For thirty years, regulators, and bankers have failed to heed the lessons of 1987, even as the same patterns have resurfaced, investors, most spectacularly in the financial crisis of 2008. The definitive account of the crash of 1987, a cautionary tale of how the U. S. A first-class catastrophe offers a new way of looking not only at the past, but at our financial future as well.
A First-Class Catastrophe: The Road to Black Monday, the Worst Day in Wall Street History #ad - Drawing on superlative archival research and dozens of original interviews Diana B. Henriques weaves a tale of missed opportunities, a poisonous rivalry between the new York Stock Exchange and the Chicago Mercantile Exchange, market delusions, and destructive actions that stretched from the “silver crisis” of 1980 to turf battles in Washington, and the almost-fatal success of two California professors whose idea for reducing market risk spun terribly out of control.
. The market fell 22. 6 percent – almost twice as bad as the worst day of 1929 – equal to a one-day loss of nearly 5, 000 points today. Black monday was more than seven years in the making and threatened nearly every U.
A History of the United States in Five Crashes: Stock Market Meltdowns That Defined a NationWilliam Morrow #ad - Scott nations vividly shows how each of these major crashes played a role in America's political and cultural fabric, each providing painful lessons that have strengthened us and helped us to build the nation we know today. A history of the united states in five crashes clearly and compellingly illustrates the connections between these major financial collapses and examines the solid, clear-cut lessons they offer for preventing the next one.
Taken together they tell the larger story of a nation reaching enormous heights of financial power while experiencing precipitous dips that alter and reset a market where millions of Americans invest their savings, and on which they depend for their futures. Morgan was able to save the stock market. Black tuesday 1929: as the newly created federal reserve system repeatedly adjusted interest rates in all the wrong ways, became the catalyst that caused the bubble to burst, the darlings of that decade, and the Dow fell dramatically, investment trusts, leading swiftly to the Great Depression.
A History of the United States in Five Crashes: Stock Market Meltdowns That Defined a Nation #ad - Black monday 1987: when "portfolio insurance, instead led to increased losses, and corporate raiders drove stock prices above their real values, " a new tool meant to protect investments, the Dow dropped an astonishing 22.6 percent in one day. The great recession 2008: as homeowners began defaulting on mortgages, much of the economy, bringing the nation's largest banks, investment portfolios that contained them collapsed, and the stock market down with them.
The flash crash 2010: when one investment manager, reacted to the economic turmoil in Greece, the stock market took an unprecedentedly sudden plunge, using a runaway computer algorithm that was dangerously unstable and poorly understood, with the Dow shedding 998.5 points roughly a trillion dollars in valuation in just minutes.
The Wizard of Lies: Bernie Madoff and the Death of TrustTimes Books #ad - It is also the most complete account of the heartbreaking personal disasters and landmark legal battles triggered by Madoff's downfall -- the suicides, business failures, fractured families, shuttered charities -- and the clear lessons this timeless scandal offers to Washington, Wall Street, and Main Street.
Many have speculated about what might have happened or what must have happened, but no reporter has been able to get the full story -- until now. In the wizard of Lies, Diana B. The inside story of bernie madoff and his $65 billion Ponzi scheme, with surprising and shocking new details from Madoff himself.
Who is bernie madoff, and how did he pull off the biggest ponzi scheme in history?These questions have fascinated people ever since the news broke about the respected New York financier who swindled his friends, relatives, and other investors out of $65 billion through a fraud that lasted for decades.
The Wizard of Lies: Bernie Madoff and the Death of Trust #ad - . Henriques also provides vivid details from the various lawsuits, government investigations, and court filings that will explode the myths that have come to surround the story. A true-life financial thriller, the wizard of lies contrasts Madoff's remarkable rise on Wall Street, where he became one of the country's most trusted and respected traders, with dramatic scenes from his accelerating slide toward self-destruction.
Henriques of the new york times -- who has led the paper's coverage of the madoff scandal since the day the story broke -- has written the definitive book on the man and his scheme, drawing on unprecedented access and more than one hundred interviews with people at all levels and on all sides of the crime, including Madoff's first interviews for publication since his arrest.
The White Sharks of Wall Street: Thomas Mellon Evans and the Original Corporate Raiders Lisa Drew BooksScribner #ad - It almost seems that thomas mellon evans was a man so far ahead of his contemporaries that he had moved into the shadows before the full force of his business style had dawned on the rest of corporate America. The white sharks of wall street is a fascinating portrait of an extraordinary man, whose career blazed across the sky and then sank into obscurity -- but not before he had provided the template for how American business would operate for the next four decades.
