following and contrarian futures strategies can be beneficial. Without a rational analysis-based approach, investors often find themselves having to cut risk and buy protection just as options are at their most over-priced. This book provides practical strategies, expert analysis and the knowledge base to assist you in recovering your portfolio. Hedging strategies are often presented as expensive and unnecessary, especially during a bull market. When equity indicesTable of ContentsPreface xi Acknowledgements xiii About the Author xv Chapter 1 Introduction 1 The Airplane Ticket Trade 1 The Bull Cycle 2 The Renegades 3 Claws of the Bear 3 Zugzwang 4 The Sceptics 5 A Sad Truth 5 Common Mistakes 6 Imprecise but Effective 7 Hedging Against Implausible Scenarios 8 A Black Swan in Correlation 8 Taking Profits 8 The Good, the Bad and the Ugly 9 The Great Escape 9 Having a Plan 10 Trend Following as a Defensive Strategy 11 Taking the Offensive 12 The Pre-Conditions for Market Crises 12 Banks: The Great Multiplier 13 A Change in Risk Regime 13 Chapter 2 “Safe” Havens and the Second Leg Down 14 The Matterhorn 15 Mrs. Watanabe’s No. 1 Investment Club 18 The Risk of What Others are Holding 19 The Risk of What Others are Likely to Do 22 Here We Go Again 24 Summary 28 Chapter 3 An Overview of Options Strategies 29 The Building Blocks: Calls and Puts 29 Why Buy a Call or Put? 34 The Black–Scholes Equation and Implied Volatility 36 The Implied Volatility Skew 38 Hedging Small Moves 38 Delta Hedging: The Idealised Case 39 Practical Limits of Delta Hedging 41 Hedging Options with Other Options 43 Put and Call Spreads 43 Straddles and Strangles 44 The Deformable Sheet 46 Skew Dynamics for Risky Assets 48 The 1×2 Ratio Spread and Its Relatives 50 The Batman Trade 53 Implied Correlation and the Equity Index Skew 56 From Ratios to Butterflies 59 Calendar Spreads 65 Summary 67 Chapter 4 Hedging the Wings 68 Taking the Other Side of the 1×2 68 Comparing the 25 and 10 Delta Puts 69 Hedging Sovereign Bond Risk 78 Selling Put Ratio Spreads on the S&P 500 83 The Hypothetical Implied Distribution 83 Our Findings So Far 84 Back-Tests: A Cautionary Note 84 A Short Digression: Delta-Neutral or Comfortably Balanced? 87 The 665 Put 87 Implications of the Square Root Strategy 88 Futures vs Spot 89 A Dramatic Example 89 A Cross-Sectional Study 91 The “New” VIX: Model-Independent, Though Not Particularly Intuitive 94 The Spot VIX: Oasis or Mirage? 94 Migrating to VIX Options 98 Reflections on Figure 4.36 101 Migrating to Different Markets: The V2X 103 Risk-Regime Analysis 104 Conditional Performance of Hedging Strategies 106 Summary 109 Chapter 5 The Long and the Short of It 110 Short-Dated Options 110 The Physicists Weigh In 112 Buying Time 117 Long-Dated Options 119 Far from the Madding Crowd 121 R Minus D 122 The Lumberjack Plot 125 Selective Application of the Weekly Options Strategy 126 Summary 127 Chapter 6 Trend Following as a Portfolio Protection Strategy 128 What is Trend Following? 128 Trend Following Dogma 130 The Crisis Alpha Debate 131 An Aside: Diversifying Across Time 134 Taking Advantage of a Correction 135 The Niederhoffer Argument 135 Chasing 1-Day Moves 138 Pushing the Analogy Too Far 139 Analysing the Data Directly 141 LEGO Trend Following 142 Summary 143 Chapter 7 Strategies for Taking Advantage of a Market Drop 144 The Elastic Band 144 Trading Reversals 147 More Texas-Style Hedging 149 Selling Index Put Spreads 151 Breathing Some Life into the Equity Risk Premium 152 Buying VIX Puts 153 Selling VIX Upside 154 The Remarkable Second Moment 155 Summary 158 Chapter 8 “Flash Crashes”, Crises and the Limits of Prediction 159 Lord of the Fireflies 159 Cascading Sales 160 A Concrete Example 162 An Aside 162 Paths, Prints 163 The Role of the Central Bank 164 Credit Cycles at the Zero Bound 164 The Monetary Policy Palette 165 Reading the Tea Leaves 168 Summary and Conclusion 169 Glossary 171 References 173 Index 177

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Book SynopsisTower of Basel is the first investigative history of the world's most secretive global financial institution. Based on extensive archival research in Switzerland, Britain, and the United States, and in-depth interviews with key decision-makers,including Paul Volcker, the former chairman of the US Federal Reserve Sir Mervyn King, governor of the Bank of England and former senior Bank for International Settlements managers and officials,Tower of Basel tells the inside story of the Bank for International Settlements (BIS): the central bankers' own bank.Created by the governors of the Bank of England and the Reichsbank in 1930, and protected by an international treaty, the BIS and its assets are legally beyond the reach of any government or jurisdiction. The bank is untouchable. Swiss authorities have no jurisdiction over the bank or its premises. The BIS has just 140 customers but made tax-free profits of 1.17 billion in 2011-2012.Since its creation, the bank has been at the heart of global events but has often gone unnoticed. Under Thomas McKittrick, the bank's American president from 1940-1946, the BIS was open for business throughout the Second World War. The BIS accepted looted Nazi gold, conducted foreign exchange deals for the Reichsbank, and was used by both the Allies and the Axis powers as a secret contact point to keep the channels of international finance open.After 1945 the BIS,still behind the scenes,for decades provided the necessary technical and administrative support for the trans-European currency project, from the first attempts to harmonize exchange rates in the late 1940s to the launch of the Euro in 2002. It now stands at the centre of efforts to build a new global financial and regulatory architecture, once again proving that it has the power to shape the financial rules of our world. Yet despite its pivotal role in the financial and political history of the last century and during the economic current crisis, the BIS has remained largely unknown,until now.Trade Review"[Lebor] does a creditable job in this well-researched account." -- New York Times Book Review "It's a story of financial intrigue, secrets and lies, rumor and truth. LeBor, a business journalist (he's also the author of several thrillers), knows how to make a true story about finance as thrilling as any spy novel. A highly entertaining and informative book about the most powerful bank you've probably never heard of." -- Booklist "Lebor exposes the wheeling, dealing, and often nefarious activities of global investment bankers...Lively... The historical and contemporary power of the secretive BIS will surprise and alarm readers." -- Publishers Weekly "An absorbing and thorough examination of one of the world's most important yet opaque institutions." -- Reuters "Adam LeBor has written an absolutely fascinating history of the BIS, perhaps the most enigmatic financial institution in the world. The story he unveils of the many skeletons in its closet and its astounding ability to remake itself periodically only add to its mystique." -- Liaquat Ahamed, author of Lords of Finance: The Bankers Who Broke the World Edward Lucas, author of Deception: The Untold Story of East-West Espionage Today "Tower of Basel is essential reading. Meticulously researched and fluently written, it reveals a slice of the modern world's untold history--a gripping tale of covert networks, secret deals and unaccountable, powerful individuals whose decisions shape our lives." Liaquat Ahamed, author of Lords of Finance: The Bankers Who Broke the World"Adam LeBor has written an absolutely fascinating history of the BIS, perhaps the most enigmatic financial institution in the world. The story he unveils of the many skeletons in its closet and its astounding ability to remake itself periodically only add to its mystique." Harold James, professor of history and international affairs, Princeton University, and author of Making the European Monetary Union "Compelling reading--a masterly depiction of the role of the BIS in the Nazi period and Second World War." Booklist "It's a story of financial intrigue, secrets and lies, rumor and truth. LeBor, a business journalist (he's also the author of several thrillers), knows how to make a true story about finance as thrilling as any spy novel. A highly entertaining and informative book about the most powerful bank you've probably never heard of." Reuters Breaking Views

