From Good To Bad Bankers
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| Author | : Claire A. Hill |
| Publisher | : University of Chicago Press |
| Total Pages | : 288 |
| Release | : 2015-10-19 |
| Genre | : Business & Economics |
| ISBN | : 022629305X |
Taking financial risks is an essential part of what banks do, but there’s no clear sense of what constitutes responsible risk. Taking legal risks seems to have become part of what banks do as well. Since the financial crisis, Congress has passed copious amounts of legislation aimed at curbing banks’ risky behavior. Lawsuits against large banks have cost them billions. Yet bad behavior continues to plague the industry. Why isn’t there more change? In Better Bankers, Better Banks, Claire A. Hill and Richard W. Painter look back at the history of banking and show how the current culture of bad behavior—dramatized by the corrupt, cocaine-snorting bankers of The Wolf of Wall Street—came to be. In the early 1980s, banks went from partnerships whose partners had personal liability to corporations whose managers had no such liability and could take risks with other people’s money. A major reason bankers remain resistant to change, Hill and Painter argue, is that while banks have been faced with large fines, penalties, and legal fees—which have exceeded one hundred billion dollars since the onset of the crisis—the banks (which really means the banks’shareholders) have paid them, not the bankers themselves. The problem also extends well beyond the pursuit of profit to the issue of how success is defined within the banking industry, where highly paid bankers clamor for status and clients may regard as inevitable bankers who prioritize their own self-interest. While many solutions have been proposed, Hill and Painter show that a successful transformation of banker behavior must begin with the bankers themselves. Bankers must be personally liable from their own assets for some portion of the bank’s losses from excessive risk-taking and illegal behavior. This would instill a culture that discourages such behavior and in turn influence the sorts of behavior society celebrates or condemns. Despite many sensible proposals seeking to reign in excessive risk-taking, the continuing trajectory of scandals suggests that we’re far from ready to avert the next crisis. Better Bankers, Better Banks is a refreshing call for bankers to return to the idea that theirs is a noble profession.
| Author | : Anat Admati |
| Publisher | : Princeton University Press |
| Total Pages | : 624 |
| Release | : 2024-01-09 |
| Genre | : Business & Economics |
| ISBN | : 0691251703 |
A Wall Street Journal, Financial Times, and Bloomberg Businessweek Book of the Year Why our banking system is broken—and what we must do to fix it New bank failures have been a rude awakening for everyone who believed that the banking industry was reformed after the Global Financial Crisis—and that we’d never again have to choose between massive bailouts and financial havoc. The Bankers’ New Clothes uncovers just how little things have changed—and why banks are still so dangerous. Writing in clear language that anyone can understand, Anat Admati and Martin Hellwig debunk the false and misleading claims of bankers, regulators, politicians, academics, and others who oppose effective reform, and they explain how the banking system can be made safer and healthier. Thoroughly updated for a world where bank failures have made a dramatic return, this acclaimed and important book now features a new preface and four new chapters that expose the shortcomings of current policies and reveal how the dominance of banking even presents dangers to the rule of law and democracy itself.
| Author | : Aristóbulo de Juan |
| Publisher | : Springer |
| Total Pages | : 166 |
| Release | : 2019-03-13 |
| Genre | : Business & Economics |
| ISBN | : 3030115518 |
Bankers are administrators of other people’s money, and they are responsible both to their depositors and to other stakeholders. Human nature being what it is, however, they sometimes fall prey to overweening ambition, coming to see themselves as the rightful beneficiaries of the moneys entrusted to them. This can lead them to make poor lending decisions and engage in risky practices, eventually moving on to cosmetic accounting and the concealment of problems, speculation and even outright fraud. Supervisors are there to prevent such behaviour, of course. They are responsible to government and the general public alike for the stability of the financial system, the proper allocation of financial resources by the banks and the protection of depositors and creditors. Their responsibility is, then, subsidiary to that of the bankers themselves. Where supervision is lax and ineffective, however, it encourages bad management by bankers, creating a vicious circle that eventually leads to financial crises, which has most often to be cured using tax-payers’ money. Of course, it also hurts the broader economy. That is why the inseparable trio of regulation, supervision and resolution must exist. In this collection of his writings over a period of some 50 years, Aristóbulo de Juan describes the causes, characteristics and consequences of financial crises based on his own experience as a central banker, world bank expert and consultant spanning a career of more than 55 years. In a nutshell, the papers brought together in this book recount circumstances that have always plagued banking, and that are only too likely to recur in the future.
