Too Big to Save? How to Fix the U.S. Financial System
Published on 3. November 2009
384 pages
978-0-470-57297-9 (ISBN)
Description
Industry luminary Robert Pozen offers his insights on the futureof U.S. finance
The recent credit crisis and the resulting bailout program areunprecedented events in the financial industry. While it'simportant to understand what got us here, it's even more importantto consider how we should get out. While there is little questionthat immediate action was required to stabilize the situation, itis now time to look for a long-term plan to reform the UnitedStates financial industry.
That is where Bob Pozen comes in. Perhaps more than anyone inthe industry, Pozen commands the respect and attention of thepublic and private sector. In this timely guide, he outlines hisvision for the new financial future and provides actionable advicealong the way. To Pozen, there are four high-priority problems thatmust be addressed, and this book puts them in perspective
* Analyzes alternative models for government stakes in banks
* Recommends a new board structure for large financialinstitutions
* Examines the importance of broader Fed jurisdiction oversystemic risks
* Proposes a way to revive the securitization of loans
With Too Big to Save, you'll learn the likely future ofthe finance industry and understand why changes have to bemade.
The recent credit crisis and the resulting bailout program areunprecedented events in the financial industry. While it'simportant to understand what got us here, it's even more importantto consider how we should get out. While there is little questionthat immediate action was required to stabilize the situation, itis now time to look for a long-term plan to reform the UnitedStates financial industry.
That is where Bob Pozen comes in. Perhaps more than anyone inthe industry, Pozen commands the respect and attention of thepublic and private sector. In this timely guide, he outlines hisvision for the new financial future and provides actionable advicealong the way. To Pozen, there are four high-priority problems thatmust be addressed, and this book puts them in perspective
* Analyzes alternative models for government stakes in banks
* Recommends a new board structure for large financialinstitutions
* Examines the importance of broader Fed jurisdiction oversystemic risks
* Proposes a way to revive the securitization of loans
With Too Big to Save, you'll learn the likely future ofthe finance industry and understand why changes have to bemade.
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11/2009
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Persons
Robert Pozen is Chairman of MFS Investment Management®, which manages over $150 billion in assets for individual and institutional investors. He currently is a senior lecturer at the Harvard Business School and was chairman of the SEC advisory committee on improving financial reporting, 2007 through 2008. In 2001 and 2002, Pozen served on President Bush's Commission to Strengthen Social Security. In 2003, he served as Secretary of Economic Affairs for Massachusetts Governor Mitt Romney. Pozen was also formerly vice chairman of Fidelity Investments and president of Fidelity Management & Research Company. He has published a broad variety of articles in the Wall Street Journal, the New York Times, and the Financial Times of London.
Content
Foreword.
Acknowledgments.
The Financial Crisis: A Parable.
Part I: The United States Housing Slump and the GlobalFinancial Crisis.
Chapter 1 The Rise and Fall of U.S. Housing Prices.
Chapter 2 Fannie and Freddie.
Chapter 3 Mortgage Securitization in the Private Sector.
Chapter 4 Credit Default Swaps and Mathematical Models.
Part II: Impact on Stock and Bond Markets.
Chapter 5 Short Selling, Hedge Funds and Leverage.
Chapter 6 Capital Requirements at Brokers and Banks.
Chapter 7 Impact on Short-Term Lending.
Chapter 8 Insuring Deposits and Money Market Funds.
Part III: Evaluating the Bailout Act of 2008.
Chapter 9 Why and How Treasury Recapitalized So Many Banks.
Chapter 10 Increasing Lending Volumes and Removing ToxicAssets.
Chapter 11 Limiting Executive Compensation and Improving Boardsof Directors.
Chapter 12 Were Accounting Rules an Important FactorContributing to the Financial Crisis?
Part IV: The Future of the American Financial System.
Chapter 13 The International Implications of the FinancialCrisis for the United States.
Chapter 14 The New Structure of U.S. Financial Regulation.
Notes.
Glossary.
About the Author.
Index.
Acknowledgments.
The Financial Crisis: A Parable.
Part I: The United States Housing Slump and the GlobalFinancial Crisis.
Chapter 1 The Rise and Fall of U.S. Housing Prices.
Chapter 2 Fannie and Freddie.
Chapter 3 Mortgage Securitization in the Private Sector.
Chapter 4 Credit Default Swaps and Mathematical Models.
Part II: Impact on Stock and Bond Markets.
Chapter 5 Short Selling, Hedge Funds and Leverage.
Chapter 6 Capital Requirements at Brokers and Banks.
Chapter 7 Impact on Short-Term Lending.
Chapter 8 Insuring Deposits and Money Market Funds.
Part III: Evaluating the Bailout Act of 2008.
Chapter 9 Why and How Treasury Recapitalized So Many Banks.
Chapter 10 Increasing Lending Volumes and Removing ToxicAssets.
Chapter 11 Limiting Executive Compensation and Improving Boardsof Directors.
Chapter 12 Were Accounting Rules an Important FactorContributing to the Financial Crisis?
Part IV: The Future of the American Financial System.
Chapter 13 The International Implications of the FinancialCrisis for the United States.
Chapter 14 The New Structure of U.S. Financial Regulation.
Notes.
Glossary.
About the Author.
Index.
