In this book, Jaime Vaughn untangles the complex world of modern banking and examines solutions to the crisis. He shows how the banks misused their ability to securitize loans and, by borrowing short and lending long, exposed themselves to exceptional risks when asset prices started to fall. But it has been above all a collapse in trust and confidence, rather than poor lending decisions, which has fuelled the crisis. Despite all the talk of 'toxic' assets, the book argues that most assets are sound and can be repaid. The imperative is to restore confidence through collective action involving asset purchases, guarantees and recapitalization.
... Fool's Gold (New York: Little, Brown, 2009) and A. Milne, The Fall of the House of Credit (Cambridge: Cambridge University Press, 2009).
Author: James Devenney
Publisher: Cambridge University Press
"This topical collection of essays emanates from the Consumer Protection in Europe: Theory and Practice duo colloquium in December 2009. That conference explored consumer protection in Europe and covered topics which are even more relevant today given the revisions to the proposed Consumer Rights Directive, the appointment of an Expert Group on a common frame of reference and the Green Paper on European Contract Law. It was organised within the work programme Credit and Debt: Protecting the Vulnerable in Europe - a project placing emphasis on vulnerability in financial transactions. This volume focuses on consumer protection in credit and investments in the context of unprecedented turmoil in those markets and EU harmonisation initiatives in the area. It explores key issues such as responsible lending, information disclosure, consumer confidence, the regulation of consumer investment services and the protection of bank depositors"--
quarterly house price survey was showing Northern Ireland as experiencing seriously rapid price declines. Fionnuala Earley, the building society's chief ...
Author: David Gordon
Publisher: Gill & Macmillan Ltd
Category: Biography & Autobiography
In this hard-hitting study of political power, award-winning journalist David Gordon studies the political downfall of Ian Paisley and his son and shines an uncompromising light on Northern Ireland's political elite. Ian Paisley, firebrand Ulster Protestant preacher and politician, spent forty years denouncing compromise as treachery. Then, in March 2007, he agreed a power-sharing pack with Sinn Féin, the political wing of the Provisional IRA. The historic deal earned him plaudits from around the world and the top job in Northern Ireland's new devolved administration. His beloved son Ian Junior took up a ministerial post by his side. Yet within a year, this proud family dynasty had crumbled and collapsed. First Ian Junior resigned as a minister, after months of controversy over his links to a property developer. Then Paisley himself announced his retirement — despite having made repeated pledges to serve a full four years in office. In this fantastic work of investigative journalism, award-winning journalist David Gordon pinpoints the structural flaws in the House of Paisley and exposes the murky underworld of Northern Irish politics. Editorial Reviews ‘David Gordon … in a fine piece of investigative journalism, doggedly following his nose, taking advantage of freedom of information, and with good contacts in the DUP and Free Presbyterian Church (FPC), seeks to explain why Ian Paisley fell at what appeared to be the moment of triumph.’ Maurice Hayes, Belfast Telegraph ‘David Gordon details where the storm came from and why it was so damaging to father and son in The Fall of the House of Paisley. While some readers will — to be blunt — enjoy reliving the difficulties faced by such a pair of individuals, there’s more to Gordon’s fine book than schadenfreude.’ William Scholes, Irish News ‘Gordon’s account is as sharp as a blade, cutting deep into the murky world of Stormont.’ Fachtna Kelly and Julian Fleming, Sunday Business Post Agenda The Fall of the House of Paisley: Contents Introduction Chronology Welcome to the House of Fun The Ghost of Paisley Past With God on our Side Dodgy Foundations Causeway for Concern Junior in Bother Senior in Bother Land Deal Lobbying Out with the Old St Andrews Bombshell Other People’s Money Surprise in Dromore All Fall Down Legacy Matters Life after Paisley Notes
US banks supplied about $1.4 billion in short-term credit during the later part of ... a variety of municipal amenities 140 The Fall of the House of Speyer.
