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Lehman Brothers: A Crisis of Value

Oonagh McDonald

Published in print:
2015
Published Online:
May 2016
ISBN:
9781784993405
eISBN:
9781526103956
Item type:
book
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9781784993405.001.0001
Subject:
Political Science, Political Economy

On September 12th 2008, Lehman Brothers was valued at 639 billion US dollars. On Monday 15th September, it was worth nothing. How could trillions of dollars seemingly melt into air? Lehman Brothers ... More


Dollar Diminution and New Macroeconomic Constraints on American Power

Jonathan Kirshner

in Sustainable Security: Rethinking American National Security Strategy

Published in print:
2016
Published Online:
December 2016
ISBN:
9780190611477
eISBN:
9780190611514
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190611477.003.0002
Subject:
Political Science, American Politics

This chapter briefly explains how the global financial crisis of 2007–2008 and its aftermath revealed underappreciated vulnerabilities in the US economy. These led to disenchantment with the American ... More


The Fateful Weekend

Oonagh McDonald

in Lehman Brothers: A Crisis of Value

Published in print:
2015
Published Online:
May 2016
ISBN:
9781784993405
eISBN:
9781526103956
Item type:
chapter
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9781784993405.003.0003
Subject:
Political Science, Political Economy

This chapter will give an account of the weekend in September, 2008. It will provide a description of that weekend, but the focus will be on the reasons provided by Henry Paulson, Treasury Secretary ... More


From Hubris to Nemesis: January to September 2008

Oonagh McDonald

in Lehman Brothers: A Crisis of Value

Published in print:
2015
Published Online:
May 2016
ISBN:
9781784993405
eISBN:
9781526103956
Item type:
chapter
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9781784993405.003.0002
Subject:
Political Science, Political Economy

2008 began well for Lehman with the announcement in January of their financial report for the year ending November 30, 2007, showing record revenues of nearly $60 bn and record earnings of $4bn. This ... More


The Destruction of Value

Oonagh McDonald

in Lehman Brothers: A Crisis of Value

Published in print:
2015
Published Online:
May 2016
ISBN:
9781784993405
eISBN:
9781526103956
Item type:
chapter
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9781784993405.003.0006
Subject:
Political Science, Political Economy

After September 2008, many argued that Lehman’s chaotic bankruptcy filing destroyed billions in value. The main destruction of value, it is said, came from the bankruptcy filing of Lehman Holdings, ... More


Lehman’s Valuation of Its Assets

Oonagh McDonald

in Lehman Brothers: A Crisis of Value

Published in print:
2015
Published Online:
May 2016
ISBN:
9781784993405
eISBN:
9781526103956
Item type:
chapter
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9781784993405.003.0007
Subject:
Political Science, Political Economy

The purpose of this chapter is to examine the whole issue of valuing Lehman’s assets. This is a more complex subject than it may first appear. The way in which Lehman valued its assets has to be set ... More


Monitoring Value

Oonagh McDonald

in Lehman Brothers: A Crisis of Value

Published in print:
2015
Published Online:
May 2016
ISBN:
9781784993405
eISBN:
9781526103956
Item type:
chapter
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9781784993405.003.0009
Subject:
Political Science, Political Economy

The purpose of this chapter is to consider who should have been responsible for keeping an eye on the value of assets in which Lehman Brothers chose to invest heavily, and on its risk management ... More


The Largest Bankruptcy in American History

Oonagh McDonald

in Lehman Brothers: A Crisis of Value

Published in print:
2015
Published Online:
May 2016
ISBN:
9781784993405
eISBN:
9781526103956
Item type:
chapter
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9781784993405.003.0005
Subject:
Political Science, Political Economy

If Lehman had had proper risk mitigation, appropriate risk management techniques, understood and applied consistently throughout the company, had measured, monitored and managed liquidity risk and ... More


Chasing a Chimera?

Oonagh McDonald

in Lehman Brothers: A Crisis of Value

Published in print:
2015
Published Online:
May 2016
ISBN:
9781784993405
eISBN:
9781526103956
Item type:
chapter
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9781784993405.003.0010
Subject:
Political Science, Political Economy

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. ... More


Regulating the ‘Big Five’

Oonagh McDonald

in Lehman Brothers: A Crisis of Value

Published in print:
2015
Published Online:
May 2016
ISBN:
9781784993405
eISBN:
9781526103956
Item type:
chapter
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9781784993405.003.0004
Subject:
Political Science, Political Economy

This chapter will examine 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 and the ... More


Measuring Value

Oonagh McDonald

in Lehman Brothers: A Crisis of Value

Published in print:
2015
Published Online:
May 2016
ISBN:
9781784993405
eISBN:
9781526103956
Item type:
chapter
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9781784993405.003.0008
Subject:
Political Science, Political Economy

