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On the Brink: Inside the Race to Stop the Collapse of the Global Financial System [With Headphones] (Playaway Adult Nonfiction)
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PDF kostenlos On the Brink: Inside the Race to Stop the Collapse of the Global Financial System [With Headphones] (Playaway Adult Nonfiction)
Glauben Sie nicht, dass Sie brandneue Art und Weise benötigen eine Fläche Zeit viel besser zu führen? Pflegen Sie weiter mit einer guten Routine. Die Überprüfung ist nur eine der effektivsten Empfehlungen für Sie. Aber die effektivste Lesebuch der Auswahl ist ebenfalls von entscheidender Bedeutung. Es wirkt sich genau, wie Sie werden sicherlich die Durchbrüche erzielen. Es wird Ihnen die Top-Qualität der Führung zeigen, dass Sie überprüfen. Wenn Sie die Art der Veröffentlichung mit hohen Qualität benötigen, könnten Sie holen On The Brink: Inside The Race To Stop The Collapse Of The Global Financial System [With Headphones] (Playaway Adult Nonfiction) Warum dieses Buch sein sollte? Beginnen Sie uns folgen, warum und Möglichkeiten zu verstehen, es zu bekommen.
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Sprache: Englisch
ISBN-10: 160788478X
ISBN-13: 978-1607884781
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19,6 x 15,3 x 2,9 cm
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Ich habe dieses Buch verschlungen. Es ist sehr verständlich geschrieben und gibt einen guten Überblick über die Finanzkrise. Es wird im Detail erklärt, wie die Zusammenhänge einzelner Ereignisse waren und warum in den jeweiligen Situationen so gehandelt wurde. Empfehlenswert auch für nicht-BWLer!
Das vielleicht beste nicht fiktionale Buch, das ich je gelesen habe. Einfach geschrieben und interessant wegen seiner Chronik an Ereignissen.Solche Leute gibt's bei uns nicht.
The financial crisis 2007/2008 has raised the interest in books written by three different groups of authors: journalists like Walter Bagehot - "Lombard Street, 1873, edition 2006" - and Andrew Ross Sorkin - "Too Big to Fail", edition 2010 -,academics like Charles P. Kindleberger and Robert Aliber - "Manias, Panics and Crashes, 6th edition" - and Carmen Reinhart & Kenneth Rogoff - "This Time is Different, edition 2009" -,insiders like Thilo Sarrazin - Europa braucht den Euro nicht, 1. Auflage 2010 -, Henry M. Paulson, Jr. - "On the Brink, edition 2013" - and Timothy Geithner - "Stress Test, edition 2014" - andexperts with a mixed background like Nassim Nicholas Taleb - "The Black Swan, edition 2010" - and Wilfried Stadler - "Der Markt hat nicht immer Recht, edition 2011" - both insiders and academics.All these books are recommendable, among them Henry Paulson's book is very important; it has been written by one of the three insiders in the eye of the hurricane (Paulson, Bernanke and Geithner) who wrote a book about what has been done to get out of the crisis.To understand the 2007/2008 crisis in relation to the Great Depression 1929 the following books are recommendable: "The Great Crash 1929, edition 1997" by John Kenneth Galbraith (academic) and "Lords of Finance - 1929, The Great Depression, and the bankers who broke the world, edition 2010" by Liaquat Ahamed, former professional investment banker for twenty-five years.Below you find some parts of "On The Brink" which could motivate you to read Paulson's very important book written four years before Geithner's "Stress Test" covering Paulson's time as secretary of Treasury during the years of 2006 to 208 updated "with a fresh look back five years after the 2008 financial crisis." I suggest reading it before Geithner's book - see my customer review. "The week that Lehman went down was absolutely brutal-easily the worst week in my life. It began not long after midnight on Monday, September 15, when Lehman filed for bankruptcy, just hours after Bank of America had agreed to buy Merrill Lynch, averting its collapse. On Tuesday, AIG had to be rescued with an emergency loan of $85 billion from the Federal Reserve. Morgan Stanley was under siege by short sellers, and the country's markets had begun to unravel. The Chinese were said to be pulling deposits from money market funds, financial institutions were refusing to lend to one another, and major corporations could not raise short-term funds. The crisis was also rapidly moving out of the financial system and into the general economy. By Thursday night I had gone to Capitol Hill with Federal Reserve chairman Ben Bernanke and then-chairman of the Securities and Exchange Commission Chris Cox to request emergency funds and powers from Congress to avert catastrophe. As Ben told lawmakers, `It is a matter of days before there is a meltdown in the global financial system.' This all happened in less than a week. (Page XXII)That we were able to stop the bleeding was a tribute to the extraordinarily talented men and women from many different agencies and branches of government who worked as a team. I cannot say enough good things about Ben Bernanke and Tim Geithner, then president of the Federal Reserve Bank of New York, who were true partners.Now I realize how unusual it was for the legislators to act as rapidly as they did just weeks before a national election - and in many cases against their own political interests. (XXIII)I had enjoyed a productive relationship with then-candidate Obama during the election campaign. We had spoken nearly every day, and he was thoughtful, cooperative, and supportive. (XXV)Today, some observers, several former regulators among them, are calling to break up big banks. I have some sympathy for this view. ... Clearly, the phenomenon of `too big to fail' is unacceptable and must