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Book SynopsisNew technologies are shaking the foundations of traditional finance. Leading economist Eswar Prasad foresees the end of cash, as central banks develop their own digital currencies to compete with Bitcoin and Meta’s Diem. Money and finance are on the verge of dramatic transformations that will reshape their roles in the lives of ordinary people.Trade ReviewA strength of [Prasad’s] analysis is his mastery of both technical details and big-picture trade-offs…As it loses physical form, money’s meaning will become ever harder to grasp. This book explores the economic and social effects of that upheaval, giving shape to this most abstract of concepts. * The Economist *An in-depth look at how our wallets are set to evolve. -- Enda Curran * Bloomberg *Prasad aims to pull together some of the threads about bitcoin and such like to set out a big picture on money…Prasad’s helpful discussion of the pressures on, and options available to, central banks was illuminating. I found his framing of the ways in which these new technologies simultaneously make regulation both easier and more difficult interesting. -- David Birch * Financial World *Digital technologies are also transforming the world of finance. Prasad provides an invaluable overview of what this might mean: physical money will disappear; central bank money will compete with the new private versions; financial intermediation will be transformed; and new opportunities will open to the world’s population. -- Martin Wolf * Financial Times *Demystifies the esoteric world of cryptocurrencies…Prasad’s analysis is the best single point of entry for those interested in the nitty-gritty of digital finance. -- Barry Eichengreen * Foreign Affairs *A road map for money managers, market strategists, and others seeking to understand this new world. -- Reshma Kapadia * Barron’s *As money has become free to move around the world, Prasad probes how digital innovation is reshaping it as both a tool and a concept. -- Paola Subacchi * Nature *An ambitious book, covering the diverse landscape of digital money, and one that will remain relevant for years to come. -- Daniel Kuhn * CoinDesk *In The Future of Money Eswar Prasad explains how technology will impact everything financial, from what money will look like to peer-to-peer lending, central banking, and cross-border capital flows. In lucid prose, Prasad explains to the intelligent layperson how exactly Bitcoin works and whether a digital renminbi could challenge the US dollar. If you are looking for an insightful and comprehensive guide to how monetary finance might change, look no further. -- Raghuram G. Rajan, Professor of Finance at the University of Chicago Booth School of Business, former Chief Economist of the International Monetary Fund, and former Governor of the Reserve Bank of IndiaMoney shapes economies, economies shape nations, nations shape history. It follows that the future of money is profoundly important. Here is a definitive report on where we are and where we are going. -- Lawrence H. Summers, Charles W. Eliot Professor and President Emeritus, Harvard UniversityPrasad’s book is the best on the topic so far. In particular, it provides the most complete description of issues and factors that will shape the future of money. Everyone with limited time wanting to have a deeper understanding of money in the 21st century, should read this book. -- Daniel Heller * Central Banking *Drawing on his extensive policymaking experience and insights as one of the leading macroeconomists, Eswar Prasad in The Future of Money provides a comprehensive account of the economic, social, and technological issues that will determine how we save, invest, buy, and sell in the future. -- Mark Carney, former Governor of the Bank of EnglandComprehensive…and a vital handbook for anyone looking to understand how finance is changing. -- Gavin Jackson * Financial Times *In The Future of Money Eswar Prasad has produced a single-volume masterpiece with all one needs to know about an amazing upcoming turning point in monetary policy. He shows that if we follow his sensible advice and heed his warnings of over-regulation and fear, Central Bank Digital Currency will be a genuine help to the poor and a gateway to global stability. Encyclopedic and carefully researched, the book is packed with many valuable, easy-to-understand examples. -- John B. Taylor, Stanford UniversityA sober-minded and informative take on an overheated topic. * Publishers Weekly *A sweeping survey of fintech, crypto assets, and central bank digital currencies (CBDCs). -- John Detrixhe * Quartz *Very interesting and very worthwhile…I’ll be referencing The Future of Money for a long time. -- John Tamny * Forbes *For anyone who really wants to understand how [Bitcoin] works in all its technical splendor, there is no better introduction. -- Benjamin J. Cohen * Project Syndicate *An impressive overview of the many changes digital technologies have already wrought…A sweeping overview of developments in payments, from the specifics of Ant Group’s business to the e-krona project and Venezuela’s Petro…An engaging read. -- Jon Frost * Finance and Development *An eminently readable work that is accessible and smooth. From banks to cryptocurrencies to fintech, he gives a detailed crash course on the present and lays out breadcrumbs to an uncertain future. As Prasad says, only one thing is for sure, cash is on its way out. What the future holds remains to be seen. * The Week (India) *The book makes a significant contribution. It addresses many wider issues associated with digital currencies and digital finance. These issues include the potential effects on financial stability, the monetary transmission system, domestic and international payment systems, financial inclusion and inequality. It is impressive that so many topics are covered in an accessible manner…[An] excellent book. -- Carlo Cocuzzo and Ian Bright * Society of Professional Economists *Covers everything about digital money, finance, and fintech that anyone would need or want to know. -- Alex Lo * South China Morning Post *A wonderful introduction to, and reference for, the fast-changing world of electronic assets…Fun to read, provides lots of fascinating material for money and banking classes…The book is solid, but the future of privately provided e-money is not. -- Robert P. Flood * Journal of Economic Literature *An interesting and insightful exposition on the shifting landscape from traditional paper notes to digital currencies…The Future of Money provides readers with a window into some of the opportunities and challenges that lie ahead for the financial sector. -- Ronald L. Moy * Enterprising Investor *While written from the perspective of a central bank economist, the book is highly readable and accessible to those without formal training in monetary economics and policy. As it describes projects likely to become reality over the next five to ten years, The Future of Money is relevant for social science scholars interested in technology, digitalization, markets, and organizations. -- Alex Preda * Administrative Science Quarterly *This book offers valuable insights to understand the impact of digital currencies on monetary policy, commercial banks and financial stability. * Journal of Evolutionary Economics *

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Book SynopsisDuncan Mavin is a seasoned international financial journalist, having started his career as a chartered accountant in the City and in Toronto. He has been a reporter and editor for The Wall Street Journal and The Washington Post, and was the Journal's Financial Editor for Europe, the Middle East and Africa. He has also been Managing Editor for Barron's Group and a reporter for Canada's National Post, and he's the bestselling author of "Britain's version of Bad Blood", the Lex Greensill exposé Pyramid of Lies. He lives with his family in the UK, and is a long-suffering fan of Sunderland football club.

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Book SynopsisPicking up where Liar’s Poker left off (literally, in the bond dealer’s desks of Salomon Brothers) the story of Long-Term Capital Management is of a group of elite investors who believed they could beat the market and, like alchemists, create limitless wealth for themselves and their partners. Founded by John Meriweather, a notoriously confident bond dealer, along with two Nobel prize winners and a floor of Wall Street’s brightest and best, Long-Term Captial Management was from the beginning hailed as a new gold standard in investing. It was to be the hedge fund to end all other hedge funds: a discreet private investment club limited to those rich enough to pony up millions. It became the banks’ own favourite fund and from its inception achieved a run of dizzyingly spectacular returns. New investors barged each other aside to get their investment money into LTCM’s hands. But as competitors began to mimic Meriweather’s fund, he altered strategy to maintain the fund’s performance, leveraging capital with credit on a scale not fully understood and never seen before. When the markets in Indonesia, South America and Russia crashed in 1998 LCTM’s investments crashed with them and mountainous debts accumulated. The fund was in melt-down, and threatening to bring down into its trillion-dollar black hole a host of financial instiutions from New York to Switzerland. It’s a tale of vivid characters, overwheening ambition, and perilous drama told, in Roger Lowenstein’s hands, with brilliant style and panache.Trade Review'A must-read thriller for anyone who works, or invests in markets. It is a story of how arrogance can drive greed and fear to extremes.' Scotsman 'Richly textured and lucid…A riveting account that reaches beyond the market landscape to say something universal about risk and triumph, about hubris and failure.' New York Times 'Lowenstein has written a squalid and fascinating tale of world-class greed and, above all, hubris.' Business Week 'This book is story-telling journalism at its best' The Economist

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Book SynopsisTable of ContentsAbout the Author xi Foreword xiii Prologue xv Chapter 1 Money 1 Chapter 2 Primitive Moneys 11 Chapter 3 Monetary Metals 17 Why Gold? 19 Roman Golden Age and Decline 25 Byzantium and the Bezant 28 The Renaissance 29 La Belle Époque 34 Chapter 4 Government Money 41 Monetary Nationalism and the End of the Free World 43 The Interwar Era 47 World War II and Bretton Woods 53 Government Money’s Track Record 60 Chapter 5 Money and Time Preference 73 Monetary Inflation 81 Saving and Capital Accumulation 90 Innovations: “Zero to One” versus “One to Many” 96 Artistic Flourishing 98 Chapter 6 Capitalism’s Information System 105 Capital Market Socialism 109 Business Cycles and Financial Crises 113 Sound Basis for Trade 126 Chapter 7 Sound Money and Individual Freedom 135 Should Government Manage the Money Supply? 136 Unsound Money and Perpetual War 145 Limited versus Omnipotent Government 149 The Bezzle 155 Chapter 8 Digital Money 167 Bitcoin as Digital Cash 168 Supply, Value, and Transactions 177 Appendix to Chapter 8 191 Chapter 9 What Is Bitcoin Good For? 193 Store of Value 193 Individual Sovereignty 200 International and Online Settlement 205 Global Unit of Account 212 Chapter 10 Bitcoin Questions 217 Is Bitcoin Mining a Waste? 217 Out of Control: Why Nobody Can Change Bitcoin 222 Antifragility 230 Can Bitcoin Scale? 232 Is Bitcoin for Criminals? 238 How to Kill Bitcoin: A Beginners’ Guide 241 Altcoins 251 Blockchain Technology 257 Acknowledgements 273 Bibliography 275 List of Figures 282 List of Tables 284 Index 285

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Book SynopsisDuncan Mavin is a seasoned international financial journalist, having started his career as a chartered accountant in the City and in Toronto. He has been a reporter and editor for The Wall Street Journal and The Washington Post, and was the Journal's Financial Editor for Europe, the Middle East and Africa. He has also been Managing Editor for Barron's Group and a reporter for Canada's National Post, and he's the bestselling author of "Britain's version of Bad Blood", the Lex Greensill exposé Pyramid of Lies. He lives with his family in the UK, and is a long-suffering fan of Sunderland football club.