Author: George W. Liebmann
Publisher: Bloomsbury Publishing
The dramatic story of the last fifty years of the Speyer banking dynasty, a Jewish family of German descent, is surprisingly little known today, yet at the turn of the 20th century, Speyer was the third largest investment banking firm in the United States, behind only Morgan and Kuhn, Loeb. It had branches in London, Frankfurt and New York, and the projects it financed included the Southern Pacific Railroad, the London Underground and the infrastructure of the new Cuban republic. Later, it was the first major banking firm to finance Germany's Weimar Republic, as well as providing League of Nations loans to Hungary, Greece and Bulgaria. Yet, the firm was doomed by the nationalist passions aroused by World War I. Its English partner was denaturalised and exiled; its American partner enjoyed reduced standing because of his connection to Germany; and the Frankfurt branch closed with the coming of the Third Reich, its German partner fleeing into exile. The firm was dissolved in 1939, a surprisingly anticlimactic end to one of the great international banking companies of modern times. George W. Liebmann here tells the story of the firm and the family - shedding new light on the protagonists of a remarkable dynasty, who came undone in the dramatic years of the early 20th century.
"I want to be certain that you're gonna get credit where credit is due." A grateful Balducci gushed thanks. “My relationship with Dick is such that he and I ...
Author: Curtis Wilkie
Category: Biography & Autobiography
“Over the past four decades no reporter has critiqued the American South with such evocative sensitivity and bedrock honesty as Curtis Wilkie.” —Douglas Brinkley The Fall of the House of Zeus tells the story of Dickie Scruggs, arguably the most successful plaintiff's lawyer in America. A brother-in-law of Trent Lott, the former U.S. Senate Majority Leader, Scruggs made a fortune taking on mass tort lawsuits against “Big Tobacco” and the asbestos industries. He was hailed by Newsweek as a latter day Robin Hood, and portrayed in the movie, The Insider, as a dapper aviator-lawyer. Scruggs’ legal triumphs rewarded him lavishly, and his success emboldened both his career maneuvering and his influence in Southern politics--but at a terrible cost, culminating in his spectacular fall, when he was convicted for conspiring to bribe a Mississippi state judge. Based on extensive interviews, transcripts, and FBI recordings never made public, The Fall of the House of Zeus exposes the dark side of Southern and Washington legal games and power politics: the swirl of fixed cases, blocked investigations, judicial tampering, and a zealous prosecution that would eventually ensnare not only Scruggs but his own son, Zach, in the midst of their struggle with insurance companies over Hurricane Katrina damages. In gripping detail, Curtis Wilkie crafts an authentic legal thriller propelled by a “welter of betrayals and personal hatreds,” providing large supporting parts for Trent Lott and Jim Biden, brother of then-Senator Joe, and cameos by John McCain, Al Gore, and other DC insiders and influence peddlers. Above all, we get to see how and why the mighty fail and fall, a story as gripping and timeless as a Greek tragedy.
The Fall of the House of Credit. Cambridge, UK: Cambridge University Press. Mishkin, F. S., & White, E. N. (2003). Stock Market Bubbles: When Does ...
Author: Harold L. Vogel
Category: Business & Economics
Economists broadly define financial asset price bubbles as episodes in which prices rise with notable rapidity and depart from historically established asset valuation multiples and relationships. Financial economists have for decades attempted to study and interpret bubbles through the prisms of rational expectations, efficient markets, and equilibrium, arbitrage, and capital asset pricing models, but they have not made much if any progress toward a consistent and reliable theory that explains how and why bubbles (and crashes) evolve and can also be defined, measured, and compared. This book develops a new and different approach that is based on the central notion that bubbles and crashes reflect urgent short-side rationing, which means that, as such extreme conditions unfold, considerations of quantities owned or not owned begin to displace considerations of price.
Mark Doms, Frederick Furlong, and John Krainer, “House Prices and Subprime Mortgage Delinquencies,” FRBSF Economic Letter, June 8, 2007. 2.
