UNCONTROLLED RISK: The Lessons of Lehman Brothers and How Systemic Risk Can Still Bring Down The World Financial System失控风险（ISBN 9780071638296） fb2 pdf azw3 网盘 rtf 免费 下载 txt

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How Excessive Risk Destroyed Lehman and Nearly Brought Down

the Financial Industry

“Uncontrolled Risk will ruffle feathers—and for good

reason—as voters and legislators learn the diffi cult lessons of

Lehman’s collapse and demand that we never forget them.”

Dr. David C. Shimko, Board of Trustees, Global Association of

Risk Professionals

“Uncontrolled Risk is a drama as gripping as any work of

fiction. Williams’s recommendations for changes in the governance

of financial institutions should be of interest to anyone concerned

about the welfare of global financial markets.”

Geoffrey Miller, Stuyvesant Comfort Professor of Law and

Director, Center for the Study of Central Banks and Financial

Institutions, New York University

“The complex balance of free enterprise on Wall Street and the

healthy regulation of its participants is the central economic

issue of today. Williams’s forensic study of Lehman’s collapse may

be the best perspective so far on the issues that now face

regulators.”

Jeffrey P. Davis, CFA, Chief Investment Officer, Lee Munder

Capital Group

“Provides a very perceptive analysis of the fl aws inherent in

risk management systems and modern fi nancial markets. Mandatory

reading for risk managers and financial industry executives.”

Vincent Kaminski, Professor in the Practice of Management, Jesse

H. Jones Graduate School of Business, Rice University

“Gives the reader much food for thought on the regulation of our

financial system and its interplay with corporate governance reform

in the United States and around the world.”

Professor Charles M. Elson, Edgar S. Woolard Jr. Chair in

Corporate Governance, University of Delaware

The risk taking behind Wall Street's largest bankruptcy .

. .

In this dramatic and compelling account of Lehman Brothers’

spectacular rise and fall, author Mark T. Williams explains how

uncontrolled risk toppled a 158-year-old institution—and what it

says about Wall Street, Washington, D.C., and the world financial

system. A former trading floor executive and Fed bank examiner,

Williams sees Lehman’s 2008 collapse as a microcosm of the

industry—a worst-case scenario of smart decisions, stupid mistakes,

ignored warnings, and important lessons in money, power, and policy

that affect us all. This book reveals:

The Congressional inquisition of disgraced CEO Dick Fuld:

Did he really deserve it?

How the investment-banking money machine broke down: Can it

be fixed?

The key drivers that caused the financial meltdown: Can

lessons be learned from them?

The wild risk taking denounced by President Obama: Is

Washington to blame, too?

The ongoing debate on reform and regulation: Can meaningful

reform avert another financial catastrophe?

This fascinating account traces Lehman’s history from its humble

beginnings in 1850 to its collapse in 2008. Lehman’s story

exemplifies the everchanging trends in finance—from investment

vehicles to federal policies—and exposes the danger and infectious

nature of uncontrolled risk.

Drawing upon first-person interviews with risk management

experts and former Lehman employees, Williams provides more than

just a frontline report: it’s a call to action for Wall Street

bankers, Washington policymakers, and U.S. citizens—a living lesson

in risk management on which to build a stronger fi nancial future.

Williams provides a tenpoint plan to implement today—so another

Lehman doesn’t collapse tomorrow.

Includes a ten-point plan to ensure a strong financial future

for both Wall Street and Main Street

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Mark T. Williams is a risk management practitioner and

academic with two decades of experience. He has worked as a senior

executive for major energy trading companies, a trust banker, and

an examiner for the Federal Reserve Bank. Williams is currently on

the fi nance and economics faculty at Boston University and serves

as a senior advisor at the Brattle Group. He has been a guest

columnist for Reuters.com, Forbes.com, and the Boston

Globe.

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