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Book Synopsis''A truly gripping narrative . . . The fact that Tett is able to reproduce such raw private communications is a tribute to her journalistic abilities'' Dominic Lawson, Sunday Times''Her blow-by-blow story is an impressive piece of detective work. She pulls back the curtain on a closed, unaccountable world of finance'' Will Hutton, GuardianIn the mid 1990s, at a vast hotel complex on a private Florida beach, dozens of bankers from JP Morgan gathered for what was to become a legendary off-site meeting. It was a wild weekend. But among the drinking, nightclubbing and fist-fights lay a more serious purpose - to assess the possibility of building a business around the new-fangled concepts of credit derivatives.The group at the heart of this revolution was an intense team, made up of individuals with a supreme sense of loyalty to each other and to the bank - for years, nothing could break them apart. But when, finally, the team dispersedTrade Review** 'A truly gripping narrative . . . The fact that Tett is able to reproduce such raw private communications is a tribute to her journalistic abilities * Dominic Lawson, SUNDAY TIMES *** 'Her blow-by-blow story is an impressive piece of detective work. She pulls back the curtain on a closed, unaccountable world of finance * Will Hutton, GUARDIAN *** 'An absorbing 15-year gallop across the Wild West of the world's financial markets . . . Tett sketches a system in the grip of a great error, emanating outwards from a cadre of elite traders who were able to repel any attempt to monitor, question or restrain them * Stephen Foley, INDEPENDENT *** 'A very readable, well-informed account of the way investment bankers invented, promoted and profited from the . . . financial products that were at the heart of the financial collapse * Vince Cable, Daily Telegraph *

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Book SynopsisFor almost a hundred years from the 1860s, the City of London''s overseas banks financed the global trade that lay at the core of the British Empire. Foremost among them from the beginning were two start-up ventures: the Standard Bank of South Africa, which soon developed a powerful domestic franchise at the Cape, and the Chartered Bank of India, Australia and China. This book traces their stories in the nineteenth century, their glory days before 1914 - and their remarkable survival in the face of global wars and the collapse of world trade in the first half of the twentieth century.The unravelling of the Empire after 1945 eventually forced Britain''s overseas banks to confront a different future. The Standard and the Chartered, alarmed at the expansion of American banking, determined in 1969 on a merger as a way of sustaining the best of the City''s overseas traditions. But from the start, Standard Chartered had to grapple with the fading fortunes of its own inherited franchise - badly dented in both Asia and Africa - and with radical changes in the nature of banking. Its British managers, steeped in the past, proved ill-suited to the challenge. By the late 1980s, efforts to expand in Europe and the USA had brought the merged Group to the brink of collapse.Yet it survived - and then pulled off a dramatic recovery. Standard Chartered realigned itself, just in time, with the phenomenal growth of Asia''s ''emerging markets'', many of them in countries where the Chartered had flourished a century earlier. In the process, the Group was transformed. Trebling its workforce, it brushed aside the global financial crisis of 2008 and by 2012 could look back on a decade of astonishing growth. Recent times have added an eventful postscript to a long and absorbing history.Crossing Continents recounts Standard Chartered''s story with a wealth of detail from one of the richest archives available to any commercial bank. The book also affords a rare and compelling perspective on the evolution of international trade and finance, showing how Britain''s commercial influence has actually worked in practice around the world over one hundred and fifty years.Trade Reviewexcellent ... Duncan Campbell-Smith's sparkling new account of Standard Chartered Bank ... is a door-stopping, desk-breaking heavyweight tome ... of patient text and brilliantly evocative photographs. Campbell-Smith, a former banker and journalist, had access to Standard Chartered's rich archive, and what emerges is work of painstaking scholarship. Multiple sources are woven together into a compelling record of imperial and post-imperial banking -- Philip Augar * Financial Times *

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Book SynopsisShortlisted for the Orwell Prize 2016 We all depend on the finance sector. We need it to store our money, manage our payments, finance housing stock, restore infrastructure, fund retirement and support new business. But these roles comprise only a tiny sliver of the sector's activity: the vast majority of lending is within the finance sector. So what is it all for? What is the purpose of this activity? And why is it so profitable? John Kay, a distinguished economist with wide experience of the financial sector, argues that the industry's perceived profitability is partly illusory, and partly an appropriation of wealth created elsewhere - of other people's money. The financial sector, he shows, has grown too large, detached itself from ordinary business and everyday life, and has become an industry that mostly trades with itself, talks to itself, and judges itself by reference to standards which it has itself generated. And the outside world has itself adopted those standards, bailing out financial institutions that have failed all of us through greed and mismanagement. We need finance, but today we have far too much of a good thing. In Other People's Money John Kay shows in his inimitable style what has gone wrong in the dark heart of finance.Trade ReviewStratospherically authoritative. * Independent *Should be read by everyone concerned with preventing the next crisis... barely a page goes by without an acute observation or pithy aphorism. * Economist *Kay is both a first-class economist and an excellent writer. * Financial Times *Mr Kay is a brilliant writer. * Wall Street Journal *An admirable debunker of myths and false beliefs - Kay can see substantial things others don't. -- Nassim N Taleb, author of The Black SwanQuite brilliant ... about as good a demonstration of Kay's skills (as economist, thinker and writer) as you are likely to find. -- Andrew Haldane * Prospect magazine *John Kay is one of the most engaging and accessible writers on economics in Britain today * Morning Star *

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Book SynopsisThe inside story of a case that illustrates the horrific perils of unchecked prosecutorial overreach, written by the man who experienced it firsthand.Raj Rajaratnam, the respected founder of the iconic hedge fund Galleon Group, which managed $7 billion and employed 180 people in its heyday, chose to go to trial rather than concede to a false narrative concocted by ambitious prosecutors looking for a scapegoat for the 2008 financial crisis. Naively perhaps, Rajaratnam had expected to get a fair hearing in court. As an immigrant who had achieved tremendous success in his adopted country, he trusted the system. He had not anticipated prosecutorial overreach—inspired by political ambition—FBI fabrications, judicial compliance, and lies told under oath by cooperating witnesses. In the end, Rajaratnam was convicted and sentenced to eleven years in prison. He served seven and a half. Meanwhile, not a single senior bank executive responsible for the financial crisis was even charged. Uneven Justice is the story of his bewildering and confounding prosecution by forces who, quite frankly, were looking for bigger game. When Rajaratnam refused to support the narrative that would make that happen, he and the Galleon Group became collateral damage. A cautionary tale with implications for us all, Uneven Justice is both a riveting page-turner and an eye-opening lesson in the vagaries of justice when an unscrupulous prosecutor is calling the shots.Trade Review“The book, "Uneven Justice," makes a persuasive case that this prosecution served to cover up the embarrassment of the Obama DOJ's malfeasance and advance the ambitious Bharara's career. But it's most important point is that the entire justice system is rigged against defendants. Obviously, few people are going to sympathize with a billionaire hedge fund manager. But that's the point. That's not the book's goal. His case is done. The book is a genuine, serious, in-depth study of all the ways federal prosecutors have unchecked power to destroy people. Federal prosecutors routinely threaten people's families, conceal exculpatory evidence, exploit the fact that almost anything is a crime, and in general have rigged the system to make acquittal almost impossible. If it takes Rajaratnam to help expose that, this book is welcomed.” -- Glenn Greenwald, Pulitzer Prize winning Journalist, NY Times Best Selling Author and former constitutional lawyer

