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Ivo Pezzuto - Predictable and Avoidable.Repairing Economic Dislocation and Preventing the Recurrence of Crisis

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Much has been said and written about the 'financial tsunami' and subsequent economic dislocation that occurred in the opening decade of the 21st Century. Professor Ivo Pezzuto is described by business scholars as an expert on the global financial crisis. He has lectured about it at conferences and seminars; written some of the most read and quoted papers; contributed to what is considered the most authoritative book on the subject; and to one of the best known US-based blogs dealing with it.

In Predictable and Avoidable, Dr Pezzuto offers business school students; academics; and industry experts in the fields of finance, risk management, audit, corporate governance, economics, and regulation, a truly independent and unbiased analysis of the financial crises starting in 2007 and one of the first fully considered expositions of the financial, governance and regulatory reforms needed for the future.

Augmented with personal interviews involving selected global thought leaders and industry experts, the author's narrative focuses on the technical issues that led to the global crisis, but also addresses the human, cultural, and ethical aspects of the events from both sociological and managerial perspectives. The book exposes the root causes and contributes significantly to the debate about the change needed in the banking and finance industries and to supervisory frameworks and regulatory mechanisms.

This analysis enables readers to understand that the crisis we have seen was predictable and should have been avoidable, and that a recurrence can be avoided, if lessons are learned and the right action taken.
Contents: Introduction; The factors that have led to the global financial crisis; The financial crisis was predictable and avoidable; The need for an improved risk governance; The need for cultural change in the organizations and society; Experts’ insights for improved governance; Conclusion; References; Index.

Published in: Economy & Finance
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Ivo Pezzuto - Predictable and Avoidable.Repairing Economic Dislocation and Preventing the Recurrence of Crisis

