Download or read book The Fall of UBS written by Dirk Schütz and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essential reading for business and finance professionals: a complicated story of power, ambition, vanity and a lack of risk management controls at one of Europe's largest banks.
Download or read book A Fall from Grace written by Nora Serena Sommer and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis examines the decline and turnaround process of UBS in general and of its Investment Bank division in particular. By analyzing the years 2007 to 2011, based on annual reports, media releases, internal and external reviews, and newspaper articles, a chronology of the events is outlined and in a further step dissected. In order to compare the case of UBS to the scientific literature, the descriptive organizational decline and turnaround model developed by Trahms et al. in 2013 was chosen. Being an iterative process, the UBS turnaround did not proceed linearly, and it featured a number of feedback loops. All in all, several internal deficiencies were detected, almost all executives and members of the Board of Directors were replaced, and numerous turnaround actions were implemented. In conclusion, the case of UBS and its turnaround can be considered to have been successful. This thesis provides a detailed overview of the decline and turnaround management in the case of UBS.
Download or read book The Fall of the House of Credit written by Alistair Milne and published by Cambridge University Press. This book was released on 2009-07-09 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this work, Milne examines what went wrong in modern banking and offers solutions to repair the damage.
Download or read book The Decline and Fall of Banking written by Bill Penman Brown and published by Troubador Publishing Ltd. This book was released on 2009 with total page 535 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed but plain language analysis of the credit crises of 2007/8 the Northern Rock situation and the collapse of other banks in the UK, USA and Europe. The book explains the part played by sub-prime mortgages and derivatives/securitisation, both of which were at the heart of the financial crises. The Decline and Fall of Banking deals with financial regulation and intervention by governments together with the role played by credit rating agencies and credit insurers.
Download or read book Crash of the Titans written by Greg Farrell and published by Currency. This book was released on 2011-09-13 with total page 514 pages. Available in PDF, EPUB and Kindle. Book excerpt: The intimate, fly-on-the wall tale of the decline and fall of an America icon With one notable exception, the firms that make up what we know as Wall Street have always been part of an inbred, insular culture that most people only vaguely understand. The exception was Merrill Lynch, a firm that revolutionized the stock market by bringing Wall Street to Main Street, setting up offices in far-flung cities and towns long ignored by the giants of finance. With its “thundering herd” of financial advisers, perhaps no other business, whether in financial services or elsewhere, so epitomized the American spirit. Merrill Lynch was not only “bullish on America,” it was a big reason why so many average Americans were able to grow wealthy by investing in the stock market. Merrill Lynch was an icon. Its sudden decline, collapse, and sale to Bank of America was a shock. How did it happen? Why did it happen? And what does this story of greed, hubris, and incompetence tell us about the culture of Wall Street that continues to this day even though it came close to destroying the American economy? A culture in which the CEO of a firm losing $28 billion pushes hard to be paid a $25 million bonus. A culture in which two Merrill Lynch executives are guaranteed bonuses of $30 million and $40 million for four months’ work, even while the firm is struggling to reduce its losses by firing thousands of employees. Based on unparalleled sources at both Merrill Lynch and Bank of America, Greg Farrell’s Crash of the Titans is a Shakespearean saga of three flawed masters of the universe. E. Stanley O’Neal, whose inspiring rise from the segregated South to the corner office of Merrill Lynch—where he engineered a successful turnaround—was undone by his belief that a smooth-talking salesman could handle one of the most difficult jobs on Wall Street. Because he enjoyed O’Neal’s support, this executive was allowed to build up an astonishing $30 billion position in CDOs on the firm’s balance sheet, at a time when all other Wall Street firms were desperately trying to exit the business. After O’Neal comes John Thain, the cerebral, MIT-educated technocrat whose rescue of the New York Stock Exchange earned him the nickname “Super Thain.” He was hired to save Merrill Lynch in late 2007, but his belief that the markets would rebound led him to underestimate the depth of Merrill’s problems. Finally, we meet Bank of America CEO Ken Lewis, a street fighter raised barely above the poverty line in rural Georgia, whose “my way or the highway” management style suffers fools more easily than potential rivals, and who made a $50 billion commitment over a September weekend to buy a business he really didn’t understand, thus jeopardizing his own institution. The merger itself turns out to be a bizarre combination of cultures that blend like oil and water, where slick Wall Street bankers suddenly find themselves reporting to a cast of characters straight out of the Beverly Hillbillies. BofA’s inbred culture, which perceived New York banks its enemies, was based on loyalty and a good-ol’-boy network in which competence played second fiddle to blind obedience. Crash of the Titans is a financial thriller that puts you in the theater as the historic events of the financial crisis unfold and people responsible for billion of dollars of other people’s money gamble recklessly to enhance their power and their paychecks or to save their own skins. Its wealth of never-before-revealed information and focus on two icons of corporate America make it the book that puts together all the pieces of the Wall Street disaster.
