Who killed the economy? A page-turning, true-crime exposé of the subprime salesmen and Wall Street alchemists who produced the biggest financial scandal in American history "It's hard to have a guilty conscience if you don't have a conscience. Anything that benefited production - that benefited me and benefited my wallet - I'd do it." The sales force at Ameriquest Mortgage took this philosophy to heart. They watched the Hollywood white-collar-crime flick "Boiler Room" as a training tape, studying how to pitch overpriced deals to unsuspecting home owners. They learned how to forge signatures on mortgage paperwork and create fake documents in "cut-and-paste" operations they dubbed "The Lab" or "The Art Department." In this stunning narrative, award-winning reporter Michael W. Hudson reveals the story of the rise and fall of the subprime mortgage business by chronicling the rise and fall of two corporate empires: Ameriquest and Lehman Brothers. As the biggest subprime lender and Wall Street's biggest patron of subprime, Ameriquest and Lehman did more than any other institutions to create the feeding frenzy that emboldened mortgage pros to flood the nation with high-risk, high-profit home loans. It's a tale populated by a remarkable cast of the characters: a shadowy billionaire who created the subprime industry out of the ashes of the 1980s S&L scandal; Wall Street executives with an insatiable desire for product; struggling home owners ensnared in the most ingenious of traps; lawyers and investigators who tried to expose the fraud; politicians and bureaucrats who turned a blind eye; and, most of all, the drug-snorting, high-living salesmen who tell all about the money they made, the lies they told, the deals they closed. Provocative and gripping, The Monster is a searing exposé of the bottom-feeding fraud and top-down greed that fueled the financial collapse.
The 34th U.S. president to hold office, Dwight D. Eisenhower won America over with his irresistible I like Ike slogan. Bringing to the presidency his prestige as a commanding general during World War II, he worked incessantly during his two terms to ease the tensions of the cold war. Pursuing the moderate policies of Modern Republicanism, he left a legacy of a stronger and more powerful nation. From his crucial role in support of Brown v. Board of Education to the National Defense Education Act, The Eisenhower Years provides a well-balanced study of these politically charged years. Biographical entries on key figures of the Eisenhower era, such as Allen W. Dulles, Joseph R. McCarthy, and Rosa Parks, combine with speeches such as the Military Industrial Complex speech, the Open Skies proposal, the disturbance at Little Rock address, Eisenhower Doctrine, and his speech after the Soviet launch of Sputnik to give an in-depth look at the executive actions of this administration.
The expert guide to understanding and surviving monetary failure What's Wrong with Money? explores how and why money is valued and the warning signs that point to its eventual collapse. Author Michael Ashton is widely regarded as a premier expert on inflation, and in this book, he illustrates how the erosion of trust in central banks is putting us at high risk of both near- and long-term inflation—and a potentially very serious disruption. It's not about a conspiracy surrounding inflation reporting; it's about the tentative agreement we all carry that lends money its value. This value isn't necessarily inherent; while some currency is backed by stored value, others are not. This book walks you through the history of currency and details the ways in which it can fall apart. You'll learn how to invest in any type of collapse scenario, and you'll gain expert insight into the warning signs that signal a coming shock to the financial system. Track the history of monetary value Consider how money could die slowly or quickly Learn investment strategies for both slow and quick scenarios Examine potential causes of erosion of trust in the monetary system, and the chilling results of such erosion An economic system without money is incredibly inefficient, but our shared agreement in monetary value has historically never been enough. What's Wrong with Money? shows you the lessons from the past and the reality of the present and helps you make plans for the future of money.
In the years of the Reagan–Bush era, the controversy over ‘political correctness’ erupted on American campuses, spreading to the mainstream media as right-wing pundits like Dinesh D’Souza and Roger Kimball prosecuted their publicity campaign against progressive academics. Michael Bérubé’s brilliant new book explains how and why the political correctness furore emerged, and how the right’s apparent stranglehold on popular opinion about the academy can be loosened. Traversing the terrain of contemporary cultural criticism, Bérubé examines the state of cultural studies, the significance of postmodernism, the continuing debate over multicultural curricula, and the recent revisions of literary history in American studies. Also included is Bérubé’s witty and self-deprecating autobiographical reflection on why interpretive theory has emerged as an indispensable part of education in the humanities over the past decade Public Access insists that academics must exercise more responsibility towards the publics who underwrite but often misunderstand their work and its significance. Taken seriously as a potential audience, Bérubé argues, such publics can be weaned from their present inclination to believe the distortions and half-truths peddled by the right’s ideologues. The goal of such ‘public access’ criticism is not just a better environment for teachers and scholars, but a world in which education itself achieves its proper place in a society committed to equality of opportunity and true critical thinking.