| Author | : Liaquat Ahamed |
| Publisher | : Penguin |
| Total Pages | : 584 |
| Release | : 2009 |
| Genre | : Business & Economics |
| ISBN | : 9781594201820 |
Argues that the stock market crash of 1929 and subsequent Depression occurred as a result of poor decisions on the part of four central bankers who jointly attempted to reconstruct international finance by reinstating the gold standard.
| Author | : Adele Ferguson |
| Publisher | : HarperCollins Australia |
| Total Pages | : 286 |
| Release | : 2019-08-01 |
| Genre | : Business & Economics |
| ISBN | : 1460711432 |
Winner of the 2020 Davitt Award for True Crime/Non-fiction. Against all the odds, Australia held a royal commission into the banking and financial services industries. Its revelations rocked the nation. Even defenders of the banks were blindsided. Few people were more instrumental in bringing about the commission than journalist Adele Ferguson. Through her exposes in print and on television, she pursued the truth about funds mismanagement, fraud, lack of probity, and the hard-sell culture that took over the finance industry after deregulation in the 1980s. But it wasn't just light-touch regulators and crooked bankers growing fat on bonuses she put under the spotlight. It was also their victims - men and women who had lost everything, and had no recourse when they discovered empty accounts, egregious fees, forged documents and broken promises. Now in Banking Bad, Ferguson tells the full story of the power imbalance, toxic culture and cover-ups. She describes the long fight for justice by whistleblowers, victims and political mavericks, and she looks at the outcomes of the royal commission - the falls from grace, the damaging hubris, the scathing assessment of the regulators, and the colossal compensation bill - an estimated $10 billion. Finally, she asks whereto from here? In May 2019, the Coalition government, which resisted calls for a royal commission, was re-elected. Bank stocks surged and lending regulations were loosened. Will it all be business as usual from now on, or have our financial executives learned that their wealth cannot come at the expense of ordinary Australians? This is a book for every person with a bank account. PRAISE 'If you want a glimpse of the reality distortion that multi-millionaire bankers live in, you need to read Banking Bad.' - Scott Pape 'Ferguson's pacey writing style gives the book the air of a corporate thriller.' - Michael Rowland, ABC News Breakfast 'And for those of who anticipate that corporate Australia will lapse back into the state of complacency and misconduct revealed in the APRA CBA Report and the Hayne Royal Commission, ... should read the whole book for themselves - for no other reason than that it so clearly identifies the issues of governance and culture that seems to have escaped them for so long.' - Graeme Samuel, Professorial Fellow in the Monash Business School and former chairman of the ACCC '[Adele] recounts a colourful cast of bullies, thieves and crooks being rewarded extraordinary sums to rip off customers.' - Money Magazine
| Author | : Muhammad Yunus |
| Publisher | : PublicAffairs |
| Total Pages | : 248 |
| Release | : 2007-03-31 |
| Genre | : Biography & Autobiography |
| ISBN | : 1586485466 |
The inspirational story of how Nobel Prize winner Muhammad Yunus invented microcredit, founded the Grameen Bank, and transformed the fortunes of millions of poor people around the world. Muhammad Yunus was a professor of economics in Bangladesh, who realized that the most impoverished members of his community were systematically neglected by the banking system -- no one would loan them any money. Yunus conceived of a new form of banking -- microcredit -- that would offer very small loans to the poorest people without collateral, and teach them how to manage and use their loans to create successful small businesses. He founded Grameen Bank based on the belief that credit is a basic human right, not the privilege of a fortunate few, and it now provides $24 billion of micro-loans to more than nine million families. Ninety-seven percent of its clients are women, and repayment rates are over 90 percent. Outside of Bangladesh, micro-lending programs inspired by Grameen have blossomed, and serve hundreds of millions of people around the world. The definitive history of micro-credit direct from the man that conceived of it, Banker to the Poor is the moving story of someone who dreamed of changing the world -- and did.