Download or read book When Genius Failed written by Roger Lowenstein and published by Random House Trade Paperbacks. This book was released on 2001-10-09 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: “A riveting account that reaches beyond the market landscape to say something universal about risk and triumph, about hubris and failure.”—The New York Times NAMED ONE OF THE BEST BOOKS OF THE YEAR BY BUSINESSWEEK In this business classic—now with a new Afterword in which the author draws parallels to the recent financial crisis—Roger Lowenstein captures the gripping roller-coaster ride of Long-Term Capital Management. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein explains not just how the fund made and lost its money but also how the personalities of Long-Term’s partners, the arrogance of their mathematical certainties, and the culture of Wall Street itself contributed to both their rise and their fall. When it was founded in 1993, Long-Term was hailed as the most impressive hedge fund in history. But after four years in which the firm dazzled Wall Street as a $100 billion moneymaking juggernaut, it suddenly suffered catastrophic losses that jeopardized not only the biggest banks on Wall Street but the stability of the financial system itself. The dramatic story of Long-Term’s fall is now a chilling harbinger of the crisis that would strike all of Wall Street, from Lehman Brothers to AIG, a decade later. In his new Afterword, Lowenstein shows that LTCM’s implosion should be seen not as a one-off drama but as a template for market meltdowns in an age of instability—and as a wake-up call that Wall Street and government alike tragically ignored. Praise for When Genius Failed “[Roger] Lowenstein has written a squalid and fascinating tale of world-class greed and, above all, hubris.”—BusinessWeek “Compelling . . . The fund was long cloaked in secrecy, making the story of its rise . . . and its ultimate destruction that much more fascinating.”—The Washington Post “Story-telling journalism at its best.”—The Economist
Download or read book The Financial Collapse of HealthSouth written by United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Oversight and Investigations and published by . This book was released on 2004 with total page 978 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book SEC Docket written by United States. Securities and Exchange Commission and published by . This book was released on 2012 with total page 1224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fatal Risk written by Roddy Boyd and published by John Wiley & Sons. This book was released on 2011-03-03 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: Long-listed for the FT & Goldman Sachs Business Book of the Year Award 2011 The true story of how risk destroys, as told through the ongoing saga of AIG From the collapse of Bear Stearns and Lehman Brothers, the subject of the financial crisis has been well covered. However, the story central to the crisis-that of AIG-has until now remained largely untold. Fatal Risk: A Cautionary Tale of AIG's Corporate Suicide tells the inside story of what really went on inside AIG that caused it to choke on risk and nearly brining down the entire economic system. The book Reveals inside information available nowhere else, including the personal notes and records of key players such as the former Chairman of AIG, Hank Greenberg Takes readers behind the scenes at the U.S. Treasury and the Federal Reserve Bank of New York Details how an understanding of risk built AIG, but a disdain for government regulators led to a run-in with New York State Attorney General Eliot Spitzer Fatal Risk is the comprehensive and compelling true story of the company at the center of the financial storm and how it nearly caused the entire economic system to collapse.
Download or read book House of Cards written by William D. Cohan and published by Anchor. This book was released on 2010-02-09 with total page 610 pages. Available in PDF, EPUB and Kindle. Book excerpt: A blistering narrative account of the negligence and greed that pushed all of Wall Street into chaos and the country into a financial crisis. At the beginning of March 2008, the monetary fabric of Bear Stearns, one of the world’s oldest and largest investment banks, began unraveling. After ten days, the bank no longer existed, its assets sold under duress to rival JPMorgan Chase. The effects would be felt nationwide, as the country suddenly found itself in the grip of the worst financial mess since the Great Depression. William Cohan exposes the corporate arrogance, power struggles, and deadly combination of greed and inattention, which led to the collapse of not only Bear Stearns but the very foundations of Wall Street.
Download or read book Booms and Busts An Encyclopedia of Economic History from the First Stock Market Crash of 1792 to the Current Global Economic Crisis written by Mehmet Odekon and published by Routledge. This book was released on 2015-03-17 with total page 1736 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely and authoritative set explores three centuries of good times and hard times in major economies throughout the world. More than 400 signed articles cover events from Tulipmania during the 1630s to the U.S. federal stimulus package of 2009, and introduce readers to underlying concepts, recurring themes, major institutions, and notable figures. Written in a clear, accessible style, "Booms and Busts" provides vital insight and perspective for students, teachers, librarians, and the general public - anyone interested in understanding the historical precedents, causes, and effects of the global economic crisis. Special features include a chronology of major booms and busts through history, a glossary of economic terms, a guide to further research, an appendix of primary documents, a topic finder, and a comprehensive index. It features 1,050 pages; three volumes; 8-1/2" X 11"; topic finder; photos; chronology; glossary; primary documents; bibliography; and, index.
