The devils are here .joe nocera and b. mc lean
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This document provides background information on key figures involved in the financial crisis. It defines common financial terms like credit default swaps and derivatives. It then profiles several CEOs and executives, describing how some promoted risky subprime lending to expand homeownership but lacked oversight, while others ran firms like private fiefdoms and ignored signs of a looming mortgage bubble. It includes a quote from the poet W.B. Yeats suggesting the crisis may have been a harbinger of greater troubles to come.
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coffee, hoping it might ease his headache. He was recovering from a slight hangover, but his head
really hurt for a different reason: He knew too much.
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executive of JP Morgan Chase, the nation’s third-largest bank, had spent part of the prior evening
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Brothers, the nation’s fourth-largest investment bank—or risk the collateral damage that might
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To Dimon it was a terrifying predicament that caused his mind to spin as he rushed home
afterward. He was already more than two hours late for a dinner party that his wife, Judy, was
hosting. He was embarrassed by his delay because the dinner was for the parents of their
daughter’s boyfriend, whom he was meeting for the first time.
“Honestly, I’m never this late,” he offered, hoping to elicit some sympathy. Trying to avoid
saying more than he should, still he dropped some hints about what had happened at the meeting.
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guests as he mixed himself a martini. “You’re going to read about it tomorrow in the papers.”
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alluded. Leaning against the kitchen counter, Dimon opened the Wall Street Journal and read the
headline of its lead story: “Lehman Races Clock; Crisis Spreads.”
Dimon knew that Lehman Brothers might not make it through the weekend. JP Morgan had
examined its books earlier that week as a potential lender and had been unimpressed. He also had
decided to request some extra collateral from the firm out of fear it might fall. In the next
twenty-four hours, Dimon knew, Lehman would either be rescued or ruined. Knowing what he did,
however, Dimon was concerned about more than just Lehman Brothers. He was aware that Merrill
Lynch, another icon of Wall Street, was in trouble, too, and he had just asked his staff to make sure
JP Morgan had enough collateral from that firm as well. And he was also acutely aware of new
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Similar to The devils are here .joe nocera and b. mc lean
TOO BIG TO FAIL Andrew Sorkin PROLOGUE
TOO BIG TO FAIL
Andrew Sorkin
PROLOGUE
Standing in the kitchen of his Park Avenue apartment, Jamie Dimon poured himself a cup of
coffee, hoping it might ease his headache. He was recovering from a slight hangover, but his head
really hurt for a different reason: He knew too much.
It was just past 7:00 a.m. on the morning of Saturday, September 13, 2008. Dimon, the chief
executive of JP Morgan Chase, the nation’s third-largest bank, had spent part of the prior evening
at an emergency, all-hands-on-deck meeting at the Federal Reserve Bank of New York with a
dozen of his rival Wall Street CEOs. Their assignment was to come up with a plan to save Lehman
Brothers, the nation’s fourth-largest investment bank—or risk the collateral damage that might
ensue in the markets.
To Dimon it was a terrifying predicament that caused his mind to spin as he rushed home
afterward. He was already more than two hours late for a dinner party that his wife, Judy, was
hosting. He was embarrassed by his delay because the dinner was for the parents of their
daughter’s boyfriend, whom he was meeting for the first time.
“Honestly, I’m never this late,” he offered, hoping to elicit some sympathy. Trying to avoid
saying more than he should, still he dropped some hints about what had happened at the meeting.
“You know, I am not lying about how serious this situation is,” Dimon told his slightly alarmed
guests as he mixed himself a martini. “You’re going to read about it tomorrow in the papers.”
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alluded. Leaning against the kitchen counter, Dimon opened the Wall Street Journal and read the
headline of its lead story: “Lehman Races Clock; Crisis Spreads.”
Dimon knew that Lehman Brothers might not make it through the weekend. JP Morgan had
examined its books earlier that week as a potential lender and had been unimpressed. He also had
decided to request some extra collateral from the firm out of fear it might fall. In the next
twenty-four hours, Dimon knew, Lehman would either be rescued or ruined. Knowing what he did,
however, Dimon was concerned about more than just Lehman Brothers. He was aware that Merrill
Lynch, another icon of Wall Street, was in trouble, too, and he had just asked his staff to make sure
JP Morgan had enough collateral from that firm as well. And he was also acutely aware of new
dangers developing at the global insurance giant American International Group (AIG) that so far
had gone relatively unnoticed by the public—it was his firm’s client, and they were scrambling to
raise additional capital to save it. By his estimation AIG had only about a week to find a solution,
or it, too, could falter.
