The End of Ethics and A Way Back

Theodore Roosevelt Malloch 지음

Wiley 2013년 02월 22일 출간

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Bestselling author and professor Ted Malloch calls for real financial reform to restore confidence and fairness to a broken systemFrom Ponzi schemes to the credit crisis to the real estate bubble, the financial industry seems to have lost its way on the road to riches. As private greed continues to undermine the public good, one might wonder what ever happened to business ethics. And how can we reform the global financial system to benefit everyone, rather than just the very lucky few? In The End of Ethics and the Way Back, the bestselling author of Doing Virtuous Business teams up with attorney and Yale University Postdoctoral Fellow, Jordan Mamorsky to examine the most recent failures of business virtue, prudence, and governancem-from Bernie Madoff to Jon Corzine and MF Globalm-before offering a set of structural and holistic solutions for our current ethical crisis in global finance.Features compelling case studies that reveal the saturation of economic vice in global financeSuggests structural reforms to the global financial system that would increase confidence among consumers and encourage ethical behavior among finance professionalsWritten by Ted Malloch, author of the bestseller Doing Virtuous Business with attorney Jordan MamorskyIdeal for financial regulators, business students and academics, and professionals in the finance industry

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Foreword xviiAcknowledgments xxixIntroduction xxxiiiPrologue xxxixPart One: Economic Vice 1Chapter 1 The Selfish Betrayal of the Global Investor: Libor and Its Consequences 3The Calculation of Libor 5The Rise and Fall of the World&'sFinancial Benchmark 8Knowingly Asleep at the Wheel 13A Troubling New Normal 16Notes 17Chapter 2 Jon Corzine&'s Fallen Empire of Risk: MF Global 19History of MF Global 21Jon Corzine&'s Midwestern Roots 22The Rise of “Fuzzy” 23The Establishment of MF Global 26Rogue Trader Scandal 27From Gubernatorial Disgrace to MF Global CEO 28MF Global under Corzine 29Risk Governance Failures 32Notes 33Chapter 3 The Continued Rating Agencies Game: Will Rating Agencies Be Reined in for the Sake of Global Market Stability? 37History of Rating Agencies 43Mortgages and the Ratings Boondoggle 47Notes 51Chapter 4 Belligerent Leadership and the Demise of Lehman Brothers 55History of Lehman 57Brewing Anger 60Uncaging the “Animal” 62Culture of Anger 64Increasing Risk and Authority 66Walsh&'s Rise 67A Gorilla Bursting the Bubble 69Extreme Leverage 71The Deception of Repo 105 73Fuld&'s Marginalization of Risk Management 75Fuld&'s Last Chance to Save Lehman 77Notes 79Chapter 5 How Out-of-Control Pride Brought Down Bear Stearns 83History of Bear 85A Different PSD 89Greenberg&'s Vision of Corporate Thrift at Bear Stearns 91Bridge Bum Turned Bear Salesman and CEO 93A Casino Culture 95BSAM: Bear Stearns&' Kryptonite 98“Never a Losing Month” 100The End of Bear Stearns: The Importance of Golf and Bridge during a Liquidity Crisis 1

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저자(글) Theodore Roosevelt Malloch

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Theodore Roosevelt Malloch is Research Professor for the Spiritual Capital Initiative at Yale University. He was Chairman and Chief Executive Officer of The Roosevelt Group, a leading strategic management and thought leadership company. He has served on the executive board of the World Economic Forum#45;Davos; has held an ambassadorial#45;level position at the United Nations in Geneva, Switzerland; worked in the U.S. State Department and Senate; worked in the capital markets at Salomon Brothers on Wall Street; and has sat on a number of corporate, mutual fund, and not#45;for#45;profit boards, including the University of Toronto International Governing Council, a Pew Charitable Trust board, and the Templeton Foundation. Ted earned his PhD in international political economy from the University of Toronto.Jordan D. Mamorsky is an experienced attorney specializing in business regulation, corporate governance, and compliance. He was a postdoctoral fellow at Yale University where his research focused on the legal, financial, and ethical failures that contribute to financial crisis, corporate illegality, and breach of legal fiduciary duties. Jordan formerly worked at the U.S. Treasury Department, where he received the #34;special act award#34; in recognition of his recommendations detailing the dangers of predatory subprime lending in low#45;income communities. He is a contributor to Morningstar Advisor. He is an active practicing attorney and has represented Fortune 500 companies, global investment banks, insurance companies, hedge fund managers, health services corporations and an international sports league, among other clients.