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Using extensive documentary evidence and interviews with former
Lehman employees, Oonagh McDonald reveals the decisions that led to
Lehman's collapse, investigates why the government refused a
bail-out and whether the implications of this refusal were fully
understood. In clear and accessible language she demonstrates both
the short and long term effects of Lehman's collapse. -- .
The advent of new digital currencies has challenged our notions
about money, its function and purpose, and our faith in the
financial and banking structures that underpin its legitimacy.
Oonagh McDonald charts the spectacular rise of cryptocurrencies
over the past decade and considers the opportunities and threats
that cryptocurrencies pose to existing fiat currencies. This
revised edition includes a new chapter dealing with the
high-profile bankruptcies of the recent “crypto winter”. The
book considers how regulatory bodies have been slow to respond to a
technology that is evading existing regulatory frameworks. Urgent
and more robust protection is needed from fraudulent initial coin
offerings, scams and hacks. Throughout her analysis, McDonald shows
that trust is fundamental to the operation of finance and that this
will ultimately protect commercial bank money from the threat of
new digital currencies. The book offers readers an insightful
appraisal of the future of money and the challenges facing
regulatory bodies.
Within Europe, the banking sector is commencing a period of considerable change and consolidation. Advances in technology, competition from the non-banking sector, the introduction of the Euro, a European Central bank and, possibly, pan-European Regulation, combined with the challenge from US banks, increased mergers and changing practices means 21st century banking is changing immeasurably. The Future of Retail Banking in Europe is written in an accessible style by Oonagh McDonald and Kevin Keasey, two of the leading authorities in the field and includes: - In-depth analysis of the banking structures in all the major European markets.
- Foreword by Guy Warren, Head of Banking, Europe, Unisys Corporation
- Unique insights into the industry from the CEOs of major European banks.
The challenges being faced in the industry and predictions into what the future holds for retail banking in Europe. This book will be essential reading for middle and senior managers in the banking and financial service sectors, both suppliers and investors in the banking sector, and MBA students. "The appearance of this admirable survey of the changing world of retail banking could hardly have been better timed. Never have so many factors combined to influence the products and processes of banking - technology, regulation, governance, accounting, globalisation and consolidation, and above all the changing needs and aspirations of the customers." The Rt Hon Lord Stewartby RD, Deputy Chairman, Standard Chartered Bank "The completion of the single financial market, in 2005, will have a profound effect on banking in Europe. McDonald and Keasey's timely analysis carefully maps the existing landscape and provides some useful pointers to the changes we will surely see in the next few years" Howard Davies, Chairman, The Financial Services Authority
The advent of new digital currencies has challenged our notions
about money, its function and purpose, and our faith in the
financial and banking structures that underpin its legitimacy.
Oonagh McDonald examines the challenges, opportunities and threats
that cryptocurrencies pose to existing fiat currencies and their
potential to change how global finance operates. From Bitcoin to
Facebook's Diem, the book charts the spectacular rise of
cryptocurrencies over the past decade alongside the much slower
regulatory response. It assesses the potential of the technology
underpinning new digital currencies - blockchain, digital tokens
and smart contracts - to evade existing regulatory frameworks and
considers the need for more robust protection from fraudulent
initial coin offerings, scams and hacks. The book examines the
motivations of central banks as they begin to explore opportunities
for an alternative global digital currency, and what this might
mean for the supremacy of the dollar and other fiat currencies. The
future of cash is also considered. Throughout her analysis,
McDonald shows that trust is fundamental to the operation of
finance and that this will ultimately protect commercial bank money
from the threat of new digital currencies. The book offers readers
an insightful appraisal of the future of money and the challenges
facing regulatory bodies.
This book provides a compelling account of the rigging of
benchmarks during and after the financial crisis of 2007-08.
Written in clear language accessible to the non-specialist, it
provides the historical context necessary for understanding the
benchmarks - LIBOR, FOREX and the Gold and Silver Fixes - and shows
how and why they have to be reformed in the face of rapid
technological changes in markets. Though banks have been fined and
a few traders have been jailed, justice will not be done until
senior bankers are made responsible for their actions. Provocative
and rigorously argued, this book makes concrete recommendations for
improving the security of the financial services industry and
holding bankers to account. -- .
This book is available as open access through the Bloomsbury Open
Access programme and is available on www.bloomsburycollections.com.
This book examines the role of Fannie Mae, Freddie Mac and other
key players in the American mortgage market, in precipitating the
current global financial crisis. From President Clinton's
announcement of the 'National Home Ownership Strategy' in 1995 to
its collapse in 2008, this book deftly explains the aims and
consequences of extending mortgage lending to people who could not
afford home ownership. Bankers, investment banks, rating agencies
and derivatives have all been awarded their share of the blame,
while politicians, regulators and government agencies have
successfully avoided theirs. Fannie Mae and Freddie Mac have been
implicated, but the true story of their marriage made in hell has
never been told.
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