BOOK DETAILS

Infectious Greed: How Deceit and Risk Corrupted the Financial Markets

Infectious Greed: How Deceit and Risk Corrupted the Financial Markets

by Frank Partnoy

ISBN: 9780805075106

Publisher Holt Paperbacks

Published in Business & Investing/Biography & History, Business & Investing/Finance, Business & Investing/Investing, Business & Investing/Industries & Professions, Business & Investing/General

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Sample Chapter

From Infectious Greed:

By 2002, the closing bell of the New York Stock Exchange was barely relevant, as securities traded 24 hours a day, around the world. The largest markets were private, and didn't involve regulated exchanges at all. Financial derivatives were as prevalent as stocks and bonds, and nearly as many assets and liabilities were off balance sheets as on. Companies' reported earnings were a fiction, and financial reports were chock full of disclosures that would shock the average investor if she ever even glanced at them, not that anyone—including financial journalists and analysts—ever did. Trading volatilities were sky high, with historically unrelated markets moving in lock step, increasing the risk of systemic collapse.

In just a few years, regulators had lost what limited control they had over market intermediaries, market intermediaries had lost what limited control they had over corporate managers, and corporate managers had lost what limited control they had over employees. This loss-of-control daisy chain had led to exponential risk-taking at many companies, largely hidden from public view. Simply put, the appearance of control in financial markets was a fiction.


(Continues...)
Excerpted from "Infectious Greed: How Deceit and Risk Corrupted the Financial Markets" by Frank Partnoy. Copyright © 2004 by Frank Partnoy. Excerpted by permission. All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher. Excerpts are provided solely for the personal use of visitors to this web site.
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