Fixing Libor

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Fixing LIBOR

Author : Great Britain: Parliament: House of Commons: Treasury Committee
Publisher : The Stationery Office
ISBN 13 : 9780215047656
Total Pages : 124 pages
Book Rating : 4.0/5 (476 download)

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Book Synopsis Fixing LIBOR by : Great Britain: Parliament: House of Commons: Treasury Committee

Download or read book Fixing LIBOR written by Great Britain: Parliament: House of Commons: Treasury Committee and published by The Stationery Office. This book was released on 2012-08-20 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report follows the Committee's inquiry into the Final Notice issued by the Financial Services Authority with respect to Barclays on 27 June, 2012. The Committee has called for action in a number of areas, including: higher fines for firms that fail to co-operate with regulators, the need to examine gaps in the criminal law, and a much stronger governance framework at the Bank of England. The manipulations were made possible by a prolonged period of extremely weak internal compliance and board governance at Barclays, as well as a failure of regulatory supervision. Nor was it spotted either by the FSA or the Bank of England at the time. The evidence that Mr Tucker, Mr Diamond and Mr del Missier separately gave about this manipulation describes a combination of circumstances which would excuse all the participants from the charge of deliberate wrongdoing. If they are all to be believed, an extraordinary, but conceivably plausible, series of miscommunications occurred. It is also unlikely that Barclays was the only bank attempting the manipulations. In explaining what was wrong with the general culture at Barclays, the FSA showed some welcome evidence of a new, judgement-led regulatory approach. Regulators should not decide the composition of boards in response to headlines and many will wonder why they did not intervene earlier to remove Mr Diamond. The Bank of England should have had adequate procedures in place for at least the making of a File note of conversations such as that between Mr Tucker and Mr Diamond. The Wheatley review should now look at the role of the BBA in LIBOR setting at that time in detail and publish its findings. The Parliamentary Commission on Banking Standards' examination of the corporate governance of systemically important financial institutions should consider how to mitigate the risk that the leadership style of a chief executive may permit a lack of effective challenge or to the firm committing strategic mistakes

The Fix

Author : Liam Vaughan
Publisher : John Wiley & Sons
ISBN 13 : 1118995724
Total Pages : 229 pages
Book Rating : 4.1/5 (189 download)

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Book Synopsis The Fix by : Liam Vaughan

Download or read book The Fix written by Liam Vaughan and published by John Wiley & Sons. This book was released on 2017-01-24 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The first thing you think is where's the edge, where can I make a bit more money, how can I push, push the boundaries. But the point is, you are greedy, you want every little bit of money that you can possibly get because, like I say, that is how you are judged, that is your performance metric" —Tom Hayes, 2013 In the midst of the financial crisis, Tom Hayes and his network of traders and brokers from Wall Street's leading firms set to work engineering the biggest financial conspiracy ever seen. As the rest of the world burned, they came together on secret chat rooms and late night phone calls to hatch an audacious plan to rig Libor, the 'world's most important number' and the basis for $350 trillion of securities from mortgages to loans to derivatives. Without the persistence of a rag-tag team of investigators from the U.S., they would have got away with it.... The Fix by award-winning Bloomberg journalists Liam Vaughan and Gavin Finch, is the inside story of the Libor scandal, told through the journey of the man at the centre of it: a young, scruffy, socially awkward misfit from England whose genius for math and obsessive personality made him a trading phenomenon, but ultimately paved the way for his own downfall. Based on hundreds of interviews, and unprecedented access to the traders and brokers involved, and the investigators who caught up with them, The Fix provides a rare look into the dark heart of global finance at the start of the 21st Century.

The Wheatley Review of LIBOR

Author : Great Britain. Treasury
Publisher :
ISBN 13 : 9781909096011
Total Pages : 84 pages
Book Rating : 4.0/5 (96 download)

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Book Synopsis The Wheatley Review of LIBOR by : Great Britain. Treasury

Download or read book The Wheatley Review of LIBOR written by Great Britain. Treasury and published by . This book was released on 2012 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Spider Network

Author : David Enrich
Publisher : Virgin Books Limited
ISBN 13 : 9780753557501
Total Pages : 352 pages
Book Rating : 4.5/5 (575 download)

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Book Synopsis The Spider Network by : David Enrich

