By Simon Johnson, James Kwak
Even with its key function in growing the ruinous monetary concern of 2008, the yank banking has grown higher, extra ecocnomic, and extra proof against rules than ever. Anchored by means of six megabanks whose resources quantity to greater than 60 percentage of the country’s gross family product, this oligarchy proved it may first carry the worldwide financial system hostage after which use its political muscle to struggle off significant reform. 13 Bankers brilliantly charts the increase to strength of the monetary region and forcefully argues that we needs to get a divorce the massive banks if we wish to stay away from destiny monetary catastrophes.
Updated, with new research of the government’s contemporary try to reform the banking undefined, it is a well timed and professional account of our political economic climate.
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Extra resources for 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown
Of course, the investment implication may differ: ADRs still expose investors to exchange-rate risk. Exchange-traded funds, or ETFs, are a variation on ADRs. ETFs also use a depository structure but buy entire portfolios of stocks. While ETFs may specialize in sectors as diverse as commodities or individual industries, others buy shares of firms of one particular country. S. investors to obtain and trade diversified portfolios of foreign stocks in one fell swoop. Popular ETF brands are iShares (marketed by Barclays) or WEBS (World Equity Benchmark Shares), which are designed to replicate the investment performance of Morgan Stanley Capital International (MSCI) country indexes.
This simple organization is well suited to small businesses and, in fact, was the most common form of business organization before the Industrial Revolution. Today, however, with global markets and large-scale production, the size and capital requirements of firms have skyrocketed. For example, at the end of 2006 General Electric listed on its balance sheet about $75 billion of property, plant, and equipment, and total assets of nearly $700 billion. Corporations of such size simply cannot exist as owner-operated firms.
This text can help you become an informed practitioner of investments. We will focus on investments in securities such as stocks, bonds, or options and futures contracts, but much of what we discuss will be useful in the analysis of any type of investment. indd 1 PART I CHAPTER ONE the valuation and risk-management principles useful in particular markets, such as those for bonds or stocks; and will introduce you to the principles of portfolio construction. Broadly speaking, this chapter addresses three topics that will provide a useful perspective for the material that is to come later.
13 Bankers: The Wall Street Takeover and the Next Financial Meltdown by Simon Johnson, James Kwak