A practical guide to making more informed investment decisions Investors often buy or sell stocks too quickly. When you base your purchase decisions on isolated facts and don't take the time to thoroughly understand the businesses you are buying, stock-price swings and third-party opinion can lead to costly investment mistakes. Your decision making at this point becomes dangerous because it is dominated by emotions. The Investment Checklist has been designed to help you develop an in-depth research process, from generating and researching investment ideas to assessing the quality of a business and its management team. The purpose of The Investment Checklist is to help you implement a principled investing strategy through a series of checklists. In it, a thorough and comprehensive research process is made simpler through the use of straightforward checklists that will allow you to identify quality investment opportunities. Each chapter contains detailed demonstrations of how and where to find the information necessary to answer fundamental questions about investment opportunities. Real-world examples of how investment managers and CEOs apply these universal principles are also included and help bring the concepts to life. These checklists will help you consider a fuller range of possibilities in your investment strategy, enhance your ability to value your investments by giving you a holistic view of the business and each of its moving parts, identify the risks you are taking, and much more. Offers valuable insights into one of the most important aspects of successful investing, in-depth research Written in an accessible style that allows aspiring investors to easily understand and apply the concepts covered Discusses how to think through your investment decisions more carefully With The Investment Checklist, you'll quickly be able to ascertain how well you understand your investments by the questions you are able to answer, or not answer, without making the costly mistakes that usually hinder other investors.
The riveting true story of the rise and fall of Murder, Inc. and the executioner-turned-informant whose mysterious death became a turning point in Mob history. In the fall of 1941, a momentous trial was underway that threatened to end the careers and lives of New York’s most brutal mob kingpins. The lead witness, Abe Reles, had been a trusted executioner for Murder, Inc., the enforcement arm of a coast-to-coast mob network known as the Commission. But the man responsible for coolly silencing hundreds of informants was about to become the most talkative snitch of all. In exchange for police protection, Reles was prepared to rat out his murderous friends, from Albert Anastasia to Bugsy Siegel—but before he could testify, his shattered body was discovered on a rooftop outside his heavily-guarded hotel room. Was it a botched escape, or punishment for betraying the loyalty of the country’s most powerful mobsters? Michael Cannell's A Brotherhood Betrayed traces the history of Murder, Inc. through Reles’ rise from street punk to murder chieftain to stool pigeon, ending with his fateful death on a Coney Island rooftop. It resurrects a time when crime became organized crime: a world of money and power, depravity and corruption, street corner ambushes and elaborately choreographed hits by wise-cracking foot soldiers with names like Buggsy Goldstein and Tick Tock Tannenbaum. For a brief moment before World War II erupted, America fixated on the delicate balance of trust and betrayal on the Brooklyn streets. This is the story of the one man who tipped the balance.
In the nineteenth century, Jewish merchants created a thriving niche economy in the cotton trade, positioning themselves at the forefront of capitalist expansion. Jewish involvement in the cotton industry transformed both Jewish communities and their broader economic restructuring of the South. Cotton Capitalists analyzes this niche economy, revealing how Jewish merchants' status as a minority fostered ethnic economic networks, which became the key to the merchant's success. Michael R. Cohen argues that Jewish merchants in the Gulf South, faced with anti-Jewish prejudice in an era where business relationships were based primarily upon trust, used ethnic ties with other Jewish-owned firms across the globe to sidestep those prejudices. Following the Civil War, they relied on these connections to direct Northern credit and goods to the economically devastated South. These relationships allowed them to survive the volatility of the Reconstruction Era while many of their non-Jewish competitors went under. Beyond the story of American Jewish success and integration, this book demonstrates the role of ethnicity in the development of global capitalism."--Dust jacket.
Anatomy of a Meltdown: A Dual Financial Biography of the Subprime Mortgage Crisis, traces the course of two financial icons, Lehman Brothers and WaMu—one operating in the investment sector, the other in the consumer financial services sector—on their path to financial ruin. Illuminating the nature and severity of the subprime mortgage crisis, author Michael P. Malloy presents a clear and cogent analysis of the global economic meltdown, the steps necessary to restore the financial markets, and measures that must be taken to avoid similar crises in the future. This clear and concise text by one of the foremost authorities on bank regulation features: comprehensive coverage of all of the fundamental law, policy, and practical issues raised by the crisis and the government's response to it the core of key cases preserved in timely and salient excerpts a balanced policy perspective step-by-step, highly readable analysis of the practical and policy implications of the subprime mortgage crisis the author's cutting-edge web log that offers continuously updated supplemental material generous use of examples throughout the text effective use of visual aids to illustrate concepts and spark class discussion Anatomy of a Meltdown: A Dual Financial Biography of the Subprime Mortgage Crisis, by Michael P. Malloy tells the story of the financial meltdown that swept through American and international markets, threatening to plunge the United States into depression as Wall Street and the global economy faced near-total collapse.