  1. 1. Dr Ivo Pezzuto Professor of Economics, Business Policy, and International Management https://www.linkedin.com/in/drpezzutoivo https://twitter.com/IvoPezzuto Predictable and Avoidable Repairing Economic Dislocation and Preventing the Recurrence of Crisis
  2. 2. © Copyright 2014 - Ivo Pezzuto – Predictable and Avoidable Born in Italy, raised and educated (BS, MBA, DBA) in the U.S.A. (New York City) and in Europe, Dr. Ivo Pezzuto is a professor of business schools (undergraduate, graduate, and master programs), author, advisor, management consultant, corporate and executive education lecturer, keynote speaker, and economics commentator. Prior to his current management consulting and academic career started in 2003, he has held senior management positions in the corporate world in Europe working for leading global firms in diversified industries and functions. Prof. Ivo Pezzuto has been one of the first authors to write back in 2008 about the alleged "subprime mortgage loans fraud" which has triggered the 2008 financial crisis, in combination with multiple other complex, highly interrelated, and concurrent factors. He wrote his first paper on the topic only 2 weeks after Lehman Brothers demise.
  3. 3. © Copyright 2014 - Ivo Pezzuto – Predictable and Avoidable He has been also one of the first authors to report in that same working paper of 2008 (available on SSRN and titled "Miraculous Financial Engineering or Toxic Finance? The Genesis of the U.S. Subprime Mortgage Loans Crisis and its Consequences on the Global Financial Markets and Real Economy") the high probability of a Eurozone debt crisis, due to a number of unsolved structural macroeconomic problems, the lack of a single crisis resolution scheme, current account imbalances, and in some countries, housing bubbles/high private debt. In the book published in 2013 and titled "Predictable and Avoidable: Repairing Economic Dislocation and Preventing the Recurrence of Crisis", Dr. Ivo Pezzuto has exposed the root causes of the financial crisis in order to enables readers to understand that the crisis we have seen was predictable and should have been avoidable, and that a recurrence can be avoided, if lessons are learned and the right action taken.
  4. 4. About the Author © Copyright 2014 - Ivo Pezzuto – Predictable and Avoidable
  5. 5. About the Author Catholic University of the Sacred Heart, Milan (Italy) Adjunct Professor of Strategy, Innovation Management, International Business, Multinational Management and Entrepreneurship. Since 2010 SMC University, Zug (Switzerland). Associate Professor of Business Administration. Since 2006 MIP Business School of Politecnico, Milan, (Italy) Visiting and Guest Lecturer (seminars/MBA modules). Since 2007 ISTUD Business School, Baveno/ (Italy) Senior Lecturer of Economics and Strategic Management (MBA modules/Executive Education seminars). Since 2004 Economics and Scenario Analyst Commentator for TV Broadcasting, London (UK) Author of papers, articles, journal publications, book chapters and books, analyst (industry and scenario), keynote speaker, and executive education trainer Former senior executive in Europe at leading multinational corporations in diversified industries (FIAT, American Express, Accenture, Citibank, Diners Club) © Copyright 2014 - Ivo Pezzuto – Predictable and Avoidable
  6. 6. 2007 – 2012 Swiss Management Center University, Zurich (Switzerland) Degree: Doctorate of Business Administration 2008 - 2008 ISTUD Business School, Milan (Italy) Degree: Executive Development Program 2004 – 2005 SDA Bocconi School of Management, Milan (Italy) Degree: MBA in General Management . 2003 – 2004 SDA Bocconi School of Management, Milan (Italy) Degree: Master in Economics and Management (CEGA) 2000 – 2000 SDA Bocconi School of Management & CFMT, Milan (Italy) Degree: Senior Executive Program in General Management 1999 – 2000 Accenture Center for Professional Education, Chicago (U.S.A.) Degree: Experienced Executive Development Program 1985 – 1989 New York University Stern School of Business, N.Y.C. (U.S.A.) Degree: Bachelor of Science in Business Administration About the Author © Copyright 2014 - Ivo Pezzuto – Predictable and Avoidable
  7. 7. Publications Miraculous Financial Engineering or Legacy Assets? (2009) The Miracle Still Goes On For Someone (2010) © Copyright 2014 - Ivo Pezzuto – Predictable and Avoidable (2013)(2010) Miraculous Financial Engineering or Toxic Finance? (2008) Predictable and Avoidable: What’s Next? (2014)
  8. 8. Some of the organizations that have contributed to the research work of Predictable and Avoidable
  9. 9. Some of the thought Leaders that have contributed to the book
  10. 10. Book Reviews Predictable and Avoidable: Repairing Economic Dislocation and Preventing the Recurrence of Crisis. By Ivo Pezzuto. Gower; 438 pages ‘This insightful book written by Ivo Pezzuto, a professor of business administration and a renowned expert on the global financial crisis, gives an unbiased and fulsome analysis of the 2007 financial crisis and the global economic dislocation that followed. Mr Pezzuto brings his work to life by augmenting its technicalities with personal interviews with industry experts and by interspersing his take on the mechanisms that contributed to the crisis with its cultural, ethical and human impact. By exposing the causes of the crisis, and putting forward ideas about the changes needed in the banking and finance industry and in the regulatory structures governing them, the author has written a valuable work of interest to academics, industry experts and students alike.’ World: Finance bookshelf, December 2013© Copyright 2014 - Ivo Pezzuto – Predictable and Avoidable
  11. 11. Book Reviews Predictable and Avoidable ‘Research Essential’ ! Predictable and Avoidable has been classified as ‘Research Essential’ by Baker & Taylor YBP Library Services. ‘In this new Gower book, Professor Dr Ivo Pezzuto offers an independent and unbiased analysis of the financial crises and one of the first fully considered expositions of the financial, governance and regulatory reforms needed for the future. With personal interviews involving selected global thought leaders and industry experts, the book exposes the root causes and demonstrates that the crisis we have seen was predictable and should have been avoidable, and that a recurrence can be avoided, but only if lessons are learned and the right action taken in relation to the banking and finance industries and to supervisory frameworks and regulatory mechanisms.’ © Copyright 2014 - Ivo Pezzuto – Predictable and Avoidable