Download or read book The Spider Network written by David Enrich and published by Virgin Books Limited. This book was released on 2017-03-23 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2006, an oddball group of bankers, traders and brokers from some of the largest financial institutions made a startling realization: Libor�e"the London interbank offered rate, which determines the interest rates on trillions in loans worldwide�e"was set daily by a small group of easily manipulated administrators, and that they could reap huge profits by nudging it fractions of a percent to suit their trading portfolios. Tom Hayes, a brilliant but troubled mathematician, became the lynchpin of a wild alliance that included a prickly French trader nicknamed �eoeGollum�e ; the broker �eoeAbbo,�e who liked to publicly strip naked when drinking; a nervous Kazakh chicken farmer known as �eoeDerka Derka�e ; a broker known as �eoeVillage�e (short for �eoeVillage Idiot�e ) who racked up huge expense account bills; an executive called �eoeClumpy�e because of his patchwork hair loss; and a broker uncreatively nicknamed �eoeBig Nose�e who had once been a semi-professional boxer. This group generated incredible riches �e"until it all unraveled in spectacularly vicious, backstabbing fashion. With exclusive access to key characters and evidence, The Spider Network is not only a rollicking account of the scam, but also a provocative examination of a financial system that was crooked throughout.

Swaps and Other Derivatives

Author : Richard R. Flavell
Publisher : John Wiley & Sons
ISBN 13 : 0470661801
Total Pages : 393 pages
Book Rating : 4.4/5 (76 download)

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Book Synopsis Swaps and Other Derivatives by : Richard R. Flavell

Download or read book Swaps and Other Derivatives written by Richard R. Flavell and published by John Wiley & Sons. This book was released on 2012-03-30 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Richard Flavell has a strong theoretical perspective on swaps with considerable practical experience in the actual trading of these instruments. This rare combination makes this welcome updated second edition a useful reference work for market practitioners." —Satyajit Das, author of Swaps and Financial Derivatives Library and Traders and Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives Fully revised and updated from the first edition, Swaps and Other Derivatives, Second Edition, provides a practical explanation of the pricing and evaluation of swaps and interest rate derivatives. Based on the author’s extensive experience in derivatives and risk management, working as a financial engineer, consultant and trainer for a wide range of institutions across the world this book discusses in detail how many of the wide range of swaps and other derivatives, such as yield curve, index amortisers, inflation-linked, cross-market, volatility, diff and quanto diffs, are priced and hedged. It also describes the modelling of interest rate curves, and the derivation of implied discount factors from both interest rate swap curves, and cross-currency adjusted curves. There are detailed sections on the risk management of swap and option portfolios using both traditional approaches and also Value-at-Risk. Techniques are provided for the construction of dynamic and robust hedges, using ideas drawn from mathematical programming. This second edition has expanded sections on the credit derivatives market – its mechanics, how credit default swaps may be priced and hedged, and how default probabilities may be derived from a market strip. It also prices complex swaps with embedded options, such as range accruals, Bermudan swaptions and target accrual redemption notes, by constructing detailed numerical models such as interest rate trees and LIBOR-based simulation. There is also increased discussion around the modelling of volatility smiles and surfaces. The book is accompanied by a CD-ROM where all the models are replicated, enabling readers to implement the models in practice with the minimum of effort.

Barometer of Fear

Author : Alexis Stenfors
Publisher : Zed Books Ltd.
ISBN 13 : 1783609311
Total Pages : 234 pages
Book Rating : 4.7/5 (836 download)

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Book Synopsis Barometer of Fear by : Alexis Stenfors

Download or read book Barometer of Fear written by Alexis Stenfors and published by Zed Books Ltd.. This book was released on 2017-05-15 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: The LIBOR affair has been described as the ‘biggest banking scandal in history’, a deception affecting not only banks but also corporations, pension funds and ordinary people. But was this just the tip of the iceberg? Was the scandal the work of a few ‘bad apples’ or an inevitable result of a financial system rotten to its core? Labelled ‘one of the world's most infamous rogue traders’ in the wake of a mis-marking scandal, Alexis Stenfors went on to rebuild his life and now guides us through the shadowy world of modern banking, providing an insider’s account of the secret practices – including the manipulation of foreign exchange rates – which have allowed banks to profit from systematic deception. Containing remarkable and often shocking insights derived from his own experiences in the dealing room, as well as his spectacular fall from grace at Merrill Lynch, Barometer of Fear draws back the curtain to a realm that for too long has remained hidden from public view.

The Rule of Law in Monetary Affairs

Author : Thomas Cottier
Publisher : Cambridge University Press
ISBN 13 : 1107063639
Total Pages : 635 pages
Book Rating : 4.1/5 (7 download)

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Book Synopsis The Rule of Law in Monetary Affairs by : Thomas Cottier

Download or read book The Rule of Law in Monetary Affairs written by Thomas Cottier and published by Cambridge University Press. This book was released on 2014-08-29 with total page 635 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addresses central monetary law and policy debates, especially the links between international investment law and trade regulation within the WTO.