Why every president from Reagan through Obama has put Wall Street before Main Street Over the last few decades, Washington’s firmly held belief that if you make investors happy, a booming economy will follow has caused an economic crisis in Asia, hardship in Latin America, and now a severe recession in America and Europe. How did the best and brightest of our time allow this to happen? Why have these disasters done nothing to change the free-market mantra of the Washington faithful? The answer has nothing to do with lobbyists and everything to do with ideology. In Capital Offense, veteran Newsweek reporter Michael Hirsh gives us a colorful narrative history of the era he calls the Age of Capital, telling the story through the eyes of its key players, from Ronald Reagan and Milton Friedman through Larry Summers and Timothy Geithner. • Based on the solid research and skilled reporting of Newsweek Senior Editor Michael Hirsh • Takes you inside high-level, closed-door conversations of top White House advisers and administration officials such as Alan Greenspan, Robert Rubin, Paul O’Neill, and others • Illuminates key figures and lively interpersonal clashes, including the conflict between Larry Summers and Nobel Prize-winning economist Joe Stiglitz • Offers crucial insights on why President Obama took so long to work on the economy—and why he may not be going far enough • Catalogs the missteps of three decades of fiscal, regulatory, and financial recklessness, including the dismantling of the Glass-Steagall Act, the S&L debacle, Enron, and the subprime mortgage meltdown As we struggle to emerge from the financial crisis, one thing seems certain: Wall Street’s continued dominance of the global economy. Propelled into the lead by a generation of Washington policy-makers, Wall Street will continue to stay ahead of them.
Private wealth management, also called private banking, is a specialized branch of the investment community that provides one-stop shopping for products and services needed by the wealthy.
Professional Financial Computing Using Excel and VBA is an admirable exposition that bridges the theoretical underpinnings of financial engineering and its application which usually appears as a "black-box" software application. The book opens the black-box and reveals the architecture of risk-modeling and financial engineering based on industry-standard stochastic models by utilizing Excel and VBA functionality to create a robust and practical modeling tool-kit. Financial engineering professionals who purchase this book will have a jumpstart advantage for their customized financial engineering and modeling needs." Dr. Cameron Wicentowich Vice President, Treasury Analytics Canadian Imperial Bank of Commerce (CIBC) "Spreadsheet modeling for finance has become a standard course in the curriculum of many Quantitative Finance programs since the Excel-based Visual Basic programming is now widely used in constructing optimal portfolios, pricing structured products and managing risks. Professional Financial Computing Using Excel and VBA is written by a unique team of finance, physics and computer academics and practitioners. It is a good reference for those who are studying for a Masters degree in Financial Engineering and Risk Management. It can also be useful for financial engineers to jump-start a project on designing structured products, modeling interest term structure or credit risks." Dr. Jin Zhang Director of Master of Finance Program and Associate Professor The University of Hong Kong "Excel has been one of the most powerful tools for financial planning and computing over the last few years. Most users utilize a fraction of its capabilities. One of the reasons is the limited availability of books that cover the advanced features of Excel for Finance. Professional Financial Computing Using Excel and VBA goes the extra mile and deals with the Excel tools many professionals call for. This book is a must for professionals or students dealing with financial engineering, financial risk management, computational finance or mathematical finance. I loved the way the authors covered the material using real life, hands-on examples." Dr. Isaac Gottlieb Temple University Author, Next Generation Excel: Modeling in Excel for Analysts and MBAs
In the aftermath of the financial crisis of 2008, many financial institutions have been exploring new methods to measure investment product risk. Lawmakers have been developing new rules that protect investors better than before. The purpose is to mitigate the risk of financial institutions that distribute investment products to their clients. This book presents professional views on investment product risk and analyzes complex investment product risk from various perspectives. Contributed by lawyers, risk managers, IT engineers and scholars, this book is an essential-read for financial regulators, bankers, investment advisors, financial engineers, risk managers, students and researchers.
Gross turns his gimlet eye on the new-money wonderland that's sprung up on the southwest rim of Central Park. Mixing an absorbing business epic with ... social comedy, Gross creates a dishy exposé of today's wealthiest and most famous. This colorful story recounts the record-setting building's inspired genesis, costly construction, and the flashy international lifestyle it has brought to a once benighted and socially déclassé Manhattan neighborhood"--Dust jacket flap.
The classic warts-and-all portrait of the 1980s financial scene. The 1980s was the most outrageous and turbulent era in the financial market since the crash of '29, not only on Wall Street but around the world. Michael Lewis, as a trainee at Salomon Brothers in New York and as an investment banker and later financial journalist, was uniquely positioned to chronicle the ambition and folly that fueled the decade.
In commerce, many moral failures are due to narrow mindsets that preclude taking into account the moral dimensions of a decision or action. In turn, sometimes these mindsets are caused by failing to question managerial decisions from a moral point of view, because of a perceived authority of management. In the 1960s, Stanley Milgram conducted controversial experiments to investigate just how far obedience to an authority figure could subvert his subjects' moral beliefs. In this thought-provoking work, the authors examine the prevalence of narrow mental models and the phenomenon of obedience to an authority to analyse and understand the challenges which business professionals encounter in making ethical decisions. Obstacles to Ethical Decision-Making proposes processes - including collaborative input and critique - by which individuals may reduce or overcome these challenges. It provides decision-makers at all levels in an organisation with the means to place ethical considerations at the heart of managerial decision-making.