Author: James Barth
Publisher: John Wiley & Sons
Category: Business & Economics
The mortgage meltdown: what went wrong and how do we fix it? Owning a home can bestow a sense of security and independence. But today, in a cruel twist, many Americans now regard their homes as a source of worry and dashed expectations. How did everything go haywire? And what can we do about it now? In The Rise and Fall of the U.S. Mortgage and Credit Markets, renowned finance expert James Barth offers a comprehensive examination of the mortgage meltdown. Together with a team of economists at the Milken Institute, he explores the shock waves that have rippled through the entire financial sector and the real economy. Deploying an incredibly detailed and extensive set of data, the book offers in-depth analysis of the mortgage meltdown and the resulting worldwide financial crisis. This authoritative volume explores what went wrong in every critical area, including securitization, loan origination practices, regulation and supervision, Fannie Mae and Freddie Mac, leverage and accounting practices, and of course, the rating agencies. The authors explain the steps the government has taken to address the crisis thus far, arguing that we have yet to address the larger issues. Offers a comprehensive examination of the mortgage market meltdown and its reverberations throughout the financial sector and the real economy Explores several important issues that policymakers must address in any future reshaping of financial market regulations Addresses how we can begin to move forward and prevent similar crises from shaking the foundations of our financial system The Rise and Fall of the U.S. Mortgage and Credit Markets analyzes the factors that should drive reform and explores the issues that policymakers must confront in any future reshaping of financial market regulations.
As the snare closes slowly and subtly around them, it may be that there will be no survivors at all. The Fall of the House of Cabal is the fifth book in Jonathan L. Howard's acclaimed Johannes Cabal series.
Author: Jonathan L. Howard
Publisher: Thomas Dunne Book for St. Martin's Griffin
Author: DIANE Publishing CompanyPublish On: 1994-07
... credit card interest rates did not fall despite substantial decreases in ... the legislative session ended before the House acted on such a rate cap.
Author: DIANE Publishing Company
Publisher: DIANE Publishing
An assessment of the competitiveness of the U.S. credit card industry. Discusses the structural characteristics of the industry, explanations for the stability of credit card interest rates, and the advantages and disadvantages of various policy options such as an interest rate cap. Charts and tables.
In the fall of 1967, Senate Majority Leader Mike Mansfield called up the bill that had been passed by the House (without a fair housing title).
Author: Chia Yin Hsu
Publisher: Lexington Books
In the wake of the financial crisis in 2008, historians have turned with renewed urgency to understanding the economic dimension of historical change. In this collection, nine scholars present original research into the historical development of money and credit during the nineteenth and twentieth centuries and explore the social and cultural significance of financial phenomena from a global perspective. Together with an introduction by the editors, chapters emphasize themes of creditworthiness and access to credit, the role of the state in the loan market, modernization, colonialism, and global connections between markets. The first section of the volume, "Creditworthiness and Credit Risks," examines microfinancial markets in South India and Sri Lanka, Brazil, and the United States, in which access to credit depended largely on reputation, while larger investors showed a strong interest in policing economic behavior and encouraging thrift among market participants. The second section, "The Loan Market and the State," concerns attempts by national governments to regulate the lending activities of merchants and banks for social ends, from the liberal regime of nineteenth-century Switzerland to the far more statist policies of post-revolutionary Mexico, and U.S. legislation that strove to eliminate discrimination in lending. The third section, "Money, Commercial Exchange, and Global Connections," focuses on colonial and semicolonial societies in the Philippines, China, and Zimbabwe, where currency reform and the development of organized financial markets engendered conflict over competing models of economic development, often pitting the colony against the metropole. This volume offers a cultural history by considering money and credit as social relations, and explores how such relations were constructed and articulated by contemporaries. Chapters employ a variety of methodologies, including analyses of popular literature and the viewpoints of experts and professionals, investigations of policy measures and emerging social practices, and interpretations of quantitative data.