Of the handful of principals involved in the dialogue about the enveloping crisis—the government
included—Dimon was in an especially unusual position. He had the closest thing to perfect,
real-time information. That ”deal flo w” enable ...
Bigger Banks, Riskier Banks
After trillions of dollars in taxpayer funds, cheap loans and other forms of direct and indirect support, the biggest banks are bigger and more complex than ever; and for all the talk of newfound caution and tougher regulation, their recent record reveals an undiminished commitment to the kind of risky practices that inflate short-term profits when they go right but hold the potential to decimate the economy when they go wrong.
Goldman Sachs - POWER & PERILS
Goldman Sachs is a major investment bank that profited greatly during the financial crisis by shorting the subprime mortgage market while still selling mortgage-backed securities to clients. It faces numerous lawsuits alleging it misled investors and profited from the financial products it created failing. While top executives claim they did not bet against clients, internal emails suggest they were aware of the risks in the products they sold. The bank continues to face legal and reputational challenges over its role in the crisis.
Inside job 2011...
The document discusses the 2008 financial crisis and the role of AIG. It explains that AIG sold credit default swaps to insure collateralized debt obligations (CDOs), effectively taking on insurance risks without sufficient reserves. This led AIG to require a government bailout when the housing market collapsed and many CDOs failed. The document also discusses the roles of other institutions like Lehman Brothers, Morgan Stanley, and Goldman Sachs in selling toxic assets and profiting until the crisis hit. Rating agencies are criticized for giving high ratings that did not accurately capture risk.
Challenges of regulation_2009
The document discusses a class exercise involving a quiz with connection questions. It provides 6 questions and asks participants to identify a theme that connects the answers. It then discusses challenges of financial regulation and the global financial crisis. Key points include: regulatory failures allowed the housing bubble and risky financial products; the crisis had widespread impacts and parallels the Great Depression; and India was protected due to strong banking regulation by Dr. Y.V. Reddy.
2038868 (1)
The document summarizes how risky subprime mortgages originated in Southern California, facilitated by mortgage brokers pushing these loans. These brokers were a key link in a chain that stretched from mortgage lenders to Wall Street banks that packaged the loans into securities, fueling huge profits. However, as home prices declined and defaults increased, this led to billions in losses for investors in mortgage-backed securities. The boom and subsequent bust were driven by a proliferation of loosely regulated mortgage brokers that originated risky loans, often without properly informing borrowers of terms.
SMETimes Oct 6, 2008 Financial Tsunami - What Brought It On
"Whether we like it or not, the laws of gravity work in financial markets as well and what goes up ultimately comes down," Jagannadham Thunuguntla, head of the capital markets arm of India's fourth largest share brokerage firm, the Delhi-based SMC Group, told IANS.
Friends Collection 09 0227
The document summarizes the causes and likely outcomes of the Financial Panic of 2007. It identifies the proximate causes as the credit crisis in the subprime mortgage market, the ensuing recession, changes in accounting rules that reduced bank capital, and the resulting liquidity crisis. A probable outcome mentioned is that there will be both winners and losers in the stock market, and increased regulation of financial institutions and transactions.
INTERPOL - Bringing The United States of America's Corrupt Officials To Justice
The document discusses allegations of war crimes and cover-ups by the U.S. government. It claims photographs show U.S. officials were involved in terrorist attacks on 9/11 and in scandals like Abu Ghraib. It questions why Interpol and the UN have not investigated or charged U.S. officials. The document also discusses the roles of Jewish people in government, banking, and media, implying they are obstructing investigations into financial scandals and the country's debt.
45 Page Conference Paper
The document provides an overview of the causes of the 2008 financial crisis. It discusses risky government policies in the late 1990s and 2000s that encouraged homeownership and an unregulated derivatives market. These policies contributed to a housing bubble fueled by subprime lending and excessive risk-taking by financial institutions. When home prices peaked in 2006 and then declined, foreclosures increased which weakened banks and led to a broader economic crisis. The government implemented TARP and other programs to bail out financial institutions and stabilize the economy.
