Applying the Lessons of History to Understanding Fraud Today and
Tomorrow
Financial Stability provides a roadmap by which the world
can anticipate and avoid future financial disruptions. This unique
discussion of past and present financial events offers new insights
that explain economic, political, and legal antecedents of
financial crises in Western markets. With a detailed discussion of
the history of finance, this book shows modern investors and
finance professionals how to learn from past successes and failures
to gauge future market threats.
Readers will gain new insight into the antecedents of todays
financial markets and the political economy that surrounds them.
Armed with this knowledge, they will be able to craft a strategy
that steers away from financial disorder and toward maximum
stability. Coverage includes discussion of capital, forecasting,
and political reaction, and past, present, and future applications
within all realms of business. The companion website offers
additional data and research, providing a complete resource for
those seeking a better understanding of the risk at hand.
As the world struggles to emerge from the latest financial
crisis, professionals in finance, the law and other disciplines,
and the people they advise, are searching for understanding to
avoid future crises. Financial Stability argues that the
best lessons are learned from our own mistakes, and that the
ability to look ahead depends upon our willingness to look back.
Readers will:
* Review the historical laws, practices, and outcomes that shaped
the modern day financial markets of the great western
economies
* Understand the theory of financial stability, the roles of law
and transparency, and the importance of action to punish fraud in
order to prevent future contagion
* Work through the theoretical proofs in terms of math, law,
accounting, economics, philosophy, and international trade
* Build a strategy for the future with consideration toward
needs, sources, balance, and learning from past mistakes
Everywhere around the globe, at all points in history, financial
crises have always been rooted in the confluence of politics,
finance, and law. Financial Stability puts the latest global
financial crisis in perspective, highlighting the lessons we have
already learned, and those we need to internalize today.
Spis treści
Preface
Introduction
Part 1: A Flight through Financial Market History–Freedom
and Fraud
Chapter 1. The First Few Millennia
Chapter 2. The Bank of England and the Scottish Enlightenment
Chapter 3. U.S. Banking, from British Colonies to 1865
Chapter 4. Bagehot’s Dictum (a.k.a. the 'Greenspan Put’)
Chapter 5. U.S. Financial Markets from 1865 to the Great
Depression
Chapter 6. Depression, War, and Aftermath–Reflecting on
Finance from 1929 to 1973
Chapter 7. Early Deregulation: The Transactions that Replaced
Depression Era Thrifts
Chapter 8. Riskless Arbitrage–Stand-alone Collateralized
Mortgage Obligations (’CMOs’)
Chapter 9. Paradise Gained, Lost, Regained, and
Destroyed–1992 to 2008
Chapter 10. Resurrection, Recovery and Reform–2008-2013
Chapter 11. Different Circumstances Require Different
Solutions
Part 2: The Theory of Financial Stability
Chapter 12. Statement: Rule of Law + Freedom +
Transparency –> Equilibrium
Chapter 13. Saying vs. Doing
Part 3: Proofs of the Theory of Financial Stability
Chapter 14. Mathematics: (1 + i)x > (E =
mc²)
Chapter 15. Law: Incomplete 'Sale’ identical to Secured Borrowing
Chapter 16. Economics: Savings identical to Investment
Chapter 17. Accounting: Assets identical to Liabilities +
Capital
Chapter 18. International Trade: Current Account
Deficit identical to Capital Investment — Domestic
Savings
Chapter 19. Philosophy: Benevolence > Self Interest >
Fraud
Part 4: The Future
Chapter 20. Achieving Wisdom While Avoiding Mistakes of
Experience
Chapter 21. Capital Needs
Chapter 22. Sources of Capital
Chapter 23. Managing the Water Balloon
Chapter 24. Balancing the Bubbles
Epilogue: Truth and Consequences
References
About the Companion Website
About the Authors
Index
O autorze
FREDERICK L. FELDKAMP is a retired partner of Foley & Lardner, LLP, where he chaired the firm’s financial asset securitization practice. He has been a key contributor to the legal basis of mortgage-backed securities and other financial innovations in the United States. Feldkamp’s numerous publications have appeared in peer-reviewed legal journals around the world.
R. CHRISTOPHER WHALEN is an investment banker and author who lives in New York City. He is Senior Managing Director and Head of Research at Kroll Bond Rating Agency, where he is responsible for financial institution and corporate ratings. Over the past three decades, he has worked for financial firms such as Bear, Stearns & Co., Prudential Securities, Tangent Capital Partners, and Carrington. He was a co-founder and principal of Institutional Risk Analytics from 2003 through 2013, when the firm was acquired by Total Bank Solutions.
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