Black Box Casino

Black Box Casino
Author: Robert Stowe England
Publisher: Bloomsbury Publishing USA
Total Pages: 262
Release: 2011-09-12
Genre: Business & Economics
ISBN: 0313392900

This cautionary tale explains how the murky and complex world of mortgage finance caused a global market meltdown—and offers new insights on how to create a stronger world of banking and mortgage finance. Years after the economic crisis of the late 2000s, Americans still want to know what went wrong—and why. Black Box Casino: How Wall Street's Risky Shadow Banking Crashed Global Finance provides an accurate and understandable explanation, compiling and interpreting mountains of evidence to provide clear analysis and insight into the crisis that traumatized people and institutions around the globe. The book provides a thorough, in-depth examination of the multiple contributing factors. The author goes back as far as 15 years before the crisis to show how the well-intentioned idea of providing home ownership prompted a government led effort to steadily weaken credit standards. He assigns partial blame on regulators that were unaware of growing levels of risk, ignored mounting evidence of a housing bubble, and failed to grasp the unintended consequences of certain regulations. The origins of the overload of subprime collateralized debt obligations that led to concentrated risks on the balance sheets of many large banks around the world are also explained.

Tower of Basel

Tower of Basel
Author: Adam LeBor
Publisher: PublicAffairs
Total Pages: 364
Release: 2013-05-28
Genre: Business & Economics
ISBN: 1610392558

Tower 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 center 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.

The Secrets of the Federal Reserve -- The London Connection

The Secrets of the Federal Reserve -- The London Connection
Author: Eustace Mullins
Publisher: Lulu.com
Total Pages: 197
Release: 2018-09-13
Genre: Business & Economics
ISBN: 0359087450

From the Foreword. In 1949, while I was visiting Ezra Pound who was a political prisoner at St. Elizabeth's Hospital, Washington, D.C. (a Federal institution for the insane), Dr. Pound asked me if I had ever heard of the Federal Reserve System. I replied that I had not, as of the age of 25. He then showed me a ten dollar bill marked ""Federal Reserve Note"" and asked me if I would do some research at the Library of Congress on the Federal Reserve System which had issued this bill. Pound was unable to go to the Library himself, as he was being held without trial as a political prisoner by the United States government. After he was denied broadcasting time in the U.S., Dr. Pound broadcast from Italy in an effort to persuade people of the United States not to enter World War II. Franklin D. Roosevelt had personally ordered Pound's indictment, spurred by the demands of his three personal assistants, Harry Dexter White, Lauchlin Currie, and Alger Hiss, all connected with Communist espionage.

The Shadow Market

The Shadow Market
Author: Eric J. Weiner
Publisher: Simon and Schuster
Total Pages: 338
Release: 2011-10-11
Genre: Business & Economics
ISBN: 1439109168

Argues that sovereign wealth funds and rogue nations are threatening the security of America's financial future, explaining how they undermine the economy and the stability of banking institutions.

13 Bankers

13 Bankers
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.

Secrets in Global Governance

Secrets in Global Governance
Author: Allison Carnegie
Publisher: Cambridge University Press
Total Pages: 363
Release: 2020-06-18
Genre: Political Science
ISBN: 1108809693

Scholars have long argued that transparency makes international rule violations more visible and improves outcomes. Secrets in Global Governance revises this claim to show how equipping international organizations (IOs) with secrecy can be a critical tool for eliciting sensitive information and increasing cooperation. States are often deterred from disclosing information about violations of international rules by concerns of revealing commercially sensitive economic information or the sources and methods used to collect intelligence. IOs equipped with effective confidentiality systems can analyze and act on sensitive information while preventing its wide release. Carnegie and Carson use statistical analyses of new data, elite interviews, and archival research to test this argument in domains across international relations, including nuclear proliferation, international trade, justice for war crimes, and foreign direct investment. Secrets in Global Governance brings a groundbreaking new perspective to the literature of international relations.