An Irish Passion for Justice reveals the life and work of Paul O'Dwyer, the Irish-born and quintessentially New York activist, politician, and lawyer who fought in the courts and at the barricades for the rights of the downtrodden and the marginalized throughout the 20th century. Robert Polner and Michael Tubridy recount O'Dwyer's legal crusades, political campaigns, and civic interactions, deftly describing how he cut a principled and progressive path through New York City's political machinery and America's reactionary Cold War landscape. Polner and Tubridy's dynamic, penetrating depiction showcases O'Dwyer's consistent left-wing politics and defense of accused Communists in the labor movement, which exposed him to sharp criticism within and beyond the Irish-American community. Even so, his fierce beliefs, loyalty to his brother William, who was the city's mayor after World War II, and influence in Irish-American circles also inspired respect and support. Recognized by his gentle brogue and white pompadour, he fought for the creation of Israel, organized Black voters during the Civil Rights movement, and denounced the Vietnam War as an insurgent Democratic candidate for US Senate. Finally, he enlisted future president Bill Clinton to bring an end to the Troubles in Northern Ireland. As the authors demonstrate, O'Dwyer was both a man of his time and a politician beyond his years. An Irish Passion for Justice tells an enthralling and inspiring New York immigrant story that uncovers how one person, shaped by history and community, can make a difference in the world by holding true to their ideals.
Every step in the business bankruptcy litigation process is covered in Aspen Publishers' Bankruptcy Litigation Manual, from the drafting of the first pleadings through the appellate process. In fact, by making the Bankruptcy Litigation Manual a part of your working library, you not only get detailed coverage of virtually all the topics and issues you must consider in any bankruptcy case, you also get field-tested answers to questions you confront every day, such as: How to stay continuing litigation against a corporate debtor's non-debtor officers? What are the limits on suing a bankruptcy trustee? Is the Deprizio Doctrine still alive? Does an individual debtor have an absolute right to convert a case from Chapter 7 to Chapter 13? What prohibitions exist on cross-collateralization in financing disputes? Are option contracts "executory" for bankruptcy purposes? When, and under what circumstances, may a bankruptcy court enjoin an administrative proceeding against a Chapter 11 debtor? What are the current standards for administrative priority claims? When must a creditor assert its setoff rights? When can a remand order issued by a district court be reviewed by a court of appeals? What are the limits on challenging pre-bankruptcy real property mortgage foreclosures as fraudulent transfers? Can an unsecured lender recover contract-based legal fees incurred in post- bankruptcy litigation on issues of bankruptcy law? Is there a uniform federal limitation on perfecting security interests that primes a longer applicable state law period, thus subjecting lenders to a preference attack? Do prior bankruptcy court orders bar a plaintiff's later state court suit and warrant removal of the action in federal court? Michael L. Cook, a partner at Schulte Roth & Zabel LLP in New York and former long-time Adjunct Professor at New York University School of Law, has gathered together some of the country's top bankruptcy litigators to contribute to Bankruptcy Litigation Manual.
In 2002, the Policy Center on the First Year of College (supported by The Pew Charitable Trusts, The Atlantic Philanthropies, and Lumina Foundation for Education) sponsored a project to recognize colleges and universities as "Institutions of Excellence" in their design and execution of the first year. Thirteen colleges and universities—representing a broad spectrum of campus types—were selected as exceptional institutions that place a high priority on the first-year experience. Achieving and Sustaining Excellence in the First Year of College includes case studies of each of the thirteen exemplary institutions. These studies illustrate and analyze the colleges’ best practices in teaching, assessing, and retaining first-year college students. The individual case studies offer lessons learned and have broad potential application beyond the particular type of institution represented.
An accessible and detailed overview of the risks posed by financial institutions Understanding Systemic Risk in Global Financial Markets offers an accessible yet detailed overview of the risks to financial stability posed by financial institutions designated as systemically important. The types of firms covered are primarily systemically important banks, non-banks, and financial market utilities such as central counterparties. Written by Aron Gottesman and Michael Leibrock, experts on the topic of systemic risk, this vital resource puts the spotlight on coherency, practitioner relevance, conceptual explanations, and practical exposition. Step by step, the authors explore the specific regulations enacted before and after the credit crisis of 2007-2009 to promote financial stability. The text also examines the criteria used by financial regulators to designate firms as systemically important. The quantitative and qualitative methods to measure the ongoing risks posed by systemically important financial institutions are surveyed. A review of the regulations that identify systemically important financial institutions The tools to use to detect early warning indications of default A review of historical systemic events their common causes Techniques to measure interconnectedness Approaches for ranking the order the institutions which pose the greatest degree of default risk to the industry Understanding Systemic Risk in Global Financial Markets offers a must-have guide to the fundamentals of systemic risk and the key critical policies that work to reduce systemic risk and promoting financial stability.