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Book SynopsisNow shortlisted for the 2012 Financial Times Business Book of the Year Award and the Wellcome Trust Book Prize, The Hour Between Dog and Wolf is a resonant exploration of economic behaviour and its consequences.Shortlisted for the 2012 Financial Times and Goldman Sachs Business Book of the Year Award and the Wellcome Trust Book Prize, this startling and unconventional book from neuroscientist and former Wall Street trader John Coates shows us the bankers in their natural environment, revealing how their biochemistry has a lasting and significant impact on our economy.We learn how risk stimulates the most primitive part of the banker's brain and how making the deals our bank balances depend on provokes an overwhelming fight-or-flight response. Constant swinging between aggression and apprehension impairs their judgment, causing economic upheaval in the wider world. The transformation between each split-second decision is what Coates calls the hour between dog and wolf, and understandingTrade Review‘This brilliant book shows how human biology contributes to the alternating cycles of irrational exuberance and pessimism that destabilise banks and the global economy – and how the system could be calmed down by applying biological principles … Should be top of the summer reading list for Jamie Dimon, chief executive of JPMorgan, and anyone else wondering why traders so often get banks into trouble’ Financial Times ‘This stunning book… should be compulsory reading for anyone concerned about the behaviour of those involved in the lying and manipulation of those involved in the lying and manipulation of successive banking scandals’ Mail on Sunday ‘If Coates is right- the evidence he presents is compelling- then the financial; crises that so frequently plague capitalism find their roots in human biology’ New Scientist Magazine ‘The picture of humans as rational economic machines has gone down the tubes. This book looks at the biology of why Homo economicus is a myth, and no one is better positioned to write this than Coates – he is a neuroscientist and an economist and an ex-Wall Street trader and a spectacular writer. A superb book’ Robert Sapolsky, Professor of Neurology, Stanford University, and author of Why Zebras Don't Get Ulcers ‘A terrific read – better than any amount of economic analysis because it explains what lies at the root of economic disaster – those biological drivers that cause sane and clever people to make catastrophic decisions. Every banker should be made to read it!’ Rita Carter, author of Mapping the Mind ‘It makes intuitive sense that biological responses inform the mood of the markets. This book puts flesh on that idea’ Economist

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Book SynopsisShortlisted for the Financial Times Business Book of the Year!Will snare you in its web of deceit ... A brilliant investigative exposé' - Harlan Coben, bestselling thriller author Reads like a fast-paced John le Carré thriller, and never lets up' - New York Times book review The Spider Network is the almost-unbelievable and darkly entertaining inside account of the Libor scandal one of the biggest, farthest-reaching financial scams since the global financial crisis written by the only journalist with access to Tom Hayes before he was sentenced to fourteen years in prison. Full of exclusive details, and with ramifications that stretch right across the British establishment, this is a gripping, real-life story of outlandish characters and reckless greed in the City of London. By turns a rollicking account of the scandal and also a provocative examination of a financial system that was crooked throughTrade ReviewAnyone with an interest in financial services and in what has gone wrong will find The Spider Network compelling. -- Daniel Finkelstein * The Times *a surprisingly human narrative … truly memorable … a vivid depiction of the ethos of the core financial institutions upon which the global economy depends * New York Times *a model of investigative financial writing... a more satisfying read than THE BIG SHORT by Michael Lewis * Literary Review *will snare you in its web of deceit, lies, corruption, manipulation and colourful characters. [a] brilliant investigative exposé * Harlan Coben, bestselling thriller author *supremely gripping ... a thrilling tour de force of reporting, revelation and reasoning ... unmissable * Iain Martin, bestselling author of MAKING IT HAPPEN: FRED GOODWIN, RBS AND THE MEN WHO BLEW UP THE BRITISH ECONOMY *An incredibly entertaining, globe-straddling inside account of how one trader turbocharged a greedy cabal that scammed savers and borrowers everywhere. A must read if you want to understand how big banks and traders really work * Marcus Brauchli, former Executive Editor of the Washington Post and Managing Editor of the Wall Street Journal *Equally entertaining and illuminating … Enrich’s brilliant depiction … owes to deep reporting, deft writing, and a nuanced approach that characterizes the entire book… First-rate. * John Helyar, bestselling author of BARBARIANS AT THE GATE *how did a socially awkward English math whiz mastermind manipulation of lending rates on a global scale? And was Tom Hayes truly the mastermind, or just a cog in a corrupt banking system? In David Enrich’s gripping tale, the characters have nicknames worthy of the Mafia, and their ethical compasses aren't much better * Paul Ingrassia, Pulitzer Prize winner and bestselling author of CRASH COURSE *gripping and disturbing ... It reads like a thriller and has some hilarious moments, whilst raising important questions about the nature of our financial and judicial systems * Ian Fraser, journalist and author of SHREDDED: INSIDE RBS, THE BANK THAT BROKE BRITAIN *David Enrich is a masterful story teller ... Michael Lewis has a new rival * Sheila Bair, former chair of the FDIC and president of Washington College *An absorbing read that provides both a meticulous dissection of an immense scandal as well as a fascinating human story * Bethany McLean, bestselling author of THE SMARTEST GUYS IN THE ROOM: THE AMAZING RISE AND SCANDALOUS FALL OF ENRON *For years, David Enrich has chased down the inside story of one the biggest financial frauds in history and was even threatened with jail by a British court if he printed what he knew. Now, in his blockbuster book The Spider Network, all of the secrets come spilling out…With an unerring eye for detail, Enrich shows in this masterful work how a toxic stew of greed, arrogance and a lust for power led to a criminal scheme of unparalleled dimensions. It should be required reading for anyone who wants to understand the dirty underbelly of the financial world. * Kurt Eichenwald, Pulitzer Prize winning author of THE INFORMANT *This dwarfs by orders of magnitude any financial scams in the history of markets. * Andrew Lo, Professor of Finance at MIT *In the hands of journalist David Enrich, the true tale of former UBS and Citigroup trader Tom Hayes becomes a page-turning crime drama that engages – and educates – readers from beginning to end. * The Charlotte Observer *A gripping narrative ... impressive reporting and writing chops are on full display ... reads like a fast-paced John le Carré thriller, and never lets up * New York Times book review *a feat of reporting, and much of it reads like a novel -- Leigh Gallagher * Washington Post *a remarkable read -- John Arlidge * Sunday Times *jaw-dropping * Financial Times *a gripping financial thriller * Daily Mail *

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Book SynopsisThe dictionary defines terms from all aspects of personal and international finance, including financial trading, foreign exchange, derivatives, commercial and corporate banking, private investments and borrowing, central banking, monetary policy, and public and government finance.Table of ContentsPreface Credits A-Z

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Book SynopsisWritten for undergraduate and graduate students of finance, economics and business, the fourth edition of Financial Markets and Institutions provides a fresh analysis of the European financial system. Combining theory, data and policy, this successful textbook examines and explains financial markets, financial infrastructures, financial institutions, and the challenges of financial supervision and competition policy. The fourth edition features not only greater discussion of the financial and euro crises and post-crisis reforms, but also new market developments like FinTech, blockchain, cryptocurrencies and shadow banking. On the policy side, new material covers unconventional monetary policies, the Banking Union, the Capital Markets Union, Brexit, the Basel III capital adequacy framework for banking supervision and macroprudential policies. The new edition also features wider international coverage, with greater emphasis on comparisons with countries outside the European Union, including the United States, China and Japan.Table of ContentsPart I. Setting the Stage: 1. Functions of the financial system; 2. Financial crises; 3. European financial integration: origins and history; 4. Monetary policy of the European Central Bank; Part II. Financial Markets: 5. European financial markets; 6. The economics of financial integration; 7. Financial infrastructures; 8. Financial innovation; Part III. Financial Institutions: 9. The role of institutional investors; 10. European banks; 11. European insurers and financial conglomerates; Part IV. Policies for the Financial Sector: 12. Financial regulation and supervision; 13. Financial stability; 14. European competition policy; Index.

