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Record Nr. |
UNINA9910825593903321 |
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Autore |
O'Brien Justin (Peter Justin) |
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Titolo |
Engineering a financial bloodbath : how sub-prime securitization destroyed the legitimacy of financial capitalism / / Justin O'Brien |
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Pubbl/distr/stampa |
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London, : Imperial College Press, c2009 |
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ISBN |
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1-282-75977-9 |
9786612759772 |
1-84816-217-0 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (212 p.) |
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Disciplina |
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Soggetti |
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Financial institutions - State supervision |
Capital market - State supervision |
Financial crises |
Subprime mortgage loans |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references and index. |
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Nota di contenuto |
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1. A capital battle -- 2. The price of failure -- 3. Apportioning blame -- 4. The moral hazard of intervention -- 5. The new mercantilism -- 6. Enhancing integrity through design. |
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Sommario/riassunto |
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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 |
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