Investment banks play a critically important role in channeling capital from investors to corporations. Not only do they float and distribute new corporate securities, they also assist companies in the private placement of securities, arrange mergers and acquisitions, devise specialized financing, and provide other corporate financial services. After sketching the history and evolution of investment banking, the authors describe the structure of the industry, focusing on the competitive forces at work within it today. They explore patterns of concentration and analyze the strategic and economic factors that underlie those patterns. The authors directly examine the pairing up of investment banks with their corporate clients. They show that the market is sharply segmented, with banks and corporate clients being matched in roughly rank order, the most prestigious banks with the largest, most powerful clients, and so on. Vigorous competition occurs within each segment, but much less between them. With the industry now confronting a changing regulatory environment, a growing tendency of clients to arrange their own financing, and increasing competition both from within and from commercial banks and foreign institutions, Competition in the Investment Banking Industry is essential reading for anyone interested in the future of investment banking.
Accounting 3e provides a very accessible and easy-to-follow introduction to accounting. It is intended as a core textbook for students studying accounting for the first time: either those following an undergarduate degree in a business school, or non-business studies students stuyding an accounting course. This includes students on both accounting and non-accounting degrees and also MBA students. Designed to be both engaging and accessible to the student, Accounting 3e features: A lively presentational style integrating cartoons and soundbites ‘Company Camera’ boxes presenting financial data from a wide variety of international companies, such as Heineken, Nokia and Volkswagen. ‘Real Life Nuggets’ offering contemporary examples from the business press that give the body of the text a real-life resonance. End of chapter questions of escalating difficulty, together with accompanying answers, enabling the student to develop their understanding of the key concepts discussed in the text. A rich supporting website including solutions, extra question material and powerpoint slides for lecturers, multiple choice quizzes and an online glossary for students.
Winning at Active Management conducts an in-depth examination of crucial issues facing the investment management industry, and will be a valuable resource for asset managers, institutional consultants, managers of pension and endowment funds, and advisers to individual investors. Bill Priest, Steve Bleiberg and Mike Welhoelter all experienced investment professionals, consider the challenges of managing portfolios through complex markets, as well as managing the cultural and technological complexities of the investment business. The book’s initial section highlights the importance of culture within an investment firm – the characteristics of strong cultures, the imperatives of communication and support, and suggestions for leading firms through times of both adversity and prosperity. It continues with a thorough discussion of active portfolio management for equities. The ongoing debate over active versus passive management is reviewed in detail, drawing on both financial theory and real-world investing results. The book also contrasts traditional methods of portfolio management, based on accounting metrics and price-earnings ratios, with Epoch Investment Partners’ philosophy of investing on free cash flow and appropriate capital allocation. Winning at Active Management closes with an inquiry into the crucial and growing role of technology in investing. The authors assert that the most effective portfolio strategies result from neither pure fundamental nor quantitative methods, but instead from thoughtful combinations of analyst and portfolio manager experience and skill with the speed and breadth of quantitative analysis. The authors illustrate the point with an example of an innovative Epoch equity strategy based on economic logic and judgment, but enabled by information technology. Winning at Active Management also offers important insights into selecting active managers – the market cycle factors that have held back many managers’ performance in recent years, and the difficulty of identifying those firms that truly possess investment skill. Drawing on behavioral economic theory and empirical research, the book makes a convincing case that many active investment managers can and do generate returns superior to those of the broad market.
Counter-intelligence agent Jacob Welker recruits a number of civilians to help foil a suspected terrorist attack by German spies in New York in 1938. March, 1938. Otto Lehman arrives in New York on the S.S. Osthafen to be immediately confronted by two men with FBI badges . . . only, that isn’t his real name and the men aren’t with the FBI. The next day Lehman is found tied to a chair, beaten to death and naked, in an abandoned Brooklyn warehouse. The sole witness to the crime, Andrew Blake, a homeless man struggling through the Great Depression, claims those responsible were speaking German. With the threat of the perpetrators being Nazis, President Roosevelt’s own covert counter-intelligence agent Jacob Welker is brought in to investigate. Welker recruits Blake along with Lord Geoffrey Saboy, a British ‘cultural attache’, and his wife Lady Patricia, to help him to thwart a Nazi terrorist attack. But who exactly are the Nazis, what is their target and when will they strike?
The goods that we pursue in our lives are for us, first and foremost, goods that are particular and personal, and thus goods that are immediate to our attention. Not readily apparent to us are goods necessary for the flourishing of our lives but that can be attained by us only in consort with others and thus realized only through collective action. Such goods are common goods. The wider the good, the more extensive must be the human cooperation to realize the good. A stable, orderly society and a habitable planetary environment are common goods that can be realized only in and through the cooperation of all for the benefit of all. That all contribute to the shared good of the whole is a matter of justice—social justice. Acting for the Common Good undertakes the study of social justice in light of the common good—this from the viewpoint of Catholic social teaching, which draws upon the tradition of the common good that is articulated classically in the philosophy of Aristotle and the theology of Thomas Aquinas and in the modern-day social thought and authoritative teachings of the Catholic Church.