In the end, the battling patriarch faced his youngest son in a poignant battle for control at the Crane Company, the once-famous Chicago plumbing and valve company that Tom Evans had himself seized in a brilliant takeover coup twenty-five years earlier. She relates in dramatic detail a number of important early takeover fights -- wolfson's challenge to Montgomery Ward, Young's move on the New York Central Railroad, the fight for Follansbee Steel -- and shows how they foreshadowed the desperate battle waged by Tom Evans's son, Ned Evans, to keep the British raider Robert Maxwell away from his Macmillan publishing empire during the 1980s.
The White Sharks of Wall Street: Thomas Mellon Evans and the Original Corporate Raiders Lisa Drew Books #ad - At every step in his career, he was barging in where few would follow -- at first. In the white sharks of wall street, new York Times investigative reporter Diana Henriques provides the first biography of this pivotal figure in American business history. Long before investors began to lobby for "shareholder's rights, " Evans was demanding that public companies be run only for their shareholders -- not for their employees, their executives, or their surrounding communities.
Long before michael milken was using junk bonds to finance corporate takeovers, cash, Thomas Mellon Evans used debt, and the tax code to obtain control of more than eighty American companies. To others, he intuitively knew what was needed to keep America competitive in the wake of a global war.
Crashed: How a Decade of Financial Crises Changed the WorldPenguin Books #ad - With a historian’s eye for detail, connection, actions, Adam Tooze brings the story right up to today’s negotiations, and consequence, and threats—a much-needed perspective on a global catastrophe and its long-term consequences. Winner of the lionel gelber prizea new york times notable book of 2018one of the economist's books of the yeara new york times critics' top book"an intelligent explanation of the mechanisms that produced the crisis and the response to it.
. One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems. The new york times book reviewfrom a prizewinning economic historian, an eye-opening reinterpretation of the 2008 economic crisis and its ten-year aftermath as a global event that directly led to the shockwaves being felt around the world today.
Crashed: How a Decade of Financial Crises Changed the World #ad - We live in a world where dramatic shifts in the domestic and global economy command the headlines, from rollbacks in US banking regulations to tariffs that may ignite international trade wars. Despite initial attempts to downplay the crisis as a local incident, and latin america, from the financial markets of the UK and Europe to the factories and dockyards of Asia, in fact, a dramatic caesura of global significance that spiraled around the world, what happened on Wall Street beginning in 2008 was, the Middle East, forcing a rearrangement of global governance.
But current events have deep roots, and the key to navigating today’s roiling policies lies in the events that started it all—the 2008 economic crisis and its aftermath.
The Fed and Lehman Brothers: Setting the Record Straight on a Financial Disaster Studies in Macroeconomic HistoryCambridge University Press #ad - It shows that in reality, the fed could have rescued Lehman but officials chose not to because of political pressures and because they underestimated the damage that the bankruptcy would do to the economy. The compelling story of the lehman collapse will interest anyone who cares about what caused the financial crisis, whether the leaders of the Federal Reserve have given accurate accounts of their actions, and how the Fed can prevent future financial disasters.
Ever since the bankruptcy, there has been heated debate about why the Federal Reserve did not rescue Lehman in the same way it rescued other financial institutions, such as Bear Stearns and AIG. Based on a meticulous four-year study of the Lehman case, The Fed and Lehman Brothers debunks the official narrative of the crisis.
The Fed and Lehman Brothers: Setting the Record Straight on a Financial Disaster Studies in Macroeconomic History #ad - The fed's leaders from that time, especially former Chairman Ben Bernanke, have strongly asserted that they lacked the legal authority to save Lehman because it did not have adequate collateral for the loan it needed to survive. The bankruptcy of the investment bank Lehman Brothers was the pivotal event of the 2008 financial crisis and the Great Recession that followed.
When the Wolves Bite: Two Billionaires, One Company, and an Epic Wall Street BattlePublicAffairs #ad - The inside story of the clash of two of wall street's biggest, most aggressive players--Carl Icahn and Bill Ackman--and Herbalife, richest, the company caught in the middleWith their billions of dollars and their business savvy, toughest, activist investors Carl Icahn and Bill Ackman have the ability to move markets with the flick of a wrist.
Wapner, has gained unprecedented access to all the players and unravels this remarkable war of egos, who hosted that memorable TV show, showing the extreme measures the participants were willing to take. When the wolves bite is both a rollicking, entertaining read--a great business story of money and power and pride.
When the Wolves Bite: Two Billionaires, One Company, and an Epic Wall Street Battle #ad - . But what happens when they run into the one thing in business they can't control: each other?This fast-paced book tells the story of the clash of these two titans over Herbalife, a nutritional supplement company whose business model Ackman questioned. Icahn decided to vouch for them, and the dispute became a years-long feud, complete with secret backroom deals, billions of dollars in stock trades, public accusations, and one dramatic insult war on live television.
The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed ItCurrency #ad - Drawing on unprecedented access to these four number-crunching titans, The Quants tells the inside story of what they thought and felt in the days and weeks when they helplessly watched much of their net worth vaporize--and wondered just how their mind-bending formulas and genius-level IQ’s had led them so wrong, so fast.