| Author | : Vivek Kaul |
| Publisher | : Harper Collins |
| Total Pages | : 252 |
| Release | : 2020-06-10 |
| Genre | : Business & Economics |
| ISBN | : 9353577225 |
Over the last decade, Indian banks in general and the government-owned public sector ones in particular have gradually got themselves into a big mess. Their bad loans, or loans which haven't been repaid for ninety days or more, crossed Rs 10 lakh crore as of 31 March 2018. To put it in perspective, this figure is approximately seven times the value of farm loan waivers given by all state governments in India put together. And this became the bad money of the Indian financial system. Why were the corporates unable to return these loans? Was it because they had no intention of doing so?Who were the biggest defaulters of them all? Are Vijay Mallya and Nirav Modi just the tip of the iceberg?How much money has the government spent trying to rescue these banks?How are the private sector banks gradually taking over Indian banking?Is your money in public sector banks safe?How are you paying for this in different ways?And what are the solutions to deal with this? In Bad Money, Vivek Kaul answers these and many more questions, peeling layer after layer of the NPA (non-performing assets) problem. He goes back to the history of Indian banking, providing a long, deep and hard look at the overall Indian economy. The result is a gripping financial thriller that is a must for understanding a crisis that threatens our banking system and economy.
| Author | : Simon Johnson |
| Publisher | : Vintage |
| Total Pages | : 338 |
| Release | : 2010-03-30 |
| Genre | : Business & Economics |
| ISBN | : 0307379221 |
In spite of its key role in creating the ruinous financial crisis of 2008, the American banking industry has grown bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks whose assets amount to more than 60 percent of the country’s gross domestic product, this oligarchy proved it could first hold the global economy hostage and then use its political muscle to fight off meaningful reform. 13 Bankers brilliantly charts the rise to power of the financial sector and forcefully argues that we must break up the big banks if we want to avoid future financial catastrophes. Updated, with additional analysis of the government’s recent attempt to reform the banking industry, this is a timely and expert account of our troubled political economy.
| Author | : Peter James Hudson |
| Publisher | : University of Chicago Press |
| Total Pages | : 370 |
| Release | : 2017-04-27 |
| Genre | : Social Science |
| ISBN | : 022645925X |
From the end of the nineteenth century until the onset of the Great Depression, Wall Street embarked on a stunning, unprecedented, and often bloody period of international expansion in the Caribbean. A host of financial entities sought to control banking, trade, and finance in the region. In the process, they not only trampled local sovereignty, grappled with domestic banking regulation, and backed US imperialism—but they also set the model for bad behavior by banks, visible still today. In Bankers and Empire, Peter James Hudson tells the provocative story of this period, taking a close look at both the institutions and individuals who defined this era of American capitalism in the West Indies. Whether in Wall Street minstrel shows or in dubious practices across the Caribbean, the behavior of the banks was deeply conditioned by bankers’ racial views and prejudices. Drawing deeply on a broad range of sources, Hudson reveals that the banks’ experimental practices and projects in the Caribbean often led to embarrassing failure, and, eventually, literal erasure from the archives.
| Author | : Jack Cashill |
| Publisher | : Thomas Nelson |
| Total Pages | : 270 |
| Release | : 2010-03-15 |
| Genre | : History |
| ISBN | : 1418555304 |
AMIDST THE WRECKAGE OF FINANCIAL RUIN, PEOPLE ARE LEFT PUZZLING ABOUT HOW IT HAPPENED. WHERE DID ALL THE PROBLEMS BEGIN? For the answer, Jack Cashill, a journalist as shrewd as he is seasoned, looks past the headlines and deep into pages of history and comes back with the goods. From Plato to payday loans, from Aristotle to AIG, from Shakespeare to the Salomon Brothers, from the Medici to Bernie Madoff—in Popes and Bankers Jack Cashill unfurls a fascinating story of credit and debt, usury and “the sordid love of gain.” With a dizzying cast of characters, including church officials, gutter loan sharks, and even the Knights Templar, Cashill traces the creative tension between “pious restraint” and “economic ambition” through the annals of human history and illuminates both the dark corners of our past and the dusty corners of our billfolds.