The Routledge Companion to Banking Regulation and Reform

Author : Ismail Ertürk
Publisher : Taylor & Francis
ISBN 13 : 1135007152
Total Pages : 459 pages
Book Rating : 4.1/5 (35 download)

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Book Synopsis The Routledge Companion to Banking Regulation and Reform by : Ismail Ertürk

Download or read book The Routledge Companion to Banking Regulation and Reform written by Ismail Ertürk and published by Taylor & Francis. This book was released on 2016-10-04 with total page 459 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Routledge Companion to Banking Regulation and Reform provides a prestigious cutting edge international reference work offering students, researchers and policy makers a comprehensive guide to the paradigm shift in banking studies since the historic financial crisis in 2007. The transformation in banking over the last two decades has not been authoritatively and critically analysed by the mainstream academic literature. This unique collection brings together a multi-disciplinary group of leading authorities in the field to analyse and investigate post-crisis regulation and reform. Representing the wide spectrum of non-mainstream economics and finance, topics range widely from financial innovation to misconduct in banking, varieties of Eurozone banking to reforming dysfunctional global banking as well as topical issues such as off-shore financial centres, Libor fixing, corporate governance and the Dodd-Frank Act. Bringing together an authoritative range of international experts and perspectives, this invaluable body of heterodox research work provides a comprehensive compendium for researchers and academics of banking and finance as well as regulators and policy makers concerned with the global impact of financial institutions.

Fighting Financial Crime in the Global Economic Crisis

Author : Nicholas Ryder
Publisher : Routledge
ISBN 13 : 1317964373
Total Pages : 247 pages
Book Rating : 4.3/5 (179 download)

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Book Synopsis Fighting Financial Crime in the Global Economic Crisis by : Nicholas Ryder

Download or read book Fighting Financial Crime in the Global Economic Crisis written by Nicholas Ryder and published by Routledge. This book was released on 2014-10-30 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many commentators, regulatory agencies and politicians have blamed the risky behaviour of both financial institutions and their actors for the collapse of the United States sub-prime mortgage market which in turn precipitated the global 'Credit Crunch'. This edited volume explores how financial crime played a significant role in the global economic crisis. The volume features contributions from internationally renowned academic and practitioner experts in the field who pinpoint some of the most important facets of financial crime which have emerged over recent years. Key subjects include: the possibility of criminalising reckless risk-taking on the financial markets; the duty of banks to prevent money-laundering and corruption; the growth of the Shadow Banking System; and the manipulation of LIBOR by banks. The book illustrates the global nature of financial crime, and highlights the complex relationships between regulatory bodies, law enforcement agencies and private actors in the attempt to limit the harmful effect of white collar crime on the stability of the financial sector. This book will be of great use and interest to scholars, practitioners and students within the field of financial crime, banking and finance law, and international political economy.

Behavioral Risk Management

Author : Hersh Shefrin
Publisher : Springer
ISBN 13 : 1137445629
Total Pages : 529 pages
Book Rating : 4.1/5 (374 download)

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Book Synopsis Behavioral Risk Management by : Hersh Shefrin

Download or read book Behavioral Risk Management written by Hersh Shefrin and published by Springer. This book was released on 2016-04-29 with total page 529 pages. Available in PDF, EPUB and Kindle. Book excerpt: The psychological dimension of managing risk is of crucial importance, and its study has led to the identification of specific do's and don'ts. Those with an understanding of the psychology underlying risk and the skills to recognize its manifestation in practice, have the opportunity to develop frameworks that embody the do's and don'ts, thereby producing sound judgments and good decisions. Those lacking the understanding and the skills are destined to be more hit and miss in their approach to risk management, doing the don'ts and not doing the do's. Virtually every major risk management catastrophe in the last fifteen years has psychological pitfalls at its root. The list of catastrophes includes the 2008 bankruptcy of Lehman Brothers and subsequent global financial crisis, the 2010 explosion at BP's Macondo well in the Gulf of Mexico and the 2011 nuclear meltdown at the Fukushima Daiichi power plant. A critical lesson from psychological studies for those involved in risk management is that people's judgments and decisions about risk vary with type of circumstance. In Behavioral Risk Management readers will learn that there are specific actions that organizations can undertake to incorporate understanding, recognition, and behavioral interventions into the practice of risk management. There are many examples throughout the book that illustrate doing the don'ts. The chapters in the first part of the book introduce the main ideas, and the chapters in the latter part provide insight into how to apply those ideas to the practical world in which risk managers operate.

