Subscribing to the thread.
Puys, Pl read 'The creature from Jekyll Island'. An awesome work by G. Edward Griffin on how the US Federal Reserve System come into being and also about the relationship between war, politics and banks. If the group is interested, I can attach the ebook here.
This is another great one. All of you know about Enron, many of you were very young when Enron's Dabhol Power plan in India came spectacularly unstuck against political opposition (this was 1994, I think)....
In 2001, under the weight of greedy executives driving dubious accounting, Enron collapsed in America's largest bankruptcy (until of course Lehman took honors in 200.
The documentary is called "The Smartest Guys in the Room", and it's available to watch on youtube - YouTube - Enron- The Smartest Guys in the Room 01of10 - 2005 (10 parts)....
long time since I posted here on this particular thread. For all of you looking at MBAs, here are some more excellent books, all about the financial crisis of 2007-2008, but an excellent primer for finance, ethics and corporate governance classes in whatever MBA/Masters programs you choose to attend going forward:
"Fool's Gold" - by Gillian Tett.
Gillian Tett is one of the lead financial reporters & columnists of the Financial Times (www.ft.com). This is an outstanding story on how the CDO (collateralized debt obligation) was invented, and how it became (as Warren Buffet called it) a financial weapon of mass destruction. Author's interview - http://www.youtube.com/watch?v=_HKEDmNjOII
"Too Big to Fail" - by Andrew Ross Sorkin
Andrew Ross Sorkin is a prominent author, reporter and lead columnist of the New York Times. This book takes you through the 15 days of madness in September 2008, which led to the collapse of Lehman Brothers, the world's largest bankruptcy ever, and effectively the tipping point in the crisis that nearly brought a global banking system down. Author's Interview - http://www.youtube.com/watch?v=GwWIcvtKs3o
"A colossal failure of common sense - the inside story of the collapse of Lehman Brothers" - Lawrence G. McDonald
Larry McDonald was a trader on Lehman Brother's S&T; desk for 2+ years and observed the financial decay within the company as it bet the house on the US Subprime Mortgage & Commercial Real Estate Market. We all know what happened next, but this is a racy read. You'll enjoy it. Author's interview - http://www.youtube.com/watch?v=8z9rbf6Ad4A
guys i want the pdf format of how to get into top mba programs - richard. can any one post the link to download it!!
And my last one for the weekend .
Entirely possible that some of you will enter the biggest industrial / economic revolution India is likely to enjoy the communists and our misguided netas non-withstanding.....
One more from Goldman Sachs - the so called inventors of the BRIC Emerging Markets (BRIC = Brazil, Russia, India and China). Since 2003 they have been publishing some leading research on the world's most important emerging markets.... Truly great reading before you enter school.
Goldman Sachs | BRICs - Book: BRICs and Beyond
Go to the bottom of the page and download (free) the entire book in .pdf format (4 MB).
As promised, more from the world of International Banking. While the previous message on the Sub-prime mortgage was intended to explain what it was, you'll find here a special, deeply researched and freely downloadable report by the Economist Magazine on the banks, both partial causes and (in some cases) spectacular victims of the credit crunch. Please download this report within the next 10 days failing which you will have to pay for it.
Through 18 pages - the message is the same.
- Cowboys can't ride forever
- non-existent supervision and poor oversight go hand in hand,
- the right nurturing of the right talent matters and always will, and
- the management of risk is a competence, skill and experience game - and will always be.
Enjoy the report.
I haven't written for long, but for those who aspire to financial careers and those who will enter school this fall / next spring, you're unlikely to leave a Finance course without a reference to the recent / current subprime mortgage crisis that has consumed a bank as reputed as Bear Stearns, wiped billions of balance sheets and profits from institutions such as UBS / Citi; and left our "smart" investment bankers fairly red-faced....
It's also a nice cheat-sheet for those who don't want to stare blankly when your banker friends talk about exotic financial products like CDO's or MBS's....
Third - for those of you who will borrow to spend on your respective educations (or anything else in your life), just a reminder to walk in with your eyes open.
I'll try and update this thread regularly with such stuff that would be useful for all of you.