Lehman Brothers - by Oonagh McDonald (Hardcover)
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<p/><br></br><p><b> Book Synopsis </b></p></br></br>Using extensive documentary evidence and interviews with former Lehman employees, Oonagh McDonald reveals the decisions that led to Lehman's collapse, investigates why the government refused a bail-out and whether the implications of this refusal were fully understood. In clear and accessible language she demonstrates both the short and long term effects of Lehman's collapse<br><p/><br></br><p><b> From the Back Cover </b></p></br></br>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 had a long and prestigious history, and certainly until the end of 2007 had appeared to be conducting a very successful business. Its collapse was the largest bankruptcy in American history and is widely regarded as a crucial event in triggering the turmoil in the markets that triggered the global financial crisis. In this book, Oonagh McDonald, the author of Fannie Mae and Freddie Mac, unravels the events of that fateful September weekend. Using extensive documentary evidence and interviews with former Lehman employees, she reveals the decisions that led to Lehman's collapse, looks at why the government refused a bail-out and whether the implications of this refusal were fully understood. In clear and accessible language she demonstrates both the short and long term effects of Lehman's collapse. This is a fascinating story, with very wide implications. In particular, it raises vital questions about virtual capital and artificial value. McDonald uses her study of the Lehman collapse to examine what is meant by economic value and how it should be identified and measured.<p/><br></br><p><b> Review Quotes </b></p></br></br><br><br>"Oonagh McDonald has written a clear and analytical account of what happened and why. She has a reader friendly style and a sharp eye for details." -- Lord Meghnad Desai, Labour Peer, House of Lords<p></p><br>"This balanced, lively, fact-filled and lucid examination of the factors that produced Lehman's failure is teeming with insightful analysis. It weaves together little-known facts to dispel commonly believed myths. If you are going to read one thing to gain a deep understanding of why and how Lehman collapsed, this is it." -- Charles Calomiris is Henry Kaufman Professor of Financial Institutions at Columbia Business School, USA<p></p><br>"This is a balanced, informed account of the collapse of Lehman Brothers that draws on recently released information to give a full picture of the sequence of events surrounding the crisis and its aftermath. It takes a very comprehensive view and examines the roles of asset valuation, corporate governance, law, regulation and financial theory in the story and surely will be of great interest to all readers with either a professional or general interest in the financial markets." -- Professor Robert Hudson, University of Hull<p></p><br>"The demise of Lehman triggered a whole host of unforeseen consequences and with hindsight some have questioned whether it was wise to let Lehman go. This book is the first to use primary sources to look at the detail of the event and that fateful weekend. This is a very well researched and timely book on a topic that will be debated for decades to come." -- Kevin Keasey, Professor of Accounting and Finance, Leeds University Business School, UK.<p></p><br>"ELa book that raises important questions about our ability to manage future crises." --John Plender, FT columnist, 14/02/2016 <br><p></p><br><br><p/><br></br><p><b> About the Author </b></p></br></br><br>Oonagh McDonald is an international financial regulatory expert. She was a member of the UK parliament for Thurrock in Essex (1976-87) and a member of the front-bench Treasury team from 1983-87. She is the author of several books, including Fannie Mae and Freddie Mac: Turning the American Dream into<br>a Nightmare (2012). She was awarded the CBE in 1998, for services to financial regulation and business<br>
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