. On that night, these four men and their cohorts were the new kings of Wall Street. Few realized, griffin, that in creating this unprecedented machine, though, men like Muller, Asness and Weinstein had sowed the seeds for history’s greatest financial disaster. The quants helped create a digitized money-trading machine that could shift billions around the globe with the click of a mouse.
Muller, griffin, and weinstein were among the best and brightest of a new breed, Asness, the quants. They were accustomed to risking billions. They were preparing to compete in a poker tournament with million-dollar stakes, but those numbers meant nothing to them. Over the prior twenty years, this species of math whiz--technocrats who make billions not with gut calls or fundamental analysis but with formulas and high-speed computers--had usurped the testosterone-fueled, kill-or-be-killed risk-takers who’d long been the alpha males the world’s largest casino.
The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It #ad - With the immediacy of today’s nasdaq close and the timeless power of a Greek tragedy, The Quants is at once a masterpiece of explanatory journalism, a gripping tale of ambition and hubris, and an ominous warning about Wall Street’s future. In march of 2006, four of the world’s richest men sipped champagne in an opulent New York hotel.
The Panic of 1907: Lessons Learned from the Market's Perfect StormWiley #ad - Crane, baker foundation professor, harvard business School "Bruner and Carr provide a thorough, masterly, and highly readable account of the 1907 crisis and its management by the great private banker J. But because of 1907 and morgan, a century later we have a respected central bank as well as greater confidence in our money and our banks than our great-grandparents had in theirs.
Richard sylla, and professor of economics, henry kaufman professor of the History of Financial Institutions and Markets, Stern School of Business, New York University "A fascinating portrayal of the events and personalities of the crisis and panic of 1907. Before reading the panic of 1907, the year 1907 seemed like a long time ago and a different world.
The authors, however, bring this story alive in a fast-moving book, and the reader sees how events of that time are very relevant for today's financial world. We still have financial problems. Their book will be of interest not only to banking theorists and financial historians, but also to business school and economics students, for its rare ability to teach so clearly why and how a panic unfolds.
The Panic of 1907: Lessons Learned from the Market's Perfect Storm #ad - Charles calomiris, columbia university, Henry Kaufman Professor of Financial Institutions, Graduate School of Business . Congress heeded the lessons of 1907, launching the Federal Reserve System in 1913 to prevent banking panics and foster financial stability. Morgan. In spite of all of our advances, including a stronger monetary system and modern tools for managing risk, Bruner and Carr help us understand that we are not immune to a future crisis.
Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the WorldHachette Books #ad - Over a decade, low, with the aid of goldman Sachs and others, siphoned billions of dollars from an investment fund--right under the nose of global financial industry watchdogs. Named a best book of 2018 by the financial times and fortune, this "thrilling" Bill Gates New York Times bestseller exposes how a "modern Gatsby" swindled over $5 billion with the aid of Goldman Sachs in "the heist of the century" Axios.
Now a #1 international bestseller, starred review, billion dollar whalE is "an epic tale of white-collar crime on a global scale" Publishers Weekly, revealing how a young social climber from Malaysia pulled off one of the biggest heists in history. In 2009, a chubby, mild-mannered graduate of the university of Pennsylvania's Wharton School of Business named Jho Low set in motion a fraud of unprecedented gall and magnitude--one that would come to symbolize the next great threat to the global financial system.
Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World #ad - . Low used the money to finance elections, throw champagne-drenched parties, purchase luxury real estate, and even to finance Hollywood films like The Wolf of Wall Street. By early 2019, with his yacht and private jet reportedly seized by authorities and facing criminal charges in Malaysia and in the United States, Low had become an international fugitive, even as the U.
S. Billion dollar whale has joined the ranks of liar's poker, Den of Thieves, and Bad Blood as a classic harrowing parable of hubris and greed in the financial world. Department of Justice continued its investigation.
Firefighting: The Financial Crisis and Its LessonsPenguin Books #ad - From the three primary architects of the American policy response to the worst economic catastrophe since the Great Depression, a magnificent big-picture synthesis--from why it happened to where we are now. In 2018, ben bernanke, tim geithner, and hank Paulson came together to reflect on the lessons of the 2008 financial crisis ten years on.
And they provide to their successors in the United States and the finance ministers and central bank governors of other countries a valuable playbook for reducing the damage from future financial crises. Recognizing that, "the enemy is forgetting, as Ben put it, why it was so damaging, " they examine the causes of the crisis, and what it ultimately took to prevent a second Great Depression.
Firefighting: The Financial Crisis and Its Lessons #ad - Firefighting provides a candid and powerful account of the choices they and their teams made during the crisis, working under two presidents and with the leaders of Congress.