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Book SynopsisNamed as the best overall book on banking of 2022 by Investopedia. The finance industry is currently going through a digital revolution, with new and developing technology transforming the world of banking and financial services beyond recognition. Banks and financial institutions worldwide recognize the pressing need to innovate to avoid disruption or displacement by highly agile and often smaller fintech companies. Reinventing Banking and Finance is an essential guide for finance professionals to current trends in fintech, innovation frameworks, the challenges of outsourcing or embedding innovation, and how to effectively collaborate with other organizations. Beginning with the history and background of how banking got to the era of fintech, the book provides a thorough overview of the global fintech ecosystem and the drivers behind innovation in technologies, business models and distribution channels. Examples of key institutions and interviews with innovators and experts shine a light on key financial innovation hubs in UK, US, China, Israel and more, and offer advice for institutions looking to choose the right market for their needs. Covering genuine innovations in AI, machine learning, blockchain and digital identity, Reinventing Banking and Finance offers expert insight into navigating the complex and multi-layered finance industry.Trade Review"A compelling narrative of the history, forces, threats and opportunities that are reshaping the financial industry. The experience of the authors shines through in their confident and accessible writing, as well as in their cross-continental overview of the key institutions and people that are enabling better ways for all of us to manage our money in the mobile and data-centred world we live in." * Josh Bottomley, Global Head of Digital, HSBC *"With the emergence of fintech the banking industry is being dragged into the digital age kicking and screaming. This book describes how this transformation is taking place and how different parts of the globe are responding differently to the change. The authors' perspectives, derived from their first-hand knowledge of digital transformation in banking, make it a compelling read." * Paolo Zaccardi, Co-Founder & CEO FABRICK, President HYPE *"A must read for every forward thinking banking executive. The radically simple neo bank model outlined is one all banks should consider as part of their transformation to a customer centric organization, while the thorough global review of fintech hubs will bring any seasoned innovator right up to date. What makes the sharp perspective shared in this book so credible is the industry experience both authors bring. Developed through extensive first-hand knowledge running banks and advising a whole host of fintechs the rigorous point of view is rare in a book like this." * James Haycock, General Manager UK, idean Capgemini *"In this book the authors describe the impact digital adoption is having on banking and financial services across the globe. A must read for anyone seeking to know more about how a fundamental industry is transforming." * Matthew Chen, Group CEO, Sunline Holding *"Provides an insider's perspective on how technology is transforming financial services, I particularly enjoyed the historical context, the concept of the ideal Neobank and the profiles on the fintech hubs across the globe." * Elias A. Baltassis, Partner and Director, Data & Analytics, Boston Consulting Group *"Delivers great insight on the global fintech ecosystem with the profiles of both the fintech hubs and what they call the fintech tribes. An enjoyable and thoughtful book for anyone looking for an insider's perspective on banking innovation." * Shachar Bialick, Founder, CEO, Curve *"If you want to understand why 'digital banking' is not just a buzzword and how this movement is changing finance this is the book for you. Fintechs are powering a disruption that takes us back to the origins of banking, where personal outcomes and tailored services were the norm. In this book the authors do an exemplary job of explaining the banking revolution of our time, placing it within the historical context of the industry and showing how new ideas are helping to recover foundational concepts." * Prof Deeph Chana, Centre for Financial Technology, Imperial College London *"This book provides some fascinating insights into why there has never been a more exciting time to be innovating in the banking industry. Regulators and financial institutions are paving the way for a new digital-based economy - a faster, more transparent and secure banking industry!" * Diana Paredes, Chief Executive Officer and Co-Founder, Suade *"Thanks to the authors' experience, this book provides an insider view on what's next and an extensive analysis of how technology, data and a new approach can reshape banking services." * Paola Papanicolaou, Executive Director - Group Head of Innovation, Intesa Sanpaolo SpA *"A compelling book looking at how banking is being transformed at its core by technology, changing customer expectations and evolving regulation. It provides a global perspective on fintech, explaining how - unlike other tech innovations - it is not a US-centric phenomenon, with Europe and Asia being home to some of the more innovative businesses in the sector. A good book to read if you are keen to understand what is happening to banking around the world and how it will affect you." * Laurent Nizri, CEO Paris Fintech Forum and Chairman ACSEL *"This book could not be timelier as our financial institutions and economic models are severely disrupted and tested due to the COVID-19 outbreak. As digitized operations are forcibly accelerated and new tools integrated, the authors help us rethink traditional models and share a blueprint of the bank of the future, Neobank. This book is an important guide for understanding what to focus on going forward shaped by customer needs, technology capabilities, and business realities." * Sophie Wade, CEO Flexcel Network and Published Writer *Table of Contents Chapter - 01: The History of Banking; Chapter - 02: The Digital Threat; Chapter - 03: The Shape of the Perfect Neobank; Chapter - 04: The Journey from Bricks and Mortar to Digital; Chapter - 05: The Fintech Hubs; Chapter - 06: The Fintech Tribes; Chapter - 07: London; Chapter - 08: The Gulf; Chapter - 09: Paris; Chapter - 10: New York City; Chapter - 11: Tel Aviv; Chapter - 12: Shenzhen; Chapter - 13: Final Thoughts; Chapter - 14: Further reading

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Book SynopsisThis timely book studies the economic theories of credit cycles and disturbances in the 20th century, presenting a nuanced view of the role of finance in the economy after the financial crash of 2008. Focusing on the work of economists from Marx onwards, Jan Toporowski moves beyond conventional monetary theory to offer an insightful critical alternative to current financial macroeconomics. The book features an extended discussion of Marx's approach to credit and finance, new insights to Minsky's ideas and a reconsideration of the financial theories of Kalecki and Steindl. Economic researchers and postgraduate students seeking to extend their knowledge of critical approaches to finance will find this an invaluable read, as well as practitioners and policy makers who seek to understand financial instability and unstable markets. This will also be an insightful read for economic historians looking to understand the nuances of different key economic theories and their practical applications. This timely book studies the economic theories of credit cycles and disturbances in the 20th century, presenting a nuanced view of the role of finance in the economy after the financial crash of 2008.Trade Review'Jan Toporowski provides a provocative guide to a dissenting tradition in macroeconomics where monetary and financial institutions are just as fundamental to the market economy's performance as real factors - endowments, tastes, technology, etc. Along his route from Marx to Minsky we naturally encounter the likes of Keynes and Kalecki, but also, more surprisingly, proto-monetarists like Fisher, Hawtrey, and Henry Simons. Whatever our own views, Toporowski forces us to look at today's macroeconomics in a refreshingly new light: highly recommended.' --David Laidler, University of Western Ontario, US'Professor Jan Toporowski offers us a brilliant piece of scholarship combining history of money and credit theories ranging over heterodox economists from Marx and Luxemburg to mainstream but radical economists such as Keynes and Minsky. It is a here and now explanation of our problems.' --Lord Meghnad Desai, London School of Economics, UKTable of ContentsContents: PART I: CAPITALISM AND FINANCIAL CRISIS 1. Marx and the Monetary Business Cycle 2. Marx and the Emergence of Debt Markets 3. Rosa Luxemburg and the Marxists on Finance PART II: CRITICAL THEORIES OF FINANCE IN THE TWENTIETH CENTURY: UNSTABLE MONEY AND FINANCE 4. Ralph Hawtrey and the Monetary Business Cycle 5. Irving Fisher and Debt Deflation 6. John Maynard Keynes’s Financial Theory of Under-Investment I: Towards Doubt 7. John Maynard Keynes’s Financial Theory of Under-Investment II: Towards Uncertainty PART III: CRITICAL THEORIES OF FINANCE IN THE TWENTIETH CENTURY: CORPORATE DEBT AND CRISIS 8. The Principle Of Increasing Risk: Marek Breit 9. The Principle Of Increasing Risk: Michal Kalecki 10. The Principle of Increasing Risk: Josef Steindl and Michal Kalecki on Profits and Finance 11. The Kalecki-Steindl theory of financial fragility PART IV: CRITICAL THEORIES OF FINANCE IN THE TWENTIETH CENTURY: THE FINANCIAL INSTABILITY HYPOTHESIS 12. The Monetary Theory of Kalecki and Minsky 13. From Money to Minsky: Henry Simons 14. The Financial Instability Hypothesis Bibliography Index

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Book SynopsisAn informative introduction to the world of money, covering everything from bank accounts, earning and borrowing to government spending, taxes and inflation. With bright, infographic pictures, a detailed glossary and links to specially selected websites where you can visit a virtual bank, see money from around the world and more.Table of ContentsWhat is money?How money movesMoney around the worldMoney customsChapter 1: How money worksWhat makes cash, banknotes and anything else count as money? And why do we all trust it?Chapter 2: The story of moneyMoney has existed long before the first coins were made, and over the centuries it has taken on many unusual forms. How did it all come about?Chapter 3: In the bankAlmost every adult has a bank account - but why? What do banks actually do? Are there any alternatives? And was it really the banks' fault that the world suffered a financial meltdown in 2008?Chapter 4: Earning and borrowingDon't have any money? No problem! Almost anyone can get hold of some money, by working for it, or borrowing from someone who has it. Chapter 5: Spending, growing and givingSome people spend everything they have very quickly. Others prefer to save up. If you have some money to spare, you should give it away to charity - shouldn't you?Chapter 6: Governments and moneyTaxes, deficits, inflation, deflation, quantitative easing - what does it all mean, and who's in charge?Chapter 7: Big questionsHow to be a billionaire, how to buy happiness, how to make the world a fairer place - and other important questions that nobody knows the answers to - yet.What next?GlossaryIndexAcknowledgements

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Book SynopsisFully updated and revised The Bank Credit Analysis Handbook, Second Edition explains the role and methodologies of bank credit analysts, giving both investors and practitioners an insider's perspective on how rating agencies assign all-important credit ratings to banks.Table of ContentsPreface to the New Edition vii Chapter 1 The Credit Decision 1 Chapter 2 The Credit Analyst 37 Chapter 3 The Business of Banking 87 Chapter 4 Deconstructing the Bank Income Statement 155 Chapter 5 Deconstructing a Bank’s Balance Sheet 215 Chapter 6 Earnings and Profitability 261 Chapter 7 Asset Quality 337 Chapter 8 Management and Corporate Governance 415 Chapter 9 Capital 449 Chapter 10 Liquidity 493 Chapter 11 Country and Sovereign Risk 551 Chapter 12 Risk Management, Basel Accords, and Ratings 641 Chapter 13 The Banking Regulatory Regime 717 Chapter 14 Crises: Banking, Financial, Twin, Economic, Debt, Sovereign, and Policy Crises 781 Chapter 15 The Resolution of Banking Crises 847 About the Authors 907 Index 909