Download or read book Lucifer s Banker Uncensored written by Bradley C. Birkenfeld and published by Simon and Schuster. This book was released on 2020-09-30 with total page 419 pages. Available in PDF, EPUB and Kindle. Book excerpt: A page-turning real-life thriller, Lucifer's Banker Uncensored is a fascinating behind-the-scenes look at the secret Swiss high-net worth banking industry and a harrowing account of our government's justice system. Updated and Uncensored! As a private banker working for the largest bank in the world, UBS, Bradley Birkenfeld was an expert in Switzerland's shell-game of offshore companies and secret numbered accounts. He wined and dined ultrawealthy clients whose millions of dollars were hidden away from business partners, spouses, and tax authorities. As his client list grew, Birkenfeld lived a life of money, fast cars, and beautiful women, but when he discovered that UBS was planning to betray him, he blew the whistle to the US Government. The Department of Justice scorned Birkenfeld's unprecedented whistle-blowing and attempted to silence him with a conspiracy charge. Yet Birkenfeld would not be intimidated. He took his secrets to the US Senate, the Securities and Exchange Commission, and the Internal Revenue Service, where he prevailed. His bombshell revelations helped the US Treasury recover over $15 billion (and counting) in back taxes, fines, and penalties from American tax cheats. But Birkenfeld was shocked to discover that at the same time he was cooperating with the US Government, the Department of Justice was still doggedly pursuing him. He was arrested and served thirty months in federal prison. When he emerged, the Internal Revenue Service gave him a whistle-blower award for $104 million, the largest such reward in history. A page-turning real-life thriller, Lucifer's Banker Uncensored is a fascinating behind-the-scenes look at the secret Swiss high-net worth banking industry and a harrowing account of our government's justice system. Readers will follow Birkenfeld and share his outrage with the incompetence and possible corruption at the Department of Justice, and they will cheer him on as he ''hammers'' one of the most well-known and powerful banks in the world.
Download or read book The Rise and Fall of the US Mortgage and Credit Markets written by James Barth and published by John Wiley & Sons. This book was released on 2009-06-22 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Profit and Prejudice written by Paul Donovan and published by Routledge. This book was released on 2020-11-05 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Avoiding prejudice will be critical to economic success in the fourth industrial revolution. It is not the new and innovative technology that will matter in the next decade, but what we do with it. Using technology properly, with diverse decision making, is the difference between success and failure in a changing world. This will require putting the right person in the right job at the right time. Prejudice stops that happening. Profit and Prejudice takes us through the relationship between economic success and prejudice in labour markets. It starts with the major changes that occur in periods of economic upheaval. These changes tend to be unpopular and complex – and complexity encourages people to turn to the simplistic arguments of ‘scapegoat economics’ and prejudice. Some of the changes of the fourth industrial revolution will help fight prejudice, but some will make it far worse. The more prejudice there is, the harder it will be for companies and countries to profit from the changes ahead. Profit is not the main argument against prejudice, but can certainly help fight it. This book tells a story of the damage that prejudice can do. Using economics without jargon, students, investors and the public will be able to follow the narrative and see how prejudice can be opposed. Prejudice is bad for business and the economy. Profit and Prejudice explains why.
Download or read book The Fall and Rise of Nuclear Power in Britain written by Simon Taylor and published by Bloomsbury Publishing. This book was released on 2016-03-02 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: The story of the rise, fall and second ascendancy of nuclear power in the United Kingdom. Britain was a pioneer in civil nuclear power and there were once high hopes in the 1950s that this could be a source of cheap electricity and a valuable export opportunity. In The Fall and Rise of Nuclear Power in Britain, Simon Taylor examines why these hopes were never realised, and how we have come to see a new rise in nuclear power in recent years. He traces the UK's nuclear energy history, from the optimism of the 1950s, through the disillusionment of the 1980s, to a new role for nuclear in the 21st century. The construction of Britain's first new nuclear power station in 20 years, Hinkley Point C, marks a major change of policy. Throughout this book, Taylor provides a comprehensive overview of energy policy, economics, politics and changing environmental priorities, keying into debates about the generation and sustainability of this controversial energy source. Will this new nuclear energy turn out to be a heroic story of UK leadership on a matter of global importance, or will it prove a hugely costly folly, as with British nuclear power in the past?
Download or read book 108 1 Hearing The Financial Collapse of Healthsouth Part 2 Serial No 108 59 November 5 2003 written by and published by . This book was released on 2004 with total page 954 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book When Good Companies Go Bad written by Donald W. Beachler and published by Bloomsbury Publishing USA. This book was released on 2014-09-09 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: Covering the entire world of business from heavy industry to the financial houses of Wall Street, this book shines a spotlight on 100 of the most infamous cases of misconduct and malfeasance in corporate history. Corporations are in the business of making money. But when companies forget ethics, take operational shortcuts, or willingly endanger customers and the general public in their quest for profits, disasters of enormous magnitude can result. This book examines 100 of the worst cases of corporate greed and irresponsibility and poses the questions: Is it necessary or desirable to conduct business in this manner? Do the penalties and other punishments levied against these companies go far enough? And what is the government's responsibility for keeping corporate misdeeds in check? Coauthored by distinguished public policy experts, When Good Companies Go Bad: 100 Corporate Miscalculations and Misdeeds presents a representative sample of cases on a variety of topics, such as the financial sector, health care, environmental protection, product liability, and copyright. This broad introduction to the dark side of the corporate world focuses on events and scandals that resulted in substantial financial penalties, regulatory actions, or criminal convictions. The cases are presented in a readable and engaging format, making the book an illuminating and informative read for high school and college students as well as businesspeople, lawyers, journalists, and professors who teach American politics, public law, or public policy.
