In this wide-ranging book, Wall Street legend Henry Kaufman recounts the events surrounding the catastrophic collapse of Lehman Brothers from his then vantage point on the board. He explains how, ironically, the Federal Reserve's shortcomings contributed to its growing power. And he argues that Dodd-Frank - by sanctioning rather than truly addressing the too-big-to-fail dilemma - squandered a rare opportunity for essential reform.
Whether sparring in print with Citicorp's mercurial Walter Wriston, consulting with British Prime Minister Margaret Thatcher, spurning a deal with junk bond king Michael Milken, or reflecting on his long-time friend Paul Volcker, Kaufman brings readers inside post-war Wall Street. Looking ahead, he dissects major national and global trends and the likely future of credit markets, financial institutions, and leading economies.
As we search for bearings in the wake of the 2008 financial debacle, Henry Kaufman offers sage and penetrating analysis of today's superheated and - he argues - still-fragile financial world. "Kaufman lets us participate in his life and thoughts with clarity and passion. Anyone even vaguely interested in the recent financial history of the developed world will benefit from his insights and succinctly stated views." (Francis H. Schott, Business Economics, Vol. 53, 2018)
Tectonic Shifts in Financial Markets 2017
Chapter1.How It Began at Salomon Brothers.-Chapter 2.The Art and Science of Forecasting. Chapter3.Presidents versus Fed Chairmen. Chapter4.Paul Volcker, Perennial Public Servant.-Chapter5.The Fed and Financial Markets: Greenspan and Bernanke.-Chapter6.Charles Sanford and the Rise of Quantitative Risk Management.-Chapter7.The Dominance of Walter Wriston.- Chapter8.The Bigness Crisis.-Chapter9.A Meeting with Margaret Thatcher.-Chapter10.Michael Milken: Moving Junk Bonds to Preeminence.-Chapter11.Financial Crises and Regulatory Reform.-Chapter12.The Present Value of Financial History.-Chapter13.The Politicizing of the Fed.-Chapter14.Tectonic Shifts.-Chapter15.You Can't Go Home Again.