Search results

You are looking at 1 - 10 of 904 items for :

  • Refine by access: All content x
Clear All
A decade of market manipulation, regulatory failures and regulatory reforms
Author: Oonagh McDonald

This book provides a compelling account of the rigging of benchmarks during and after the financial crisis of 2007–8. Written in clear language accessible to the non-specialist, it provides the historical context necessary for understanding the benchmarks – LIBOR, in the foreign exchange market and the Gold and Silver Fixes – and shows how and why they have to be reformed in the face of rapid technological changes in markets. Though banks have been fined and a few traders have been jailed, justice will not be done until senior bankers are made responsible for their actions. Provocative and rigorously argued, this book makes concrete recommendations for improving the security of the financial services industry and holding bankers to account.

Oonagh McDonald

Chapter 10 Holding senior bankers to account As the fines imposed on banks for their part in the manipulation of LIBOR, the foreign exchange market and the Gold and Silver Fixes have mounted up, the question posed by the public both in the UK and in the USA is: why have so few senior bankers gone to jail? The public saw a handful of traders tried and jailed (and sometimes set free on appeal) and a few senior bankers resigned or were asked to resign, while retaining comfortable pensions and even bonuses. The UK and EU regulators considered that reforming the

in Holding bankers to account
Oonagh McDonald

1 From Cotton Trader to Investment Banker: 1844–2008 A brief history On 29 January 2008, Lehman Brothers Holdings Inc reported record revenues of nearly $60bn and record earnings of over $4bn for its fiscal year ending 30 November 2007. Just eight months later, on 15 September 2008, Lehman Brothers sought Chapter 11 protection in the largest bankruptcy ever filed. Its collapse sent shock waves around the world. Everyone remembers the name, Lehman Brothers. Many regard its collapse as the cause of 2008's financial crisis

in Lehman Brothers
Harry Blutstein

7 The anatomy of an insurgency The world is nothing more than a market, an immense fairground. (Jules Verne, Paris in the Twentieth Century) Making of an insurgent Walter Wriston was nothing like a typical 1940s banker. In that decade, bankers were easy-­going, faithfully following the ‘3–6–3 rule’: paying 3 per cent interest on deposits, lending money at 6 per cent, and teeing off at the golf course by 3 p.m. By contrast, Wriston was never going to settle for a comfortable, albeit dull, career. His natural inclination was to overturn the existing order, and his

in The ascent of globalisation
Abstract only
John Wilson

£48 million the net assets amounted to less than onehalf of the company’s called-up share capital (£96.8 million).30 This was extremely humiliating for Ferranti International,31 having made bullish comments since 1990 about a return to profitability and rebuilding shareholder value. Moreover, at the EGM Anderson was obliged to report that losses for the first half of 1993–94 would be higher than the commensurate period of 1992–93, with the amount owed to unsecured creditors rising by the month. The firm’s bankers were consequently ‘keen to draw a final line under

in Ferranti: A History
State, market, and the Party in China’s financial reform
Author: Julian Gruin

Over more than thirty years of reform and opening, the Chinese Communist Party has pursued the gradual marketization of China’s economy alongside the preservation of a resiliently authoritarian political system, defying long-standing predictions that ‘transition’ to a market economy would catalyse deeper political transformation. In an era of deepening synergy between authoritarian politics and finance capitalism, Communists constructing capitalism offers a novel and important perspective on this central dilemma of contemporary Chinese development. This book challenges existing state–market paradigms of political economy and reveals the Eurocentric assumptions of liberal scepticism towards Chinese authoritarian resilience. It works with an alternative conceptual vocabulary for analysing the political economy of financial development as both the management and exploitation of socio-economic uncertainty. Drawing upon extensive fieldwork and over sixty interviews with policymakers, bankers, and former party and state officials, the book delves into the role of China’s state-owned banking system since 1989. It shows how political control over capital has been central to China’s experience of capitalist development, enabling both rapid economic growth whilst preserving macroeconomic and political stability. Communists constructing capitalism will be of academic interest to scholars and graduate students in the fields of Chinese studies, social studies of finance, and international and comparative political economy. Beyond academia, it will be essential reading for anyone interested in the evolution of Chinese capitalism and its implications for an increasingly central issue in contemporary global politics: the financial foundations of illiberal capitalism.

Open Access (free)
Oonagh McDonald

prices of securities are continuously adjusted to reflect all publicly available information. Many argued that the dominance of the theory created the context in which the financial crisis occurred. The theory influenced market participants, central bankers and regulators alike. Central bankers believed that market prices could be trusted and that bubbles either did not exist or could not be identified before they occurred, or even that they were beneficial for growth. Regulators seemed to accept the need for ‘light touch’ regulation, in which the

in Lehman Brothers
Open Access (free)
A locus for fantasy
Katherine Aron-Beller

6 The pingolo : a locus for fantasy 1 I have been here for 30 years and never did I hear anyone say or reflect upon the fact that Jews yelled or shouted in any way, especially at the said times, when they used to be withdrawn and modest. This year they did the worst.2 Like many micro-histories, this chapter, which studies the tension between Jews and Christians during the frequent clash of Passover and Easter, is based on one processo in 1604, which uncovers the boisterous and intrusive actions of a group of Jews in the home of Davide de Norsa, a Jewish banker

in Jews on trial
Gary Murphy

Ireland, and Eugene Sheehy, chief executive of Allied Irish Banks, Ireland’s two largest and most important banks, came together at 6.30 p.m. to ring Brian Cowen requesting an immediate and urgent meeting with him and his Minister for Finance, Brian Lenihan. Although the request was granted by the government, the dapper bankers who turned up at the Department of Finance at 9.30 p.m. were made to wait until 11.30 p.m. to have their case heard. In the meantime Cowen, Lenihan, the governor of the Central Bank, the secretaries general of both the Department of the Taoiseach

in Electoral competition in Ireland since 1987
Maria Elena Versari

satisfy our curiosity, which is of no interest to them’ (Bloch 1999: 14).1 What I propose to examine in this chapter are the traces of a wide array of interpretations and misinterpretations that Futurism triggered in Germany, and the effect they had on defining a new model of avant-garde practice. Herwath Walden, propagandist and antagonist of the Futurists in Berlin When the Futurists first appeared in Germany in 1912, the majority of their works were acquired by the banker Wolfgang Borchardt through the intercession of Herwarth Walden. With this acquisition, Walden

in Back to the Futurists