Business scandals are always with us from the South Sea Bubble to Enron and Parmalat. As accounting forms a central element of any business success or failure, the role of accounting is crucial in understanding business scandals. This book aims to explore the role of accounting, particularly creative accounting and fraud, in business scandals. The book is divided into three parts. In Part A the background and context of creative accounting and fraud is explored. Part B looks at a series of international accounting scandals and Part C draws some themes and implications from the country studies.
Electronic inspection copies are available for instructors Understanding Social Psychology Across Cultures Second Edition starts by asking why social psychology needs a cross-cultural perspective. It then examines cultural differences and their origins, before addressing traditional social psychological themes cross-culturally, for example group processes, self and identity, intergroup relations. Themes of contemporary relevance including migration, ethnic conflict and climate change are also covered. Key features: Presentation of concepts and theories made accessible to the reader using practical examples and everyday life experiences from diverse parts of the world Biographical portraits of key researchers in the field Coverage of the appropriate methods for conducting state-of-the-art cross-cultural research This textbook is appropriate for students of social and cross-cultural psychology. It will also interest practitioners wanting to understand the impact of culture on their fields of work, such as international relations, social policy, health promotion, ethnic relations and international business.
Financial Risk Management and Derivative Instruments offers an introduction to the riskiness of stock markets and the application of derivative instruments in managing exposure to such risk. Structured in two parts, the first part offers an introduction to stock market and bond market risk as encountered by investors seeking investment growth. The second part of the text introduces the financial derivative instruments that provide for either a reduced exposure (hedging) or an increased exposure (speculation) to market risk. The fundamental aspects of the futures and options derivative markets and the tools of the Black-Scholes model are examined. The text sets the topics in their global context, referencing financial shocks such as Brexit and the Covid-19 pandemic. An accessible writing style is supported by pedagogical features such as key insights boxes, progressive illustrative examples and end-of-chapter tutorials. The book is supplemented by PowerPoint slides designed to assist presentation of the text material as well as providing a coherent summary of the lectures. This textbook provides an ideal text for introductory courses to derivative instruments and financial risk management for either undergraduate, masters or MBA students.
What is the arrogance cycle? We’ve just lived through it. As market bubbles build, our confidence level rises (dis)proportionately. Everyone wants in on the action. We want to believe Wall Street, and once we do, the inevitable happens. Like Dr. Frankenstein breathing life into inanimate flesh, investment professionals sought ever more novel ways to create wealth. The only problem was that it was all artificial. In this book, Michael Farr examines the forces at work on individuals and markets and explains in clear, concise, layman’s terms how we got to where we are. Farr focuses on individual factors—such as rampant consumerism, a sense of entitlement, narcissism, resentment toward the upper class—that combined to create the perfect economic storm. By consulting with leading psychologists and relaying first-hand experience with investment clients, he provides a case study of the arrogant investor. In reviewing failed enterprises like Enron, AIG, Lehman Brothers, and Bear Stearns, as well as the illegal activities of Bernie Madoff and others through the lens of arrogance, the book sheds light on those disasters and offers a means to detect the insidious presence of arrogance so that in the future we can contain the damage before it spreads.
From the author of House of Outrageous Fortune For seventy-five years, it’s been Manhattan’s richest apartment building, and one of the most lusted-after addresses in the world. One apartment had 37 rooms, 14 bathrooms, 43 closets, 11 working fireplaces, a private elevator, and his-and-hers saunas; another at one time had a live-in service staff of 16. To this day, it is steeped in the purest luxury, the kind most of us could only imagine, until now. The last great building to go up along New York’s Gold Coast, construction on 740 Park finished in 1930. Since then, 740 has been home to an ever-evolving cadre of our wealthiest and most powerful families, some of America’s (and the world’s) oldest money—the kind attached to names like Vanderbilt, Rockefeller, Bouvier, Chrysler, Niarchos, Houghton, and Harkness—and some whose names evoke the excesses of today’s monied elite: Kravis, Koch, Bronfman, Perelman, Steinberg, and Schwarzman. All along, the building has housed titans of industry, political power brokers, international royalty, fabulous scam-artists, and even the lowest scoundrels. The book begins with the tumultuous story of the building’s construction. Conceived in the bubbling financial, artistic, and social cauldron of 1920’s Manhattan, 740 Park rose to its dizzying heights as the stock market plunged in 1929—the building was in dire financial straits before the first apartments were sold. The builders include the architectural genius Rosario Candela, the scheming businessman James T. Lee (Jacqueline Kennedy Onassis’s grandfather), and a raft of financiers, many of whom were little more than white-collar crooks and grand-scale hustlers. Once finished, 740 became a magnet for the richest, oldest families in the country: the Brewsters, descendents of the leader of the Plymouth Colony; the socially-registered Bordens, Hoppins, Scovilles, Thornes, and Schermerhorns; and top executives of the Chase Bank, American Express, and U.S. Rubber. Outside the walls of 740 Park, these were the people shaping America culturally and economically. Within those walls, they were indulging in all of the Seven Deadly Sins. As the social climate evolved throughout the last century, so did 740 Park: after World War II, the building’s rulers eased their more restrictive policies and began allowing Jews (though not to this day African Americans) to reside within their hallowed walls. Nowadays, it is full to bursting with new money, people whose fortunes, though freshly-made, are large enough to buy their way in. At its core this book is a social history of the American rich, and how the locus of power and influence has shifted haltingly from old bloodlines to new money. But it’s also much more than that: filled with meaty, startling, often tragic stories of the people who lived behind 740’s walls, the book gives us an unprecedented access to worlds of wealth, privilege, and extraordinary folly that are usually hidden behind a scrim of money and influence. This is, truly, how the other half—or at least the other one hundredth of one percent—lives.