2008 Stock Market Disaster Revised September 2012 For Slideshare
The 2008 Stock Market Disaster
The document summarizes the key events and factors that led to the 2008 stock market crisis. It discusses how deregulation of the banking industry in the 1990s allowed banks to engage in risky behaviors like predatory lending and investing in mortgage-backed securities and derivatives. It also examines the role of government policies like the Community Reinvestment Act in pressuring banks to lower lending standards. Ultimately, unregulated trading of mortgage-backed securities and derivatives like credit default swaps led to the crisis when the housing bubble burst in 2007-2008.
Busuness ethics scandal LEHMAN BROTHERS.pptx
Lehman Brothers filed for bankruptcy in 2008 due to excessive risk taking and losses related to the subprime mortgage crisis. To hide their troubled financial position, Lehman executives and their auditor, Ernst & Young, used an accounting maneuver called Repo 105 to temporarily move $50 billion in assets off their balance sheet at the end of each quarter. This made the bank appear healthier than it really was. When the financial markets deteriorated, Lehman was unable to mask its true risks and liquidity problems any longer. Its bankruptcy highlighted the need for greater transparency, accountability, risk management and ethical leadership in the financial industry.
Financial Crises
The document summarizes the events leading up to the 2008 global financial crisis. It describes how low interest rates in the early 2000s led to a housing bubble, risky lending practices, and the bundling of subprime mortgages into securities. The collapse of the housing market revealed losses throughout the financial system. Major institutions like Bear Stearns and Lehman Brothers failed, severely damaging confidence and availability of credit.
Wsj Presentation
The document provides an overview of The Wall Street Journal's circulation figures for its various regional editions. It then discusses early coverage in 2001-2002 of the emerging housing bubble and concerns about rapidly rising home prices. Several experts are quoted warning about the potential for a collapse in prices. The document also summarizes several WSJ articles covering key events during the unfolding of the financial crisis between 2007-2009, including the collapse of Bear Stearns, Lehman Brothers, and AIG as well as the government bailouts.
Alternative Currencies: The Solution to the Economic Crisis?
"What is now being called the 'Great Recession' shows no sign of ending either in the U.S. or elsewhere in the world. What then should be done? In many locations people are increasingly turning to creation of alternative currencies. But can these really be effective?
This and many other questions will be addressed by Richard C. Cook, author and retired U.S. Treasury analyst."
As a resident of Roanoke and director of the Peace Spiritual Center, Richard brings a wealth of information and an open-eyed critique of the most discussed solutions as well as examples from both ancient and recent history.
Lehman Brothers and the subprime crisis.pptx
Lehman Brothers was a major global investment bank that filed for bankruptcy in 2008 during the subprime mortgage crisis. It originated from a general store in Alabama in the mid-1800s and grew to become one of the largest investment banks in the world. However, its downfall was precipitated by the subprime mortgage crisis after it invested heavily in mortgage-backed securities and collateralized debt obligations composed of risky subprime loans. As borrowers began defaulting on these risky loans in large numbers, the value of these investments plunged, severely damaging Lehman Brothers' business and ultimately causing it to collapse.
Bharat Site Oct 3, 2008 - Inside the financial tsunami: what brought it on?
The financial crisis was caused by imprudent lending practices in the US, especially related to real estate. Alan Greenspan loosened lending standards to boost the economy after the dot-com bust and 9/11. Banks aggressively lent to subprime borrowers and issued loans exceeding property values. When home prices declined and borrowers defaulted, banks' equity was wiped out due to high leverage ratios exceeding prudent levels. European banks were also affected as they had exposures to the US real estate market and did not follow conservative lending standards. Indian banks remained safe due to prudent banking regulations.
US Sub-Prime Crisis
The document summarizes the sub-prime mortgage crisis of the late 2000s. It describes how risky sub-prime mortgages were packaged and sold as securities by investment banks, fueling a housing bubble. When borrowers started defaulting, it led to huge losses at major financial institutions, the bankruptcy of Lehman Brothers, and the acquisition of Merrill Lynch. The crisis spread globally and resulted in the Great Recession, with impacts like millions of foreclosures and a 20% drop in home prices. Governments enacted legislation to regulate derivatives and assist homeowners.