Corporate Treasury and Cash Management

Author : R. Cooper
Publisher : Springer
ISBN 13 : 1403946019
Total Pages : 427 pages
Book Rating : 4.4/5 (39 download)

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Book Synopsis Corporate Treasury and Cash Management by : R. Cooper

Download or read book Corporate Treasury and Cash Management written by R. Cooper and published by Springer. This book was released on 2003-11-11 with total page 427 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book is an analysis of corporate treasury and cash management with the principal financial instruments used by the corporate treasurer. The objectives of the book are to describe how corporate treasury departments should establish a framework for the identity, measurement and management of risk and to describe how corporates should manage and control the operation of their treasury function. Robert Cooper brings his extensive experience as Corporate Treasurer of a large multinational to bear in this comprehensive work.

Treasury Operations Handbook

Author : Philip J.L. Parker
Publisher : Lulu.com
ISBN 13 : 1446194507
Total Pages : 440 pages
Book Rating : 4.4/5 (461 download)

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Book Synopsis Treasury Operations Handbook by : Philip J.L. Parker

Download or read book Treasury Operations Handbook written by Philip J.L. Parker and published by Lulu.com. This book was released on 2018-03-14 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: A practical guide to Treasury Back Office (Operations) for industry professionals and ACI (The Financial markets Association) Operations Certificate 3I0-013 candidates.

Principles of Financial Engineering

Author : Robert Kosowski
Publisher : Academic Press
ISBN 13 : 0123870070
Total Pages : 893 pages
Book Rating : 4.1/5 (238 download)

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Book Synopsis Principles of Financial Engineering by : Robert Kosowski

Download or read book Principles of Financial Engineering written by Robert Kosowski and published by Academic Press. This book was released on 2014-11-26 with total page 893 pages. Available in PDF, EPUB and Kindle. Book excerpt: Principles of Financial Engineering, Third Edition, is a highly acclaimed text on the fast-paced and complex subject of financial engineering. This updated edition describes the "engineering" elements of financial engineering instead of the mathematics underlying it. It shows how to use financial tools to accomplish a goal rather than describing the tools themselves. It lays emphasis on the engineering aspects of derivatives (how to create them) rather than their pricing (how they act) in relation to other instruments, the financial markets, and financial market practices. This volume explains ways to create financial tools and how the tools work together to achieve specific goals. Applications are illustrated using real-world examples. It presents three new chapters on financial engineering in topics ranging from commodity markets to financial engineering applications in hedge fund strategies, correlation swaps, structural models of default, capital structure arbitrage, contingent convertibles, and how to incorporate counterparty risk into derivatives pricing. Poised midway between intuition, actual events, and financial mathematics, this book can be used to solve problems in risk management, taxation, regulation, and above all, pricing. A solutions manual enhances the text by presenting additional cases and solutions to exercises. This latest edition of Principles of Financial Engineering is ideal for financial engineers, quantitative analysts in banks and investment houses, and other financial industry professionals. It is also highly recommended to graduate students in financial engineering and financial mathematics programs. - The Third Edition presents three new chapters on financial engineering in commodity markets, financial engineering applications in hedge fund strategies, correlation swaps, structural models of default, capital structure arbitrage, contingent convertibles and how to incorporate counterparty risk into derivatives pricing, among other topics - Additions, clarifications, and illustrations throughout the volume show these instruments at work instead of explaining how they should act - The solutions manual enhances the text by presenting additional cases and solutions to exercises

Corruption, Integrity and the Law

Author : Nicholas Ryder
Publisher : Routledge
ISBN 13 : 1000028682
Total Pages : 227 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Corruption, Integrity and the Law by : Nicholas Ryder

Download or read book Corruption, Integrity and the Law written by Nicholas Ryder and published by Routledge. This book was released on 2020-02-11 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: Globalisation has opened new avenues to corruption. Corrupt practices are proliferating not only within national borders but across different countries. Despite many national and international anti-corruption bodies and strategies, corruption far from being eradicated. There is an urgent global demand for a better understanding of corruption as a phenomenon and a thorough assessment of the existing regulatory remedies, towards the establishment of more effective (and possibly uniform) anti-corruption measures. Our previous collection, Corruption in the Global Era (Routledge, 2019), analysed the causes, the sources, and the forms of manifestation of global corruption. An ideal continuation of that volume, this book moves from the analysis of the phenomenon of corruption to that of the regulatory remedies against corruption and for the promotion of integrity. Corruption, Integrity and the Law provides a unique interdisciplinary assessment of the global anti-corruption legal framework. The collection gathers top experts in different fields of both the academic and the professional world – including criminal law, EU law, international law, competition law, corporate law and ethics. It analyses legal instruments adopted not only at a supranational level but also by different countries, in the attempt of establishing an interdisciplinary and comparative dialogue between theory and practice and between different legal systems towards a better global promotion of integrity. This book will be of value to researchers, academics and students in the fields of law, criminology, sociology, economics, ethics as well as professionals – especially solicitors, barristers, businessmen and public servants.