end. The question is how to do that. (XXIX)In the fall of 2008 we put Fannie Mae and Freddie Mac in conservatorship and backstopped all of their debt and mortgage-backed securities-the single most important step we took to stem the financial crisis.With $5.4 trillion in debt and mortgage-backed securities outstanding, those two institutions together were nine times the size of Lehman Brothers. (XXXII)`Are we in danger of another severe financial crisis?' That's the question I've been asked most frequently since I left Treasury. And the answer, I'm afraid, is yes. As long as there have been financial markets and humans who periodically experience bouts of panic, there have been financial crises. In recent history, we've tended to have crises every eight years or so; (XXXV)I believe the most important part of this story is the way Ben Bernanke, Tim Geithner, and I worked as a team through the worst financial crisis since the Great Depression. There can't be many other examples of economic leaders managing a crisis who had as much trust in one another as we did. (XLIX)The crisis in the financial markets that I had anticipated arrived in force on August 9, 2007. It came from an area we hadn't expected-housing-and the damage it caused was much deeper and much longer lasting than any of us could have imagined.I was in my car on my way to the Federal Reserve when I got a call shortly after 7:00 a.m. from Clay Lowery, the acting undersecretary for international affairs, who told me that the European markets were in turmoil. Earlier that morning, continental time, BNP Paribas, France's biggest bank, had halted redemptions on three investment funds that held mortgage-backed bonds, citing a `complete evaporation of liquidity' that had made it impossible to value `certain assets fairly regardless of their quality or credit rating.'Europe's credit markets had tightened dramatically, as banks hesitated to lend to one another. (61)In retrospect, the crisis that struck in August 2007 had been building for years.In short, we were living beyond our means-on borrowed money and borrowed time. (64)In retrospect, as concerned as I was about the markets, I had no idea of what was coming in just a few months. (109)July 11, 2008, late in the afternoon, the Office of Thrift Supervision seized the teetering IndyMac Federal Bank, with more than $32 billion in assets, and turned it over to the FDIC. It was to that point the third-biggest bank failure in U.S. history. (144)I felt a wave of frustration. Tim Geithner and I had repeatedly told Dick that the government had not legal authority to inject capital in an investment bank. (173)`Lehman has been hanging like a dead weight in the market,' I said. `Thank God we got to Fannie and Freddie before this.' (178)We knew a Lehman collapse would be a disaster. With roughly $600 billion in assets, the firm was bigger and even more interconnected than Bear Stearns. (181)Alistair Darling, the U.K.'s chancellor of the Exchequer, with whom I had a good working relationship, seemed to be telling me that the British didn't want their banks to catch the American disease. But because he couched this as a general concern, I didn't see his words as the red flag that in retrospect they appear to have been. (188)We had gone into the weekend to save Lehman Brothers, and now AIG was facing a liquidity crisis that had put it on the verge of bankruptcy, and we had become concerned enough about Merrill Lynch to urge John Thain to sell that firm. (205)The Lehman situation differed from Bear's in another important way. The Bear assets that JPMorgan left behind were clean enough to secure sufficiently a $29 billion Fed loan. But an evaluation of Lehman's assets had revealed a gaping hole in its balance sheet. The Fed could not legally lend to fill a hole in Lehman's capital. That was why we needed a buyer. And we hoped that the private sector would assist the buyer by providing $37 billion in financing that was exposed to $10 billion or so of expected losses from minute one. (209)As it was, Lehman did not file for bankruptcy until 1:45 a.m. Monday, September 15, 2008, well after the Asian markets had opened. (220)Only a few hours before, just after midnight, Lehman Brothers had filed for bankruptcy, the biggest in U.S. history. I wondered if anyone out there on the streets could possibly imagine what was about to hit them. (222) There had been no legal basis to bail out Lehman. (224)I stressed that unlike with Bear, there had been no buyer for Lehman Brothers. For that reason, I said: `I never once considered it appropriate to put taxpayer money on the line in resolving Lehman Brothers.' How could I? There was, in fact, no deal to put money into. (225)... `Fails to deliver,' that is, investors who were unable to deliver securities they had previously borrowed. On September 12, 2008, the Friday before Lehman went down, these fails stood at $20 billion; one week later they would soar to $285 billion. By September 24 they would reach $1.7 trillion, before peaking at $2.3 trillion in early October-an extraordinary amount, never experienced before, and multiple times higher than any prior episode in history. (232)Peer Steinbrück, the German finance minister, called to say that it was unthinkable AIG could go down. Christine Lagarde, the French finance minister, echoed his view. (233)`If we don't shore up AIG,' I said, `we will likely lose several more financial institutions. Morgan Stanley, for one.' ... The president (Bush) found it hard to believe that an insurance company could be so systematically important. I tried to explain that AIG was an unregulated holding company comprising many highly regulated insurance entities. Ben Bernanke