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A Crisis of Value

This book explains the fundamental causes of the bank's failure, including the inadequacy of the regulatory and supervisory framework. For some, it was the repeal of the Glass-Steagall Act that was the overriding cause, not just of the collapse of Lehman Brothers, but of the financial crisis as a whole. The book argues that the cause is partly to be found both in weak and ineffective regulation and also in a programme of regulation and supervision that was simply not fit for the purpose. Lehman Brothers' long history began with three brothers, immigrants from Germany, who sold selling groceries and dry goods to local cotton farmers. Dick Fuld, the chairman and CEO, and his senior management, ignored the increased risks, choosing to rely on over-valuations of the firm's assets. The book examines the regulation of the Big Five investment banks in the context of the changes which took place in the structure of banking after the repeal of the Glass-Steagall Act. It describes the introduction of the European Union's Consolidated Supervision Directive in 2004. The book examines the whole issue of valuing Lehman's assets and details the regulations covering appraisals and valuations of real estate, applicable at the time and to consider Lehman's approach in the light of these regulations. It argues that that the valuation of Lehman's real estate assets was problematic to say the least, as the regulators did not require the investment banks to adopt a recognized methodology of valuation, and that Lehman's own methods were flawed.

Karl Polanyi (1886–1964) returned to public discourse in the 1990s, when the Soviet Union imploded and globalization erupted. Best known for The Great Transformation, Polanyi’s wide-ranging thought anticipated twenty-first-century civilizational challenges of ecological collapse, social disintegration and international conflict, and warned that the unbridled domination of market capitalism would engender nationalist protective counter-movements. In Karl Polanyi and Twenty-First-Century Capitalism, Radhika Desai and Kari Polanyi Levitt bring together prominent and new thinkers in the field to extend the boundaries of our understanding of Polanyi's life and work. Kari Polanyi Levitt's opening essay situates Polanyi in the past century shaped by Keynes and Hayek, and explores how and why his ideas may shape the twenty-first century. Her analysis of his Bennington Lectures, which pre-dated and anticipated The Great Transformation, demonstrates how Central European his thought and chief concerns were. The next several contributions clarify, for the first time in Polanyi scholarship, the meaning of money as a fictitious commodity. Other contributions resolve difficulties in understanding the building blocks of Polanyi's thought: fictitious commodities, the double movement, the United States' exceptional development, the reality of society and socialism as freedom in a complex society. The volume culminates in explorations of how Polanyi has influenced, and can be used to develop, ideas in a number of fields, whether income inequality, world-systems theory or comparative political economy. Contributors: Fred Block, Michael Brie, Radhika Desai, Michael Hudson, Hannes Lacher, Kari Polanyi Levitt, Chikako Nakayama, Jamie Peck, Abraham Rotstein, Margaret Somers, Claus Thomasberger, Oscar Ugarteche Galarza.

Aeron Davis

been broken up. The banks were too big, too powerful and too foreign to play by the old rules: In the old days, every bank used to go and have tea with the Governor of the Bank of England, probably on a monthly or quarterly basis. Well, do you think the boss of UBS or Dresdner Bank actually comes across and has tea now with the Governor of the Bank of England now? Bollocks. The Bank no longer has control of the banking structures because it used to be done by a nudge and a wink in the way that Britain

in Reckless opportunists
Abstract only
Helen M. Davies

workable banking structure and a compelling example of their capacity to distil concrete proposals from Saint-Simonian ideas. It was also their first essay as partners. Notes 1 Rubempré, the hero of Balzac’s Les Illusions perdues, from Angoulême in France’s southwest and Sorel of Stendahl’s Le Rouge et le noir from the fictional ‘Verrières’ in the department of Doubs. 2 AFP, undated letter to his former employer, Nunès. 3 Ibid., Alfred Pereire, ‘Les fondateurs de la Compagnie Générale Transatlantique: Emile et Isaac Pereire 1800–1880’ (unknown, undated

in Emile and Isaac Pereire
Radhika Desai

state-led industrialization of the contenders behind protectionist walls, complete with regulatory and banking structures tailored for it, undermined Britain’s manufacturing superiority (Desai, 2013: ch. 2, but see also Hobsbawm, 1968; Chang, 2002). Industrial competition sharpened, spilled over into imperial competition and led, as is well known, to the First World War (Hobsbawm, 1968). This turbulence also undermined the gold standard. Two opposing processes made the gold standard volatile. Britain linked its colonies’ currencies to sterling, directing their gold

in Karl Polanyi and twenty-first-century capitalism
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On crisis and the making of golden passports
Theodoros Rakopoulos

booming economy with what looked like a robust banking structure, Cypriots felt relatively secure. To be sure, signs of recession (a 1.67% shrink) were already visible in 2009, due to the knock-on effects of the global credit crunch on the other two global industries the island serves: international tourism and shipping. With the gradual slowing of the construction sector, and while the main developers

in Passport island
Abstract only
Types of banks and the risks they face
Mike Buckle
John Thompson

. Box 3.1 Two reports on banking In this box we review two reports on banking published in 2011 and 2012. The first is the report by the Independent Commission on Banking (ICB) concerning the banking structure in the UK and the second is the final report of the European Union’s High-Level Expert Group on Reforming the Structure of the EU Banking Sector

in The UK financial system (fifth edition)