Engineering a Financial Bloodbath:How Sub-Prime Securitization Destroyed the Legitimacy of Financial Capitalism

Justin O'Brien
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Justin O'Brien: Queensland University of Technology, Brisbane, Australia & University of Glasgow, UK & Centre for Applied Philosophy and Public Ethics, Australian National University, Canberra, Australia

in World Scientific Books from World Scientific Publishing Co. Pte. Ltd.

Abstract: In July 2007, the then chief executive of Citigroup, Charles Prince, captured the hubris of a market dangerously addicted to debt: “When the music stops, in terms of liquidity, things will be complicated. But as long as music is playing, you have got to get up and dance. We're still dancing.” By the end of the year, Mr Prince was forced to resign along with some of the most influential bankers on Wall Street. Global investment houses in the United States and Europe were forced to turn to sovereign wealth funds for emergency funding. Their rescue comes at a significant material and reputational price.

Keywords: Sub-Prime; Securitization; Sovereign Wealth Funds; Banking Crisis; Financial Globalization; Banking Regulation (search for similar items in EconPapers)
Date: 2009
ISBN: 9781848162167
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Chapters in this book:

Ch 1 A Capital Battle , pp 1-32

Justin O'Brien

Ch 2 The Price of Failure , pp 33-62

Justin O'Brien

Ch 3 Apportioning Blame , pp 63-88

Justin O'Brien

Ch 4 The Moral Hazard of Intervention , pp 89-112

Justin O'Brien

Ch 5 The New Mercantilism , pp 113-143

Justin O'Brien

Ch 6 Enhancing Integrity Through Design , pp 144-159

Justin O'Brien

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