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Book SynopsisThe incredible saga of the German-Jewish immigrants?with now familiar names like Goldman and Sachs, Kuhn and Loeb, Warburg and Schiff, Lehman and Seligman?who profoundly influenced the rise of modern finance (and so much more), from the New York Times best-selling author of Sons of WichitaJoseph Seligman arrived in the United States in 1837, with the equivalent of $100 sewn into the lining of his pants. Then came the Lehman brothers, who would open a general store in Montgomery, Alabama. Not far behind were Solomon Loeb and Marcus Goldman, among the ?Forty-Eighters? fleeing a Germany that had relegated Jews to an underclass.These industrious immigrants would soon go from peddling trinkets and buying up shopkeepers? IOUs to forming what would become some of the largest investment banks in the world?Goldman Sachs, Kuhn Loeb, Lehman Brothers, J. & W. Seligman & Co. They would clash and collaborate with J. P. Morgan, E. H. Harriman, Jay Gould, and other famed tycoons of the era. And their firms would help to transform the United States from a debtor nation into a financial superpower, capitalizing American industry and underwriting some of the twentieth century?s quintessential companies, like General Motors, Macy?s, and Sears. Along the way, they would shape the destiny not just of American finance but of the millions of Eastern European Jews who spilled off steamships in New York Harbor in the early 1900s, including Daniel Schulman?s paternal grandparents. In TheMoney Kings, Schulman unspools a sweeping narrative that traces the interconnected origin stories of these financial dynasties. He chronicles their paths to Wall Street dominance, as they navigated the deeply antisemitic upper class of the Gilded Age, and the complexities of the Civil War, World War I, and the Zionist movement that tested both their burgeoning empires and their identities as Americans, Germans, and Jews.

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Book SynopsisCan the Euro be saved? Should it be?Nobel prize-winning economist Joseph E. Stiglitz dismantles the prevailing consensus around what ails Europe - arguing that economic stagnation is a direct result of the Euro''s flawed birth, demolishing the champions of austerity and offering solutions that can rescue the continent from further devastation.''Stiglitz could hardly have timed The Euro better ... one of those economists with a rare ability to help readers understand complex ideas'' Philip Aldrick, The Times''Original, hard-hitting ... Much more than a demolition job. These chapters are full of constructive proposals'' Martin Sandbu, Financial Times''Terrific and clarifying'' Peter Goodman, The New York Times''Coolly analytical ... he is surely right: without a radical overhaul of its workings, the Euro seems all but certain to fail'' EconomistTrade ReviewHighly readable ... passionately written ... this important book will unnerve millions * Sunday Telegraph *Stiglitz could hardly have timed The Euro better ... one of those economists with a rare ability to help readers understand complex ideas -- Philip Aldrick * The Times *Coolly analytical ... he is surely right: without a radical overhaul of its workings, the Euro seems all but certain to fail * Economist *

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Book SynopsisThe bestselling author of the acclaimed House of Cards and The Last Tycoons turns his spotlight on to Goldman Sachs and the controversy behind its success. From the outside, Goldman Sachs is a perfect company. The Goldman PR machine loudly declares it to be smarter, more ethical, and more profitable than all of its competitors. Behind closed doors, however, the firm constantly straddles the line between conflict of interest and legitimate deal making, wields significant influence over all levels of government, and upholds a culture of power struggles and toxic paranoia. And its clever bet against the mortgage market in 2007—unknown to its clients—may have made the financial ruin of the Great Recession worse. Money and Power reveals the internal schemes that have guided the bank from its founding through its remarkable windfall during the 2008 financial crisis. Through extensive research and interviews with the inside players, including current CEO Lloyd Blankfein, William Cohan constructs a nuanced, timely portrait of Goldman Sachs, the company that was too big—and too ruthless—to fail.

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Book SynopsisThis outstanding reference has already taught thousands of traders the concepts of technical analysis and their application in the futures and stock markets. Covering the latest developments in computer technology, technical tools, and indicators, the second edition features new material on candlestick charting, intermarket relationships, stocks and stock rotations, plus state-of-the-art examples and figures. From how to read charts to understanding indicators and the crucial role technical analysis plays in investing, readers gain a thorough and accessible overview of the field of technical analysis, with a special emphasis on futures markets. Revised and expanded for the demands of today's financial world, this book is essential reading for anyone interested in tracking and analyzing market behavior.

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Book SynopsisBy helping readers understand the financial history of this period and the way banking shaped the society in which ordinary Americans lived and worked, this book broadens and deepens our knowledge of the Early American Republic.Trade ReviewThis is a brisk, well-researched tour of how the American finance and banking sector got its start.—Financial HistoryMurphy has provided what should be the go-to source for anyone looking to understand the differences among savings banks, investment banks, and commercial banks in pre-Civil War America; to know what it meant for banks to provide discounts on commercial paper; and to know what terms like fractional reserve, independent treasury, bimetallism, shinplasters, wildcat banks, and bills of exchange meant.—Civil War Book ReviewMurphy has written what this financial historian considers a sound and reliable introductory or companion text to early American banking that is both engaging and easy-to-read, and at the same time broadly consistent with recent economic research on the topics covered.—EH.netIt [Other People's Money] does much to further our understanding of an important feature of international capital markets, and it raises crucial policy issues.—EH.NetThe strengths of this work are numerous. In addition to narrating some intriguing vignettes on Abigail Adams, Benjamin Franklin, and Herman Melville, this book contains a fascinating array of cartoons and images of credit instruments, many of which are drawn from the author’s extensive personal collection. Murphy’s writing is also straightforward; her analysis, insightful.—Common-PlaceI recommend Other People’s Money highly to anyone seeking a brief but accurate introduction to this fascinating era in banking and monetary history.—Business History ReviewOther People’s Money is a beautifully written book on “how banking worked in the early American Republic.” Part of Johns Hopkins University Press’s How Things Worked series, the target audience for this book is undergraduates studying U.S. history or economic history. The book condenses a large literature from American history and economic history as well as contemporary material from periodicals and novels into an interdisciplinary narrative of the political battles over money and banking from the early Republic to the Civil War. Murphy’s book shows that the politics of money shaped how money worked.—Jane Knodell, University of Vermont, Enterprise and SocietyIt is difficult to overstate the quality of Murphy's work. Other People's Money is an outstanding contribution that brilliantly accomplishes the herculean task of digesting the complexities of banking in the early republic. Moreover, Murphy manages to convey these points clearly in immensely readable prose. Helpful for both the layperson and the scholar, this book deserves a place on syllabi and the bookshelves of anyone with an interest in capitalism during this period. Murphy reminds the reader that the story of American banking has a long and complex history, and this erudite study does an excellent job of explaining that complexity in accessible terms.—Aaron L. Chin, University of New Hampshire, American Nineteenth Century HistoryThe real strength of Other People's Money can be found in its clear explanation of early American banking. Murphy makes a complex topic simple, but her treatment is anything but simplistic . . . Because of the book's engaging and lively discussions, I suspect that if it is assigned in classrooms Other People's Money will inspire more than a few students to dive more deeply into the complex and fascinating world of early American banking history.—Andrew J. B. Fagal, Princeton University, Journal of American HistoryTable of ContentsAcknowledgmentsPrologue. How the Bank War Worked1. How Money Worked2. How Banks Worked3. How Panics Worked4. Experiments in Money and Banking5. How Civil War Finance WorkedConclusion. Andrew Jackson, Other People's Money, and the Creation of the Federal ReserveEpilogue. Why Is Andrew Jackson Harriet Tubman on the $20 Bill?NotesSuggested Further ReadingIndex

