The devil's derivatives: the untold story of the slick traders and hapless regulators who almost blew up Wall Street ... and are ready to do it again
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Boston, Mass.
Harvard Business Review Press
2011
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Includes bibliographical references (p. 257-267) and index |
| Physical Description: | xvi, 291 p. 24 cm |
| ISBN: | 9781422177815 |
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MARC
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| 245 | 1 | 0 | |a The devil's derivatives |b the untold story of the slick traders and hapless regulators who almost blew up Wall Street ... and are ready to do it again |c Nicholas Dunbar |
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Record in the Search Index
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| adam_text | Titel: The devil s derivatives
Autor: Dunbar, Nicholas
Jahr: 2011
Contents
Foreword ix
Introduction: The Siren Song of the Men Who Love to Win x
one The Bets That Made Banking Sexy 1
Introduction to derivatives. Long-term actuarial
approach versus the market approach to credit. Goldman
Sachs sees opportunity in default swaps. The market
approach vindicated by Enron s bankruptcy.
two Going to the Mattresses 27
The advent of VAR and OTC derivatives. The collapse of
Long-Term Capital Management (LTCM). A fatal flaw is
exposed. The wrong lesson is learned.
three A Free Lunch . .. with Processed Food 55
A new market for collaterized debt obligations (CDOs).
Risky investments, diversification, and the role of the
ratings agencies. Barclays finds investors for its CDOs,
only to fall out with them.
four The Broken Heart Syndrome 85
J.R Morgan and Deutsche Bank dominate the European
CDO market. Innovation outpaces the ratings agencies.
Traders make millions with the help of correlation
models. Reasons for concern.
five Regulatory Capture 115
The Fed lessens the restraints on big banks. Regulators
are unable to keep pace. Banks abuse the system. Govern-
ment agencies miss the chance to rein in the abuses.
six Burning Down the Housing Market 143
A boom in the demand for CDOs. Subprime bonds and a
new kind of default swap help feed the demand. Housing
bubble begins to burst. Dealers bet against their own
deals.
seven The Eyes of Satan 177
The secret history of shadow banking. Cash gets sub-
verted by subprime. Ratings agencies jump on the
structured investment vehicle (SIV) bandwagon. Skittish
investors flee the market.
eight Massive Collateral Damage 207
A flood of toxic assets undermines confidence in the
market-based system. Goldman Sachs takes advantage.
Investors bet on the collapse of the banks. Disaster is
imminent. Governments prop up the system.
Epilogue 239
Appendix 251
Notes 257
Index 269
Acknowledgments 287
About the Author 291
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| spelling | Dunbar, Nicholas Verfasser aut The devil's derivatives the untold story of the slick traders and hapless regulators who almost blew up Wall Street ... and are ready to do it again Nicholas Dunbar Boston, Mass. Harvard Business Review Press 2011 xvi, 291 p. 24 cm txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references (p. 257-267) and index Derivative securities United States Finance United States Investment advisors United States Investment banking United States Financial services industry United States USA HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025343613&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Dunbar, Nicholas The devil's derivatives the untold story of the slick traders and hapless regulators who almost blew up Wall Street ... and are ready to do it again Derivative securities United States Finance United States Investment advisors United States Investment banking United States Financial services industry United States |
| title | The devil's derivatives the untold story of the slick traders and hapless regulators who almost blew up Wall Street ... and are ready to do it again |
| title_auth | The devil's derivatives the untold story of the slick traders and hapless regulators who almost blew up Wall Street ... and are ready to do it again |
| title_exact_search | The devil's derivatives the untold story of the slick traders and hapless regulators who almost blew up Wall Street ... and are ready to do it again |
| title_full | The devil's derivatives the untold story of the slick traders and hapless regulators who almost blew up Wall Street ... and are ready to do it again Nicholas Dunbar |
| title_fullStr | The devil's derivatives the untold story of the slick traders and hapless regulators who almost blew up Wall Street ... and are ready to do it again Nicholas Dunbar |
| title_full_unstemmed | The devil's derivatives the untold story of the slick traders and hapless regulators who almost blew up Wall Street ... and are ready to do it again Nicholas Dunbar |
| title_short | The devil's derivatives |
| title_sort | the devil s derivatives the untold story of the slick traders and hapless regulators who almost blew up wall street and are ready to do it again |
| title_sub | the untold story of the slick traders and hapless regulators who almost blew up Wall Street ... and are ready to do it again |
| topic | Derivative securities United States Finance United States Investment advisors United States Investment banking United States Financial services industry United States |
| topic_facet | Derivative securities United States Finance United States Investment advisors United States Investment banking United States Financial services industry United States USA |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025343613&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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