The purpose of this chapter is to set out the difficulties of valuing both complex financial instruments and real estate, and especially commercial real estate and development land. These are issues ... More


Introduction: Context and some theoretical considerations

Eunice Goes

in The Labour Party under Ed Miliband: Trying but failing to renew social democracy

Published in print:
2016
Published Online:
September 2016
ISBN:
9780719090707
eISBN:
9781526109637
Item type:
chapter
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9780719090707.003.0001
Subject:
Political Science, UK Politics

This chapter explains how and why the Labour Party under Ed Miliband tried to use the global financial crisis as a trigger to recreate a social democratic moment. In order to do so, this chapter ... More


"Young people, welfare and crime": Governing non-participation

Ross Fergusson

Published in print:
2016
Published Online:
September 2016
ISBN:
9781447307013
eISBN:
9781447311713
Item type:
book
Publisher:
Policy Press
DOI:
10.1332/policypress/9781447307013.001.0001
Subject:
Political Science, Public Policy

Mass youth unemployment is now endemic and almost ubiquitous in middle-income, rich and poor countries alike. This book re-interprets the changing relationship between young people’s ... More


Epilogue

Harry Blutstein

in The Ascent of Globalisation

Published in print:
2015
Published Online:
May 2016
ISBN:
9781784992897
eISBN:
9781526104311
Item type:
chapter
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9781784992897.003.0015
Subject:
Political Science, Democratization

At the start of the twenty-first century, globalisation faces serious challenges. Since 9/11, particularly during the presidency of George W. Bush, US unilateralism has undermined the rule of law, as ... More


Personal Style, Institutional Setting and Historical Opportunity: Prime-Ministerial Performance in Context

James Walter

in Understanding Prime-Ministerial Performance: Comparative Perspectives

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199666423
eISBN:
9780191751462
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199666423.003.0002
Subject:
Political Science, Comparative Politics

This chapter develops a conceptual framework for systematic description and analysis of prime-ministerial leadership. It focuses particularly on the issue of the power of prime ministers. The author ... More


From Cotton Trader to Investment Banker: 1844–2008

Oonagh McDonald

in Lehman Brothers: A Crisis of Value

Published in print:
2015
Published Online:
May 2016
ISBN:
9781784993405
eISBN:
9781526103956
Item type:
chapter
Publisher:
Manchester University Press
DOI:
10.7228/manchester/9781784993405.003.0001
Subject:
Political Science, Political Economy

Explains why Fuld adopted his aggressive growth strategy, seeking an annual growth rate in revenues of 13%, supported by an ‘even faster increase in the firm’s balance sheet, total capital base and ... More


Crises of non-participation

Ross Fergusson

in "Young people, welfare and crime": Governing non-participation

Published in print:
2016
Published Online:
September 2016
ISBN:
9781447307013
eISBN:
9781447311713
Item type:
chapter
Publisher:
Policy Press
DOI:
10.1332/policypress/9781447307013.003.0001
Subject:
Political Science, Public Policy

Chapter One highlights the wide-ranging evidence of a crisis of unemployment and more general non-participation among young people in the UK and internationally, and identifies a parallel crisis in ... More


Unemployment, crime and recession

Ross Fergusson

in "Young people, welfare and crime": Governing non-participation

Published in print:
2016
Published Online:
September 2016
ISBN:
9781447307013
eISBN:
9781447311713
Item type:
chapter
Publisher:
Policy Press
DOI:
10.1332/policypress/9781447307013.003.0005
Subject:
Political Science, Public Policy

Chapter Five considers the impact of economic recession on the unemployment-crime relationship. An initial review assesses its historical and recent effects on the incidence of crime and its possible ... More


Non-participation, wages and welfare

Ross Fergusson

in "Young people, welfare and crime": Governing non-participation

Published in print:
2016
Published Online:
September 2016
ISBN:
9781447307013
eISBN:
9781447311713
Item type:
chapter
Publisher:
Policy Press
DOI:
10.1332/policypress/9781447307013.003.0003
Subject:
Political Science, Public Policy

Chapter Three considers the claim that mass non-participation among young people is becoming an endemic, transnational and ubiquitous phenomenon. It traces the profile of contemporary youth ... More


Review and concluding comments

Ross Fergusson

in "Young people, welfare and crime": Governing non-participation

Published in print:
2016
Published Online:
September 2016
ISBN:
9781447307013
eISBN:
9781447311713
Item type:
chapter
Publisher:
Policy Press
DOI:
10.1332/policypress/9781447307013.003.0009
Subject:
Political Science, Public Policy

The final chapter begins by reviewing how the previous chapters have met the aims with which the book began. This takes the form of a synoptic account that connects each chapter. The second part of ... More


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