chimed in with a pointed description: `It's like a hedge fund sitting on top of an insurance company.' (236)At 9:00 p.m., Tuesday, September 16, 2008, the Fed announced that it would step in to save AIG. The company's board had approved a deal for a two-year, $85 billion loan that would be collateralized by AIG's assets, including the stock of its regulated subsidiaries, and would be repaid with the proceeds from the sale of the assets. Holding a 79.9 percent equity interest in AIG, the government retained the right to veto dividend payments to shareholders. (241)Tuesday was bad, but Wednesday was worse. Out intervention with AIG didn't calm the markets-if anything, it aggravated the situation. (242)Thursday, September 18, 2008 ... `Mr. President, we are witnessing a financial panic,' Ben Bernanke put in. `Is this the worst crisis since the Great Depression?' the president asked. `Yes,' Ben replied. `In terms of the financial system, we've not seen anything like this since the 1930s, and it could get worse.' Individuals and companies were in imminent danger, I told the president. (256)`We are past the point of what the Fed and Treasury can do on their own,' Ben said. (257)It is a matter of days,' Ben said, `before there is a meltdown in the global financial system.' (259)How big was `big,' they wanted to know. `We need to buy hundreds of billions of dollars of assets,' I said. I knew better than to utter the word trillion. `We need an announcement tonight to calm the market, and legislation next week,' I said. What would happen if we didn't get the authorities we sought, I was asked.`May God help us all,' I replied. `This is a worldwide problem,' Barney Frank said. `But we own it.' (261)We asked for broad power to spend up to $700 billion to buy troubled assets, including both mortgages and mortgage-backed securities, under whatever terms and conditions we saw fit. (267)Sunday, September 21, 2008 ... A little while later, at 9:30 on Sunday night, September 21, the Federal Reserve announced that it had approved Morgan Stanley's and Goldman Sachs's applications to become bank holding companies. The Wall Street I knew had come to an end. (277)Thursday, October 2-Friday, October 3, 2008 ... At 1:22 p.m. on a sunny autumn afternoon, the House passed the Emergency Economic Stabilization Act of 2008 by a margin of 263 to 171, with 91 Republicans voting for the legislation. The yes votes included 32 more Democrats and 26 more Republicans than the first vote had. (328)Europeans were angry about Lehman Brothers; many attributed their deepening problems to its failure. Nonetheless, I was surprised to see Trichet pass out a one-page graph that illustrated the dramatic increase in LIBOR-OIS spreads post-Lehman. Then, using uncharacteristically forceful language, he said that U.S. officials had made a terrible mistake in letting Lehman fail, triggering the global financial crisis.It was obvious to me that AIG and some other financial institutions had been on their own paths to failure, independent of Lehman. (348)So, too, were banks in the U.K., Ireland, Belgium, and France. Lehman's collapse hadn't created their problems, but everyone likes a simple, easy-to-understand story, and there was no doubt that Lehman's failure had made things worse. (349)Wednesday, November 19, 2008. Just one week after I had delivered a speech meant to reassure the markets, I headed to the Oval Office to tell the president that yet another major U.S. financial institution, Citigroup, was teetering on the brink of failure. (403)Monday, November 24, 2008. The president told me, `You should welcome the challenge, Hank. Thank goodness the crises happened when it did. Imagine if it had hit at the beginning of a new administration, when they were just learning how to work together.' (415)On January 12, 2009, President Bush formally requested the second $350 billion from Congress. On January 15, the Senate voted to give the president-elect those funds. (431)Friday, January 16, 2009, was my last working day at Treasury. (432)No one showed more courage than President bush, who not only unstintingly supported me but set aside ideology, and often the preferences of some of his own staff, to do what needed to be done.We had been on the brink, but we had not fallen. (434)I am confident that we will get back all of the TARP money we put into the banks-with a profit! And I also believe we will get back a large part, if not all, of the TARP money that was put into AIG and the auto companies. ... I came to Washington as an advocate of free markets, and I remain one." (438)On page 45 Paulson writes: "If you look at recent history, there is a disturbance in the capital markets every four to eight years," I said, ticking off the savings and loan crisis in the late '80s and 90s, the bond market blow up of 1994, and the crisis that began in Asia in 1997 and continued with Russia's default on its debt in 1998. I was convinced we were due for another disruption." "We can't predict when the next crisis will come," I said. "But we need to be prepared." (47).Timothy Geithner writes on page 370 of his very important book "Stress Test", edition 2014, the following: "Economists would later peg the end of the Great Recession to June 2009."Conclusion for the European Union and especially the Eurozone: we are now in October 2014, the Stress Test results of European Banks are expected for the end of this month. We are slow, we are late, politicians debate, and six to seven years have passed by since 2007/2008. The next crisis could be just around the corner and we have not yet digested the current one! Are we prepared for the next one? Not yet!
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