What are the economic and moral connections between Wall Street and the overall economy? This book chronicles the transformation of Wall Street's business model from serving clients to proprietary trading and explains how this shift undermined the ethical foundations of the modern financial industry.
The fight for a $15 minimum wage. Nationwide teacher strikes. Bernie Sanders’s political revolution and the rise of AOC. Black Lives Matter. #MeToo. Read how the Occupy movement helped reshape American politics, culture and the groundbreaking movements to follow. On the ten-year anniversary of the Occupy movement, Generation Occupy sets the historical record straight about the movement’s lasting impacts. Far from a passing phenomenon, Occupy Wall Street marked a new era of social and political transformation, reigniting the labor movement, remaking the Democratic Party and reviving a culture of protest that has put the fight for social, economic, environmental and racial justice at the forefront of a generation. The movement changed the way Americans see themselves and their role in the economy through the language of the 99 versus the 1 percent. But beyond that, in its demands for fairness and equality, Occupy reinvigorated grassroots activism, inaugurating a decade of youth-led resistance movements that have altered the social fabric, from Black Lives Matter and Standing Rock to March for Our Lives, the Global Climate Strikes and #MeToo. Bookended by the 2008 financial crisis and the coronavirus pandemic, Generation Occupy attempts to help us understand how we got to where we are today and how to draw on lessons from Occupy in the future.
We Have a World-Class Mess . . . Now What? Amid the carnage of bankruptcies, soaring unemployment, and millions of families losing their homes during the financial crisis of 2007-2009 lay the bloody corpse of a set of ideas that had underpinned the economics of the previous thirty years. A system that had been delivering unprecedented prosperity on a global scale suddenly teetered on the verge of collapse. Capitalism was seemingly exposed as a house of cards. The blame game became a new national pastime as doomsayers predicted the end of America's leadership of the world economy. We're at a crossroads, and decisions about how to reshape a discredited capitalism will profoundly affect whether the coming years will be ones of depression, stagnation, or renewed prosperity. Instant analysis since the collapse of the financial system in the fall of 2008 has produced no end of ideas about what to do--ranging from those of free market ideologues (let the market do its work and damn the consequences) to extreme government interventionists determined to keep the animal spirits of capitalism penned up. But if there is anything worse than toxic financial assets it is toxic ideas. We need to reject the old orthodoxies and conventional wisdoms. Matthew Bishop and Michael Green take a step back and analyze what can be learned from financial crises of the past--from the Tulip Craze of the seventeenth century through the Great Depression of the 1930s, Japan's Great Deflation, and the Long-Term Capital debacle of the 1990s to the unprecedented interventions of the government during the past year--to set the agenda for a reformed twenty-first-century capitalism. The result is an enlightening perspective on what set us on the road to ruin, as well as road signs to guide us back to prosperity. --Why bubbles are the consequence of financial innovations that generate economic breakthroughs, but why it would be wrong to abandon these inventions of the financial engineers. The Road from Ruin explains how stifling innovation and risk-taking comes at a huge cost to future prosperity. --Why the economy needed a fiscal stimulus to recover from the crisis. Bishop and Green show how economic dogmatists of the Right, who opposed the stimulus, got it wrong, but warn that those on the Left who want the stimulus to run and run could usher in a new era of high inflation. --Why company bosses became too focused on short-term results and did not see the crisis coming. The Road from Ruin shows how we can get business leaders to put the interests of society ahead of their own pay-packets. --The danger of focusing on the financial symptoms of the crisis without tackling the underlying economic causes, such as the world operating on the dollar standard. Bishop and Green show why the role of the dollar as the world's reserve currency is not just a problem for the rest of the world but for the United States as well. --Why many of capitalism's champions--especially the advocates of the efficient market hypothesis--lost touch with reality. The Road from Ruin provides insights into new ideas in economics that recognize how the complexity and irrationality of the human beings who make up the economy can be harnessed to build a better capitalism. Remarkably, the issues we face today have presented themselves in one form or another over the past three centuries. Matthew Bishop and Michael Green skillfully draw both the lessons learned and prescriptions for reform to prevent another catastrophic meltdown and put America back on top.
In Volume III, as in Volumes I and II, the classic topics of reading are included--from vocabulary and comprehension to reading instruction in the classroom--and, in addition, each contributor was asked to include a brief history that chronicles the legacies within each of the volume's many topics. However, on the whole, Volume III is not about tradition. Rather, it explores the verges of reading research between the time Volume II was published in 1991 and the research conducted after this date. The editors identified two broad themes as representing the myriad of verges that have emerged since Volumes I and II were published: (1) broadening the definition of reading, and (2) broadening the reading research program. The particulars of these new themes and topics are addressed.
