In July 2007, the then chief executive of Citigroup, Charles
Prince, captured the hubris of a market dangerously addicted to
debt: "When the music stops, in terms of liquidity, things will be
complicated. But as long as music is playing, you have got to get
up and dance. We're still dancing." By the end of the year, Mr
Prince was forced to resign along with some of the most influential
bankers on Wall Street. Global investment houses in the United
States and Europe were forced to turn to sovereign wealth funds for
emergency funding. Their rescue comes at a significant material and
reputational price.This book investigates the origins and
implications of the securitization crisis, described by the chief
executive of ANZ as a "financial services bloodbath". Based on
extensive interviews, it offers an integrated series of case
studies drawn from the United States, the United Kingdom and
Australia. A central purpose is to not only chart what went wrong
within the investment houses and why the regulatory systems failed,
but also provide policy guidance. The book therefore combines the
empirical with the normative. In so doing, it provides a route map
to navigate one of the most significant financial and regulatory
failures in modern times.
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