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Book SynopsisUpdated and Uncensored! As a private banker working for the largest bank in the world, UBS, Bradley Birkenfeld was an expert in Switzerland's shell-game of offshore companies and secret numbered accounts. He wined and dined ultrawealthy clients whose millions of dollars were hidden away from business partners, spouses, and tax authorities. As his client list grew, Birkenfeld lived a life of money, fast cars, and beautiful women, but when he discovered that UBS was planning to betray him, he blew the whistle to the US Government. The Department of Justice scorned Birkenfeld's unprecedented whistle-blowing and attempted to silence him with a conspiracy charge. Yet Birkenfeld would not be intimidated. He took his secrets to the US Senate, the Securities and Exchange Commission, and the Internal Revenue Service, where he prevailed. His bombshell revelations helped the US Treasury recover over $15 billion (and counting) in back taxes, fines, and penalties from American tax cheats. But Birkenfeld was shocked to discover that at the same time he was cooperating with the US Government, the Department of Justice was still doggedly pursuing him. He was arrested and served thirty months in federal prison. When he emerged, the Internal Revenue Service gave him a whistle-blower award for $104 million, the largest such reward in history. A page-turning real-life thriller, Lucifer's Banker Uncensored is a fascinating behind-the-scenes look at the secret Swiss high-net worth banking industry and a harrowing account of our government's justice system. Readers will follow Birkenfeld and share his outrage with the incompetence and possible corruption at the Department of Justice, and they will cheer him on as he ''hammers'' one of the most well-known and powerful banks in the world.Trade Review"Never give the bastards a quiet night!" -- Julian Assange, WikiLeaks Founder"How one man took on the Swiss bank money laundering cartel and won - a fast paced tale of corporate espionage, dirty accounting and unbridled greed" -- Harry Markopolos, Madoff Whistleblower"There are few things more committed, persistent or dangerous than a whistleblower scorned" -- Sharyl Attkisson, Investigative Reporter"I am writing to express my concern about continued tax evasion by taxpayers using secret Swiss bank accounts, particularly accounts at UBS AG" -- Charles Grassley, United States Senator"The comprehensive information provided by the whistleblower was exceptional in both its breadth and depth." -- Internal Revenue

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Book SynopsisIn his rich and nuanced portrait of the remarkable, elusive Rothschild family, Oxford scholar and bestselling author Niall Ferguson uncovers the secrets behind the family''s phenomenal economic success. He reveals for the first time the details of the family''s vast political network, which gave it access to and influence over many of the greatest statesmen of the age. And he tells a family saga, tracing the importance of unity and the profound role of Judaism in the lives of a dynasty that rose from the confines of the Frankfurt ghetto and later used its influence to assist oppressed Jews throughout Europe. A definitive work of impeccable scholarship with a thoroughly engaging narrative, ''The House of Rothschild'' is a biography of the rarest kind, in which mysterious and fascinating historical figures finally spring to life.Trade Review"A stupendous achievement, a triumph of historical research and imagination."—Robert Skidelsky, The New York Review of Books"Niall Ferguson's brilliant and altogether enthralling two-volume family saga proves that academic historians can still tell great stories that the rest of us want to read."—The New York Times Book Review"Superb ... An impressive ... account of the Rothschilds and their role in history."—Boston Globe

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Book SynopsisGives primary attention to trading, trading institutions, and the institutions that facilitate and regulate trading activities-what economists call "market microstructure. This book introduces the financial markets and the quantitative tools used in them to help students learn how the markets operate and gain experience with their principal tools.Trade Review"Teall’s Financial Trading and Investing presents clear and up-to-date coverage of trading and market microstructure. Arbitrage and hedging examples in currency, forwards, fixed income and options markets are well developed, with particular attention devoted to implementing transactions." --Ahmet K. Karagozoglu, Hofstra University "I enjoyed reading the material in Financial Trading and Investing. Dr. Teall’s coverage of the content in this text is very thorough, and it fills a niche in academic and professional literature on trading and market microstructure." --Travis Jones, Florida Gulf Coast University "The presentation is well supported not only by the extensive use of professional literature but also by examples in each chapter. The end-of-chapter questions enhance learning by enabling students to apply concepts in meaningful ways. They make the material more ‘real world' for advanced undergraduates or graduate students." --Kevin Klein, Illinois CollegeTable of ContentsChapter 1 - Introduction to Securities Trading and Markets Chapter 2 - Financial Markets, Trading Processes, and InstrumentsChapter 3 - Institutional TradingChapter 4 - Regulation of Trading and Securities MarketsChapter 5 - Adverse Selection, Trading, and SpreadsChapter 6 - Random Walks, Risk and ArbitrageChapter 7 - Arbitrage and Hedging with Fixed Income Instruments and CurrenciesChapter 8 - Arbitrage and Hedging with OptionsChapter 9 - Evaluating Trading Strategies and PerformanceChapter 10 - The Mind of the InvestorChapter 11 - Market EfficiencyChapter 12 - Trading Gone AwryMathematics AppendixGlossaryEnd-of-Chapter Exercise SolutionsIndex

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Book SynopsisGentlemen Bankers investigates the social and economic circles of one of America's most renowned and influential financiers to uncover how the Morgan family's power and prestige stemmed from its unique position within a network of local and international relationships. At the turn of the twentieth century, private banking was a personal enterprise in which business relationships were a statement of identity and reputation. In an era when ethnic and religious differences were pronounced and anti-Semitism was prevalent, Anglo-American and German-Jewish elite bankers lived in their respective cordoned communities, seldom interacting with one another outside the business realm. Ironically, the tacit agreement to maintain separate social spheres made it easier to cooperate in purely financial matters on Wall Street. But as Susie Pak demonstrates, the Morgans' exceptional relationship with the German-Jewish investment bank Kuhn, Loeb & Co., their strongest competitor and also an important collaborator, was entangled in ways that went far beyond the pursuit of mutual profitability. Delving into the archives of many Morgan partners and legacies, Gentlemen Bankers draws on never-before published letters and testimony to tell a closely focused story of how economic and political interests intersected with personal rivalries and friendships among the Wall Street aristocracy during the first half of the twentieth century.Trade ReviewGentlemen Bankers is a window into a world that, for one fleeting moment, dominated American finance. By concentrating on the nonfinancial aspects of that world Pak greatly enriches our understanding of the entire era. -- John Steele Gordon * Wall Street Journal *Pak writes clearly and makes a strong case that the Morgan bank should be considered in its social as well as its economic context. -- Lawrence Maxted * Library Journal *This fascinating book presents the social history of America’s leading private banking house and analyzes the sources of its prestige and influence. Pak has written a persuasive and engaging volume and an excellent work of business history. -- Eric D. Hilt, Wellesley CollegeIn an era when anti-Semitism was widespread, why did WASP and Jewish bankers, who didn’t really like one another, often cooperate in investment banking syndicates? The answer, according to Susie Pak, is that they worked well together so long as their social lives were totally separate. She explores these and other aspects of the economic and social networks of these bankers in this provocative book. -- Richard Sylla, New York University

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Book SynopsisTrade Review"A fascinating study of an overlooked topic."---Andrew Stuttaford, Wall Street Journal"[Bankers and Bolsheviks] is lucidly written, meticulously researched and painstakingly edited. It meets its stated aim of usefully filling a gap in the historiography of the Russian revolution."---Francis King, European History Quarterly

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Book SynopsisAprende sobre invertir en Bitcoin, blockchains, y criptomonedas“Antony nos ayuda a entender claramente los mecanismos de bitcoins y blockchains.” —Rob Findlay, fundador de Next MoneyEl autor más vendido en inversión de derivados financieros, industria extractiva de recursos naturales, futuros, bancos y bancas, energía y minas, y política monetaria.Hay mucha información sobre criptomonedas y blockchains, pero para un principiante, esto puede ser indescifrable. Conceptos básicos sobre bitcoins y blockchains ofrece una guía clara sobre carteras digitales, esta nueva moneda y la tecnología revolucionaria que la impulsa.Bitcoin, Ethereum, Altcoin, criptografía y otras criptomonedas. Gana entendimiento de temas relacionados a Bitcoin, precio Bitcoin, moneda Bitcoin, minería Bitcoin, invertir en Bitcoin y los Bitcoins blockchains. Aprende cómo se realizan los pagos y cómo establecer el valor de las criptomonedas y de los tokens digitales.Aprende qué es blockchain. ¿Cómo funciona? ¿Y por qué es importante? Conceptos básicos sobre bitcoins y blockchains da respuestas a estas preguntas y más.Aprende sobre minería de criptomonedas y criptomonedas. Conceptos básicos sobre bitcoin y blockchains ofrece una perspectiva confiable de cómo invertir en Bitcoin y otras criptomonedas. Descubre los riesgos y las estrategias de mitigación, aprende cómo comprar Bitcoins, identificar estafas, y entender el cambio de criptomonedas, billeteras digitales, y regulaciones.Aprende sobre: Tecnología blockchain y a invertir en Bitcoin. Cómo trabajar en el mercado de las criptomonedas. La evolución y los impactos potenciales del Bitcoin y los blockchains a nivel mundial. Si has leído Descubre Blockchain, Blockchain Bubble or Revolution, Bitcoin Clarity, The Bitcoin Book, y Bitcoin and Cryptocurrency Trading for Beginners, entonces vas a aprender mucho con Conceptos básicos sobre bitcoins y blockchains.Trade Review“Una lectura útil, utilizable y agradable. Antony nos ayuda a entender claramente los mecanismos de bitcoins y blockchains”. —Rob Findlay, fundador de Next Money“Mi familia me pidió que les explicara lo que hago, y les di una copia de este libro. Antony explica las tecnologías de criptomonedas y blockchains clara y articuladamente, a la vez que mantiene su ingenio". —Colin Platt, coanfitrión del podcast Blockchain Insider e investigador de criptomonedas y DLT (Tecnología de libro contable distribuido)“Uno de los pocos libros creíbles que sugiero cuando la gente me pregunta dónde puede aprender sobre bitcoins. Es un libro excelente y sensato sobre todo lo relacionado con la criptografía. Estuve en el espacio por un buen tiempo y aun así aprendí de Conceptos básicos de bitcoins y blockchains”. —Zennon Kapron, director gerente de Kapronasia“Una guía interesante, clara y autorizada sobre las aplicaciones e implicaciones de las blockchains”. —Greg Wolfson, jefe de desarrollo empresarial de Element Group“El primer libro que he visto que rompe conceptos. Una excelente percepción de los conocimientos clave y las implicancias en el mundo real de bitcoins y blockchains”. —Zennon Kapron, director gerente de Kapronasia“Un gran recurso para cualquiera que quiera entender de qué se tratan realmente las blockchains y las criptomonedas.”—Paul Griffin, profesor asociado de la Escuela de Sistemas de Información de la Universidad de Gestión de Singapur“Einstein dijo que ‘si no puedes explicarlo simplemente, entonces no lo entiendes suficientemente bien’. Antony comprende y articula claramente los fundamentos de las criptomonedas y las tecnologías blockchain”. —Colin Platt, coanfitrión del podcast Blockchain Insider e investigador de criptomonedas y DLT (Tecnología de libro contable distribuido)“Una visión general de los principios básicos. Una de las pocas lecturas recomendadas para mis nuevos empleados”.—Yusho Liu, cofundador de Coinhako “Una lectura agradable que acaba con las expectaciones, encuentra la señal en el medio del ruido y va a toda máquina de adelante hacia atrás”. —John Collins, asesor de Fintech

