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. Charts and
graphs A bibliography
General
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