by Henry Kaufman (Author)
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.
Back Jacket
How have financial markets been transformed by the recent financial crisis? And where they are headed? How do we revive and restore our global economies, leading to growth, stability and prosperity?
This fourth book by the former Vice Chairman of Salomon Brothers recounts events and individuals pivotal in making today s superheated and he argues still fragile financial world.
For the first time in print, Dr. Kaufman recounts the events surrounding the catastrophic collapse of Lehman Brothers from his then vantage point on the board, explaining how and why government officials failed to make the right call, with dire consequences.
He explains how U.S. Federal Reserve officials misunderstood financial markets and contributed to instability; how the Federal Reserve s expanded new powers are largely a result of its earlier shortcomings, and how the Dodd Frank Act has squandered a rare opportunity for fundamental reform. He shows how the legislation falls short along several lines, and discusses whether it will bring greater stability, transparency, and accountability to the financial system.
Kaufman recounts his encounters with Walter Wriston, the mercurial, game changing former head of Citicorp; the time British Prime Minister Margaret Thatcher sought his economic guidance; and the Michael Milken deal he turned down. His account of former Bankers Trust CEO Charles Sanford adds a valuable new chapter to our understanding of modern finance. And his reflections on Paul Volcker, through the lens of their six decade long friendship, are one of a kind.
In concluding chapters, Henry Kaufman dissects major national and global trends and the likely future of credit markets, financial institutions, and leading economies.
With penetrating insight and critique, Beyond the Financial Divide is an intriguing and essential guide to how we got here and our best options for the future.
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Author Biography
Henry Kaufman (PhD, New York University) is President of Henry Kaufman & Company, Inc., an economic and financial consulting firm established in 1988. He previously served as head of research and in the senior management of Salomon Brothers, and worked at The Federal Reserve Bank of New York and in commercial banking. Invited to speak before many leading economic and finance organizations around the world, Dr. Kaufman was three times designated one of the thirty most influential Americans by U.S. News & World Report. In 2001, the National Association of Business Economics conferred on him its prestigious Adam Smith Award.