The New York Times: Coverage of the Financial Crisis
The New York Times provided adequate coverage of the financial crisis through extensive reporting both leading up to and during the crisis. Articles used clear language and visualizations to explain the formation of the housing bubble and subsequent bursting of the bubble. The coverage included warnings of the crisis, perspectives from experts, and explanations of government responses as the crisis unfolded. However, some articles were lengthy and dense, potentially overwhelming readers with information.
Comm439financialcrisisfinal
The New York Times provided adequate coverage of the financial crisis through extensive reporting both leading up to and during the crisis. Articles used clear language and visualizations to explain the formation of the housing bubble and subsequent bursting of the bubble. The coverage included warnings of the crisis, perspectives from experts, and explanations of government responses as the crisis unfolded. However, some articles were lengthy and dense, potentially overwhelming readers with information.
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SMETimes Oct 6, 2008 Financial Tsunami - What Brought It On
SMETimes Oct 6, 2008 Financial Tsunami - What Brought It On
INTERPOL - Bringing The United States of America's Corrupt Officials To Justice
INTERPOL - Bringing The United States of America's Corrupt Officials To Justice
2008 Stock Market Disaster Revised September 2012 For Slideshare
2008 Stock Market Disaster Revised September 2012 For Slideshare
Alternative Currencies: The Solution to the Economic Crisis?
Alternative Currencies: The Solution to the Economic Crisis?
Bharat Site Oct 3, 2008 - Inside the financial tsunami: what brought it on?
Bharat Site Oct 3, 2008 - Inside the financial tsunami: what brought it on?
The New York Times: Coverage of the Financial Crisis
The New York Times: Coverage of the Financial Crisis
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The devils are here .joe nocera and b. mc lean
- 1. HELL IS EMPTY ‘ALL THE DEVILS ARE HERE BETHANY MCLEAN & JOSEPH NOCERA ALL RIGHTS RESERVED’
- 2. TERMS Credit Default Swap: ‘CDS are a financial instrument for swapping the risk of debt default. The seller of a credit default swap receives monthly payments from the buyer. If the debt instrument defaults they have to pay the agreed amount to the buyer of the credit default swap’. Derivatives. ‘A derivative is a contract between two or more parties whose value is based on an agreed-upon underlying financial asset, index or security. Common underlying instruments include: bonds, commodities, currencies, interest rates, market indexes and stocks’. Subprime loan. ‘Making loans to people who may have difficulty maintaining the repayment schedule, sometimes reflecting setbacks, such as unemployment, divorce, medical emergencies’,
- 4. ANGELO MOZILO The CEO Countrywide. Under him the company became one of the largest mortgage companies in the USA. His vision was to provide homes for the average American. This was truncated by self-indulgence and the impact of his peers in the industry.’Mozilo was an extremely dark skinned Italian- American and very sensitive about his heritage’
- 5. ROLAND ARNALL He is a humanitarian with a diplomatic sensitivity. He built Amerinquest, a subprime lending company that used misleading lending principles.
- 6. HANK GREENBERG He built and ran AIG like a private property. He was the only person privy to all the secrets of the firm.
- 7. STAN O'NEAL He is a proud man who destroyed Goldman Sachs by promoting acolytes into sensitive positions and removing best hands from office.
- 8. LLOYED BLANKFEIN He shifted Goldman Sachs from a customer friendly firm to the one that relegated customers’ interest to the background for selfish reasons.
- 9. FRANKLIN RAINES In Fannie Mae, he intimidated federal regulators and steered his firm away from the original intent; to aid the poor to own a home.
- 10. TREASURER HANK PAULSON He believed the takeover of Fannie Mae and Freddie Mac was the single thing he did that he had no apologies for.
- 12. ALAN GREENSPAN The Federal Reserve chairman who supported private enterprise and refused to accept the looming evidence of mortgage bubble. He could not control the unethical practices that nearly destroyed Wall Street and inflicted financial pains in America.
- 15. A CARTOON ON REGULATIONS ALL RIGHTS RESERVED
- 16. ‘SURELY THE SECOND COMING IS AT HAND’ W.B YEATS ALL RIGHTS RESERVED
- 17. THANK YOU