  12. 12. Book Reviews Dr. Antonio Argandoña, Emeritus Professor of IESE Business School, Spain ‘A complete and detailed explanation of the financial crisis. There are many popular descriptions of the current financial crisis. There are also many more or less detailed and rigorous analyses of the causes, consequences and solutions of the crisis. But when the student, the teacher or the researcher needs a complete analysis, which includes all the alternative explanations, a deep presentation of the consequences of the crisis and an accurate study of the policies that have been adopted, the number of available books is very limited. Dr Ivo Pezzuto’s Predictable and Avoidable is one of those rare books that deal with this complex subject in an affordable and complete way.’ © Copyright 2014 - Ivo Pezzuto – Predictable and Avoidable
  13. 13. Book Reviews The book has been classified as 'Relevant Money Laundering and Fraud Title' by the IMLPO (The Institute of Money Laundering Prevention Officers) - the networking organisation for the UK's anti- money laundering and financial crime prevention community. In 2014 the book has been short-listed by The Chartered Management Institute (CMI) for the “Management Book of the Year” Award. The CMI in association with the British Library aim to celebrate the best of management books published or distributed in the UK, from the most inspiring to the most useful. Predictable and Avoidable ‘Relevant Money Laundering and Fraud Title' © Copyright 2014 - Ivo Pezzuto – Predictable and Avoidable
  14. 14. Book Reviews ‘Dr Pezzuto’s far-reaching and insightful book on the causes of and cures for the financial meltdown of the late 2000s is a must read for anyone who holds a position of trust. In particular, his comprehensive table on the “Summary of Causes of the Financial Crisis and Actionable Risk Mitigation Plans” is unparalleled in both form and function.’ John H. Nugent, School of Management, Texas Woman’s University, USA ‘This exquisite book sheds a light on the facts that led to the biggest financial crises since the Great Depression. Dr Pezzuto provides the opportunity to understand the extreme risk taking, the excessive power of the banks and the regulation failure. By using fact based evidences, he proves that the biggest financial turbulence of this generation was preventable.’ Daniela Milanese, journalist, Agência Estado, Brazil © Copyright 2014 - Ivo Pezzuto – Predictable and Avoidable
  15. 15. Book Reviews ‘This book impressively fits a number of puzzle pieces of crisis analysis right into a comprehensive structure of ethics and values that will be necessary to shape a world without too much “pollution”, and it shows that through the financial crisis also such a thing as “financial pollution“ became apparent. Highly recommendable at a specifically personal level for leaders of all ranks.’ Peter H. Hoffmann, CEO, Evolta - Evolving Executive Careers / Consulting and Development, and Prof. em. SMCU, Austria ‘This remarkable and insightful book shows the reader what really went wrong, and why, in the global financial crisis. A fact-based and unbiased perspective, robustly coupled with analytical insights, “connects the dots” of all the events that led to the financial meltdown and its aftermath. Based on the author’s own deductive reasoning, his extensive research and his seasoned managerial experience, the book is enriched with valuable “thought-leaders” insights on the crisis and sound proposals for improved financial regulation.’ Asghar Aghili Dehkordi, Strategic Plans and Development Manager at LG Electronics, Iran © Copyright 2014 - Ivo Pezzuto – Predictable and Avoidable
  16. 16. Book Reviews ‘An excellent analysis of the causes of the recent financial crisis. Written for a wide audience, this timely contribution educates the reader on the main causes and effects of the recent financial crisis. It is an accurate and comprehensive treatment of facts that led to the meltdown, substantiated by the overwhelming evidence of various warnings that went unheeded, and corroborated by inspiring interviews with academic and industry experts. Predictable and Avoidable does not limit itself to a sterile a-posteriori criticism, but describes concrete actions to take to prevent the occurrence of similar catastrophic events in the future. A must read!’ Fabio Mercurio, Head of Derivatives Research, Bloomberg LP, New York, and Adjunct Professor, New York University, USA © Copyright 2014 - Ivo Pezzuto – Predictable and Avoidable
  17. 17. Conferences Executive Development Programme © Copyright 2014 - Ivo Pezzuto – Predictable and Avoidable
  18. 18. Conferences ICTF's International Credit Professionals Symposium in Europe October 19-21, 2014 Hilton Old Town Hotel - Prague, Czech Republic "Global Credit Management Excellence, Expert Perspectives and Best Practices" © Copyright 2014 - Ivo Pezzuto – Predictable and Avoidable Keynote Address: Predictable and Avoidable
  19. 19. Conferences (reviews) ICTF's International Credit Professionals Symposium in Europe October 19-21, 2014 Hilton Old Town Hotel - Prague, Czech Republic "Global Credit Management Excellence, Expert Perspectives and Best Practices" © Copyright 2014 - Ivo Pezzuto – Predictable and Avoidable Vittorio Martorano AGiCRE - Agility in Credit Management for Evolving Business “It has been a great pleasure knowing Dr. Ivo Pezzuto, an acute, brilliant, forward-thinking professional. His highly qualified and valuable intervention on "Predictable and Avoidable, preventing the recurrence of crisis" provided with immediate simplicity a well-researched insight on the essence of our current economic condition and its global trends. His intervention gave me an incredible amount of inputs and food for thoughts in my specific area in credit management. Thank you, Dr. Ivo!”
  20. 20. Conferences © Copyright 2014 - Ivo Pezzuto – Predictable and Avoidable Department of Economics and Management
  21. 21. Broadcasting Book Presentations © Copyright 2014 - Ivo Pezzuto – Predictable and Avoidable
  22. 22. Thank You! © Copyright 2014 - Ivo Pezzuto – Predictable and Avoidable

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