Holding bankers to account

Author : Oonagh McDonald
Publisher : Manchester University Press
ISBN 13 : 1526119463
Total Pages : 262 pages
Book Rating : 4.5/5 (261 download)

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Book Synopsis Holding bankers to account by : Oonagh McDonald

Download or read book Holding bankers to account written by Oonagh McDonald and published by Manchester University Press. This book was released on 2019-03-01 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a compelling account of the rigging of benchmarks during and after the financial crisis of 2007–08. Written in clear language accessible to the non-specialist, it provides the historical context necessary for understanding the benchmarks – LIBOR, FOREX and the Gold and Silver Fixes – and shows how and why they have to be reformed in the face of rapid technological changes in markets. Though banks have been fined and a few traders have been jailed, justice will not be done until senior bankers are made responsible for their actions. Provocative and rigorously argued, this book makes concrete recommendations for improving the security of the financial services industry and holding bankers to account.

Who's Next? Analysis of Fed Plundering in Port Usury (Ny). How Much Booty Is It?

Author : Joseph Hawranek
Publisher : Trafford Publishing
ISBN 13 : 1490765204
Total Pages : 150 pages
Book Rating : 4.4/5 (97 download)

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Book Synopsis Who's Next? Analysis of Fed Plundering in Port Usury (Ny). How Much Booty Is It? by : Joseph Hawranek

Download or read book Who's Next? Analysis of Fed Plundering in Port Usury (Ny). How Much Booty Is It? written by Joseph Hawranek and published by Trafford Publishing. This book was released on 2015-09-18 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Part II, New York is renamed Port Usury, and it is about how banking privateers operate in their homeport and how much plunder is taken. What form of plundering do they use on land? What are modern-day banking cannons, and how are they used? How do the banks plunder people and nations when not at sea? What is the Merrimack metaphor? The Federal Reserve System (FED), the admirals ship of a privateer banking armada, controls the money, the Congress, the regulatory bodies, and the rate-setting bodies that give them advantages over merchants, individuals, and nations. This may be changing. The unarmed merchants led by the BRICs have created their own independent financial system collage, the Merrimack, shown on the cover. These nations have united to combat the Rothschild Central Bankers. They now have their own independent regulatory bodies, IMF, SWIFT money transfer system, commodity exchanges, and sovereign credit banks, for the first time in 104 years. Their ships armors are honest financial systems, which are designed to give them freedom from the FEDs admitted dishonest thefts. In the wings, China may announce a gold-backed Yuan. The combination of an armed merchant fleet and the sovereign nation states man of war investigatory bodies described in Part I may expose and thereby eliminate the FED. This book investigates the origins of the Illuminati, central banking, agreements made at Jekyll Island, history of progressive education in America, what America could do to escape the FED debt cycle, why a cashless society is bad for citizens, the importance of the BRICS to destroying the FED and the $41.5 trillion calculated FED plunder taken in the last 104 years. In Part I, the privateers took in $14.5 trillion per year in their admitted theft in the areas of LIBOR, FOREX, and Gold Price Fixing.

The End of Ethics and A Way Back

Author : Theodore Roosevelt Malloch
Publisher : John Wiley & Sons
ISBN 13 : 1118550277
Total Pages : 248 pages
Book Rating : 4.1/5 (185 download)

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Book Synopsis The End of Ethics and A Way Back by : Theodore Roosevelt Malloch

Download or read book The End of Ethics and A Way Back written by Theodore Roosevelt Malloch and published by John Wiley & Sons. This book was released on 2013-02-22 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bestselling author and professor Ted Malloch calls for real financial reform to restore confidence and fairness to a broken system From 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 governance—from Bernie Madoff to Jon Corzine and MF Global—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 finance Suggests structural reforms to the global financial system that would increase confidence among consumers and encourage ethical behavior among finance professionals Written by Ted Malloch, author of the bestseller Doing Virtuous Business with attorney Jordan Mamorsky Ideal for financial regulators, business students and academics, and professionals in the finance industry