Tectonic Shifts in Financial Markets

In this wide-ranging book, Wall Street legend Henry Kaufman recounts the events surrounding the catastrophic collapse of Lehman Brothers from his then vantage point on the board. He explains how, ironically, the Federal Reserve's shortcomings contributed to its growing power. And he argues that Dodd-Frank by sanctioning rather than truly addressing the toobigtofail dilemma squandered a rare opportunity for essential reform.

Whether sparring in print with Citicorp's mercurial Walter Wriston, consulting with British Prime Minister Margaret Thatcher, spurning a deal with junk bond king Michael Milken, or reflecting on his long-time friend Paul Volcker, Kaufman brings readers inside post-war Wall Street. Looking ahead, he dissects major national and global trends and the likely future of credit markets, financial institutions, and leading economies.

As we search for bearings in the wake of the 2008 financial debacle, Henry Kaufman offers sage andpenetrating analysis of today's superheated and he argues stillfragile financial world.

Examines often-ignored consequences of financial concentration Challenges the notion of a new normal in finance and economics Explains why financial markets are becoming more volatile Analyzes the careers of key postwar figures who transformed Wall Street Chronicles key lessons from modern financial history

Autorentext
Henry Kaufman (PhD, New York University) is President of Henry Kaufman & Company, Inc., an economic and financial consulting firm established in 1988. He previously served as head of research and in the senior management of Salomon Brothers, and worked at The Federal Reserve Bank of New York and in commercial banking. Invited to speak before many leading economic and finance organizations around the world, Dr. Kaufman was three times designated one of the thirty most influential Americans by U.S. News & World Report. In 2001, the National Association of Business Economics conferred on him its prestigious Adam Smith Award.

Inhalt

Chapter1.How It Began at Salomon Brothers.-Chapter 2.The Art and Science of Forecasting. Chapter3.Presidents versus Fed Chairmen. Chapter4.Paul Volcker, Perennial Public Servant.-Chapter5.The Fed and Financial Markets: Greenspan and Bernanke.-Chapter6.Charles Sanford and the Rise of Quantitative Risk Management.-Chapter7.The Dominance of Walter Wriston.- Chapter8.The Bigness Crisis.-Chapter9.A Meeting with Margaret Thatcher.-Chapter10.Michael Milken: Moving Junk Bonds to Preeminence.-Chapter11.Financial Crises and Regulatory Reform.-Chapter12.The Present Value of Financial History.-Chapter13.The Politicizing of the Fed.-Chapter14.Tectonic Shifts.-Chapter15.You Can't Go Home Again.