Uncontrolled Risk: Lessons of Lehman Brothers and How Systemic Risk Can Still Bring Down the World Financial System

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Date

March 26, 2010

Format

Electronic book text, 256 pages

Other Formats


ISBN

0071749047 / 9780071749046

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27.95



Overview


Main description

Why was Lehman ignored when everyone else was bailed out?

A risk advisor for top financial institutions and top B-school professor, Mark Williams explains how uncontrolled risk toppled a 158-year-old institution, using this story as a microcosm to illuminate the interconnection of the global financial system, as well as broader policy implications.

This story is told through the eyes of an experienced risk manager and educator in a detailed and engaging way and provides the reader with a complete summary of how a savvy company with sophisticated employees and systems could have gotten it so wrong.


Table of contents

1. The Inquisition
2. Lehman: From Humble Roots to Wall Street Contender
3. From Private to Public
4. History of Investment Banking
5. How the Investment Banking Money Machine Works
6. The Roller-Coaster 1980s
7. The 1990s: Rebuilding Years
8. Lehman's Near Death Experience
9. Innovation, Imitation and Increased Risk: Mortgage-Backed Securities
10. Lehman's Risk Management
11. The Real Estate Bet and the Race to the Bottom
12. The Bear Mauling
13. Time Runs Out
14. The Death of Lehman, Regulation, and Investment Banking
15. The Eneablers and the Deciders
Epilogue: The Post-Lehman Financial Landscape
Appendix: Lehman Brothers Chronology of Key Events


Author comments

Mark T. Williams is a risk management practitioner and academic with two decades of experience. He has worked as a senior executive for major energy trading companies, a trust banker, and an examiner for the Federal Reserve Bank. Williams is currently on the fi nance and economics faculty at Boston University and serves as a senior advisor at the Brattle Group. He has been a guest columnist for Reuters.com, Forbes.com, and the Boston Globe.





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