The Banker's Wife

The Banker's Wife
Author: Cristina Alger
Publisher: Penguin
Total Pages: 333
Release: 2018-07-03
Genre: Fiction
ISBN: 0735218463

A USA Today Bestseller "Immersive, satisfying, tense--and timely: This is probably happening for real right now."--Lee Child "First-rate...Slick, heart-hammering entertainment."--The New York Times Book Review On an early morning in November, a couple boards a private plane bound for Geneva, flying into a storm. Soon after, it simply drops off the radar, and its wreckage is later uncovered in the Alps. Among the disappeared is Matthew Werner, a banking insider at Swiss United, a powerful offshore bank. His young widow, Annabel, is left grappling with the secrets he left behind, including an encrypted laptop and a shady client list. As she begins a desperate search for answers, she determines that Matthew's death was no accident, and that she is now in the crosshairs of his powerful enemies. Meanwhile, ambitious society journalist Marina Tourneau has finally landed at the top. Now that she's engaged to Grant Ellis, she will stop writing about powerful families and finally be a part of one. Her entry into the upper echelons of New York's social scene is more appealing than any article could ever be, but, after the death of her mentor, she agrees to dig into one more story. While looking into Swiss United, Marina uncovers information that implicates some of the most powerful men in the financial world, including a few who are too close to home. The story could also be the answer to Annabel's heartbreaking search--if Marina chooses to publish it. The Banker's Wife is both a high-stakes thriller and an inside look at the personal lives in the intriguing world of finance, introducing Cristina Alger as a powerful new voice in the genre.

The Battle of Bretton Woods

The Battle of Bretton Woods
Author: Benn Steil
Publisher: Princeton University Press
Total Pages: 480
Release: 2013-02-24
Genre: Business & Economics
ISBN: 0691149097

Recounts the events of the Bretton Woods accords, presents portaits of the two men at the center of the drama, and reveals Harry White's admiration for Soviet economic planning and communications with intelligence officers.

Misunderstanding Financial Crises

Misunderstanding Financial Crises
Author: Gary B. Gorton
Publisher: Oxford University Press
Total Pages: 296
Release: 2012-11-02
Genre: Business & Economics
ISBN: 0199986886

Before 2007, economists thought that financial crises would never happen again in the United States, that such upheavals were a thing of the past. Gary B. Gorton, a prominent expert on financial crises, argues that economists fundamentally misunderstand what they are, why they occur, and why there were none in the U.S. from 1934 to 2007. Misunderstanding Financial Crises offers a back-to-basics overview of financial crises, and shows that they are not rare, idiosyncratic events caused by a perfect storm of unconnected factors. Instead, Gorton shows how financial crises are, indeed, inherent to our financial system. Economists, Gorton writes, looked from a certain point of view and missed everything that was important: the evolution of capital markets and the banking system, the existence of new financial instruments, and the size of certain money markets like the sale and repurchase market. Comparing the so-called "Quiet Period" of 1934 to 2007, when there were no systemic crises, to the "Panic of 2007-2008," Gorton ties together key issues like bank debt and liquidity, credit booms and manias, moral hazard, and too-big-too-fail--all to illustrate the true causes of financial collapse. He argues that the successful regulation that prevented crises since 1934 did not adequately keep pace with innovation in the financial sector, due in part to the misunderstandings of economists, who assured regulators that all was well. Gorton also looks forward to offer both a better way for economists to think about markets and a description of the regulation necessary to address the future threat of financial disaster.

The Bankers' Secret

The Bankers' Secret
Author: Kenneth Eric Trent
Publisher: Fulton Books, Inc.
Total Pages: 237
Release: 2020-12-17
Genre: Education
ISBN: 1649522150

THE BANKERS’ SECRET This book will take you on a rollicking ride through the foreclosure explosion starting in 2008 and continuing through the present time. Alternately hilarious, poignant, tragic, and mysterious, the story introduces real-life doppelgängers and the original MERS virus. Told as he experienced it by the litigator known as the “Foreclosure Destroyer,” who exposed the bankers’ practice of robo-signing, he leads you to the inner sanctum and demonstrates with crystal clarity how truly nefarious the big banks are. This work is written by a rebellious person for other rebellious folks with an eye toward starting a rebellion. The author irreverently recounts his personal experiences and those of other lawyers for the 99 percent which, when exposed, led to the government’s investigations of corrupt bank practices in foreclosures across the nation. Included are transcripts of trials, witness statements, and whistleblower affidavits. So too in this book, the reader will find shocking and detailed evidence of criminal wrongdoing by Bank of America and several other banks; Mr. Trent explores the underpinnings of the woefully inadequate punishment of the so-called institutions and their principals and what can be done about it. The author asserts that banks are not too big to fail, and bankers are not too big to jail. From front to back, this book analyzes a haunting mystery, the solution to which will engender outrage in virtually all who learn it. Inquiring minds, indeed, want to know, why IS it that the banks use fake evidence in court as a standard practice? This book answers that question and many others. It will make you laugh. It may make you cry. Hang on and enjoy the ride.