Financial boom and gloom the credit and banking crisis of 2007-2009and beyond / [electronic resource] :

• 作者： Chorafas, Dimitris N.
• 其他作者：
  • Palgrave Connect (Online service)
• 出版： Basingstoke [England] ;New York : Palgrave Macmillan
• 叢書名： Palgrave Macmillan studies in banking and financial institutions
• 主題： Credit--United States--Management. , Risk management--United States. , Secondary mortgage market--United States. , Financial crises--United States. , Electronic books.
• ISBN： 9780230235830 、 0230235832
• FIND@SFXID: CGU
• 資料類型: 電子書
• 內容註: Includes bibliographical references (p. 264-271) and index. Preface -- PART I: CREDIT CRUNCH ASHES AND PAINS -- The Mismanagement of Credit Risk -- The Fed Has Got It Wrong -- The Globalization of Credit Risk -- PART II: THE SUBPRIMES CRISIS -- Earthquake in the Subprime Mortgage Market -- The Industralization of Credit Risk -- Leveraged Instruments, Their Credit Rating and Other Unorthodox Practices -- Northern Rock. A Case Study on Failure of Prudential Supervision -- PART III: BANK SUPERVISORS AND THEIR REMIT -- Responsibilities of Financial Regulation -- Solvency, Liquidity, Asset-backed Paper and the Carry Trade -- Is There a Remedy to the Problems of Bank Supervision? -- Glossary -- Index.
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• 摘要註:   This is the biggest financial crisis of the post-World War IIyears. A superbubble has been created by high leverage, novel productsand the assumption of more and more risk. This has swelled for a quarter of a century and now burst. Institutions are better placed to face this crisis when properly regulated. However, American, British, German and French big banks have fought for the last two decades to reduce the regulators' reach - bringing themselves and the economy the risk of a Second Great Depression. Mortgages were pooled with other mortgages; the pools were sliced into tranches and marketed worldwide as bonds to banks, pension funds, insurance companies, hedge funds and other investors. No one knew, or cared to know, how much risk was embedded in them and how this exposure could be managed if worst came to worst. Supervisory authorities did not react. They looked the other way when the same shaky mortgages were repackaged 20 to 30 times over and sold on. FederalReserve, Securities and Exchange Commission (SEC) and other regulators watched this happening in the false belief that markets correct their own excesses - they do not. This book offers comprehensivecoverageof how and why credit risk escaped management control and supervisory watch. It gives a down to earth explanation of Collateralized DebtObligations (CDOs), Credit Defaults Swaps (CDSs), their business opportunities and their risks, plus a clear explanation of the difference between solvency and liquidity. It also includes practical examples on asset-backed commercial papers, structured investment vehicles, the carrytrade, auction-rate securities and a case study on Northern Rock.
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