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Book SynopsisThe Trade and Receivables Finance Companion: A Collection of Case Studies and Solutions is based on the author’s personal experience gained through more than 40 years in the field of trade finance. This Companion applies the techniques described in his first volume, Trade and Receivables Finance: A Practical Guide to Risk Evaluation and Structuring to an extensive range of international trade scenarios. Practical solutions are discussed and presented through a specially selected collection of more than 20 case studies. These books provide an unrivalled and highly practical set of manuals for the trade and receivables financier.The reader is taken on a journey from the structuring of trade products including collections, import and export letters of credit, back to back credits, guarantees and standby credits to fully and partially structured financing solutions for the importer, manufacturer, distributor, middle-party and exporter. Each funding technique provides a compelling alternative to an overdraft.The case studies include the risk assessment and financing of open account payables, stock and receivables transactions and the evaluation and use of credit insurance as a supporting tool. The structuring of commodity finance across the trade cycle, to include warehousing, and call-off is also described. Many of the chapters contain a summary ‘keynote’ overview and comprehensive ‘deal sheet’ extracts of the chosen solution detailing facility and operational requirements. Table of Contents1. Conflicting needs: the need for risk mitigation and finance 2. The trade cycle: construction and facility calculation3. Bills of lading: exercising control4. Advance against collections: an alternative to the overdraft5. Letters of credit for import: protecting the applicant 6. Letters of credit for export: protecting the beneficiary7. Letter of credit non-bank issuer: risk appreciation and negotiation8. Standby letters of credit: protecting the applicant and issuing bank9. Advance payment guarantee: Applicant risk mitigation and clause construction10. Back to back guarantees: managing risk11. Pre-export finance: use of documentation to mitigate performance risk12. Pre-shipment finance: funding the manufacturer13. Stock: structuring financing solutions14. Commercial terms: evaluation15. Credit insurance: evaluating cover16. Receivables finance: formulating the facility structure17. Specific insured debt purchase: structuring a solution to meet the client’s needs18. Financing the importer: structuring payables finance19. Supporting the middle-party: minimising risk exposure20. Discount purchase: reducing the facility requirement21. Commodity finance: financing the trade cycle22. Trade & receivables finance: structuring a compelling client focused solution

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Book SynopsisMoney is mysterious. We love it, we hate it, but few people can tell you what the heck it really is. Wouldn't it be good to get out of the fog? This book will help you understand both the way money works and how to leverage its power. The authors take you on an illuminating journey from your piggy bank to the Federal Reserve with no pesky jargon or complex math. Once you see money clearly, life will never be the same. You'll know what really goes on in banks and what the cash in your wallet represents. You'll know how government really spends and why it can’t run out of money. You'll know what money can actually do — and how we can make it work for us.Trade Review“BRILLIANT!! Tally-ho!”James K. Galbraith, The University of Texas at Austin“This short illustrated book contains more wisdom on money than all the textbooks in the world.”Steve Keen, author of The New Economics: A Manifesto“Economics can be intimidating, but this book provides an excellent introduction for high school students.”Rose Rodriguez, retired teacher, Modesto School DistrictTable of ContentsIntroduction Chapter 1. Money: An Introduction Chapter 2. Money: An Origins Story Chapter 3. Money: The Story of Redemption Chapter 4. Currency: The Government’s Money Chapter 5. Can Government Run Out of Currency? Chapter 6. Anyone Can Create Money? Chapter 7. Private Bank Money Chapter 8. The Central Bank’s Money: Lender of Last Resort Chapter 9. Central Bank Money: Government Finance Chapter 10. Government’s Debt is Our Asset Chapter 11. Money as Scorekeeping Chapter 12. Rise of the Winners-Take-All Economy Chapter 13. The Way Forward: We Take Care of our Own

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Book SynopsisInspiring stories and actionable advice from highly successful women in fintech Through a thematic table of contents, Fintech Feminists: Increasing Inclusion, Redefining Innovation, and Changing the Future for Women Around the World takes readers on a journey that unveils the profound impact of the fintech industry on our global economy, fueled by the inspiring stories of women leaders who play an integral role in reshaping the financial landscape. Written by Nicole Casperson, an award-winning journalist and leading figure in the fintech sector, this book delivers actionable strategies and insights to navigate the fintech industry, drive positive change, and contribute to the ongoing transformation of the digital era. In this book, readers will find stories from women such as: Shivani Siroya, Founder and CEO of Tala, showing how she communicated her vision to investors effectively, emphasizing its market potential, social impact, and alignment with emerg

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Book SynopsisTrade Review"One of the Financial Times' Summer Books of 2019: History""One of the Financial Times' Best Books of 2019: History"

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Book SynopsisIn the first century BC lending and borrowing by the senators was the talk of Rome and even provoked political crises. During this same period, the state tax-farmers were handling enormous sums and exploiting the provinces of the Empire. Until now no book has presented a synthetic view of Roman banking and financial life as a whole, from the time of the appearance of the first bankers' shops in the Forum between 318 and 310 BC down to the end of the Principate in AD 284. Professor Andreau writes of the business deals of the elite and the professional bankers and also of the interventions of the state. To what extent did the spirit of profit and enterprise predominate over the traditional values of the city of Rome? And what economic role did these financiers play? How should we compare that role to that of their counterparts in later periods.Trade Review'… a nice new interpretation of tesserae nummulariae, Roman interest rates, the rarity of state intervention in financial matters, and lack of public borrowing … will inject new life into anglophone teaching and study of the Roman economy.' Journal of Roman StudiesTable of Contents1. Introduction; 2. The financial activities of the elites; 3. Banks and bankers; 4. Other categories of financiers; 5. Dependants; 6. The tablets of Murecine; 7. The tesserae nummulariae; 8. The interest rate; 9. Rome's responses to financiers and financial crises; 10. The financial activities of the city of Rome and of the empire; 11. The problem of quantities and quantitative developments; 12. Financial life in Roman society and its economy.

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Book SynopsisThe inside story of what really happened at Lehman Brothers and why it failed In The Devil's Casino: Friendship, Betrayal, and the High Stakes Games Played Inside Lehman Brothers, investigative writer and Vanity Fair contributing editor Vicky Ward takes readers inside Lehman's highly charged offices.Table of ContentsCast of Characters. Prologue. Part One: The Ponderosa Boys. Chapter 1. A Long, Hot Summer. Chapter 2. The Beginning. Chapter 3. The Captain. Chapter 4. The “Take-Under”. Chapter 5. Slamex. Chapter 6. The Phoenix Rises. Chapter 7. Independence Day. Chapter 8. The Stiletto. Chapter 9. The Ides of March. Chapter 10. Eulogies. Part Two: The Echo Chamber. Chapter 11. Russian Winter. Chapter 12. Lehman’s Desperate Housewives. Chapter 13. The Young Lions. Chapter 14. 9/11. Chapter 15. No Ordinary Joe. Chapter 16. The Talking Head. Chapter 17. The Sacrificial Ram. Chapter 18. Korea’s Rising Sum. Chapter 19. The Wart on the End of Lehman’s Nose. Chapter 20. Damned Flood? Chapter 21. Closing the Books. Epilogue. A Note About the Sources. Notes. References. Acknowledgments. Index.

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