The fighting on the first day at Gettysburg on July 1, 1863, was unexpected, heavy, confusing, and in many ways, decisive. Much of it consisted of short and often separate simultaneous engagements or “firefights,” a term soldiers often use to describe close, vicious, and bloody combat. Several books have studied this important inaugural day of Gettysburg, but none have done so from the perspective of the rank and file of both armies. John Michael Priest’s “Strong Men of the Regiment Sobbed Like Children”: John Reynolds’ I Corps at Gettysburg on July 1, 1863 rectifies this oversight in splendid style. When dawn broke on July 1, no one on either side could have conceived what was about to take place. Anticipating a fight and with a keen appreciation for terrain, Brig. Gen. John Buford deployed his Union cavalry in a giant arc north and west of Gettysburg to slow down any Confederate advance until Maj. Gen. John Reynolds could bring up his infantry. By the time the foot soldiers of the I Corps arrived, A. P. Hill’s heavy Confederate formations had pushed back the troopers from the west. Richard Ewell’s troops would soon arrive from the north, threatening the town and its key road network. Reynolds, who would die early in the fighting, poured his troops in as they arrived. The road system and undulating ground broke up command control, and the various ridges, tall ground cover, and powder smoke made target recognition difficult. Brigades and regiments often engaged on their own initiatives without the direction of a division or corps commander. The men of both armies fought with determination born of desperation, valor, and fear. By the time the fighting ended, the I Corps was in shambles and in pell-mell retreat for Cemetery Hill. Its bold stand, together with the XI Corps north of town, bought precious hours for the rest of the Army of the Potomac to arrive and occupy good defensive ground. Priest, who Edwin Bearss hailed as “the Ernie Pyle of the Civil War,” spent a decade researching this study and walking the ground to immerse readers into the uncertain world of the rank-and-file experience. He consulted more than 300 primary sources, including letters, diaries, memoirs, newspaper accounts, recollections, casualty lists, and drill manuals to present the battle from the ground up. Nineteen detailed regimental-level maps illustrate the ebb and flow of the battle. The result is a fast-paced narrative sure to please the most demanding students of the Civil War. The footnotes alone are worth the price of admission. Readers will close the book with a full understanding of why a veteran New Yorker spoke for the survivors of both armies when he wrote, “Strong men of the regiment sobbed like children.”
James B. Stewart, bestselling author of Den of Thieves, raves that Fixers “is a hugely entertaining novel that steps boldly into the most perplexing and enduring mystery of the financial crisis: why its perpetrators were not only not punished, but rewarded by the government.” In Fixers, Michael M. Thomas, the New York Times-bestselling novelist and longtime financial insider, has crafted an exhilarating thriller of a top conspiracy between Wall Street and the White House. On a winter’s night, a well-heeled “cultural consultant” named Chauncey Suydam gets a call from the head of the world’s most powerful investment bank, who says a financial crisis is brewing and has a plan to insulate Wall Street from the fallout—and keep people such as himself out of jail. His mission for Chauncey is simple: to help funnel millions of dollars to a presidential candidate espousing change, in exchange for a few Wall Street–friendly names in the resultant administration. Yet as Chauncey wends his way among the nation’s political elite and becomes addicted to his masterful manipulations, he sees with greater clarity than ever how decisions really get made—on Wall Street and in Washington. And as the magnitude of the fix he’s perpetrating begins to sink in, its poisonous affect on Main Street becomes apparent, and his addiction to his masterful manipulations evident, Chauncey starts to have second thoughts. Is it too late?
Winner of the National Outdoor Book Award. National Parks are some of the most beautiful and popular destinations in the United States. They’re also vast expanses of largely undeveloped wilderness. To make the most of your next national park adventure, you’ll want a good guide. This full-color travel guidebook is the ultimate tool to simplify your travel planning. Detailed maps highlighting popular attractions and trailheads help visualize your itinerary. Lodging, camping, and hiking tables make choosing where to stay and what trails to hike easy. Hiking is explored in depth, but you’ll find details, including outfitter essentials, on all the most popular activities. Whether you’re looking to raft the Grand Canyon, see Old Faithful erupt, climb Mount Rainier, or simply select the perfect place to lay back and stare at the stars, you’ll find those details too. Tips and recommendations from the author help you decide when to visit and how to avoid crowds. Hundreds of lists put the best of America’s Best Idea at your fingertips. A dozen suggested road trips, including hundreds of noteworthy stops beyond the parks, provide the building blocks for a trip of a lifetime. The completely updated third edition features more than 150 large maps and 100 easy-to-read tables. 550 new photos showcase our most scenic treasures before you set foot in them. When you do, you’ll want to maximize time on your next national park adventure by planning it with the help of a good guide. Let this book be Your Guide to the National Parks.
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