September 14, 2010 at 12:24 pm
September 15th marks the 2nd anniverary of Lehman Brothers’ collapse. Mark Williams, a former Federal Reserve Bank examiner, is the author of “Uncontrolled Risk.” He is Executive-in-Residence/Master Lecturer in the School of Management. “It has been two years since Lehman Brothers fell and almost brought down the entire financial system. Despite the financial pain uncorked [...]
The Congressionally appointed Financial Crisis Inquiry Commission exploring the 2008 crash questioned executives from Goldman Sachs, the world’s most profitable bank, about how much it makes trading derivatives — those complex financial bets that helped bring down the economy. Goldman Chief Financial Officer David Viniar said they had no way of determining its derivatives data [...]
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Tagged 2008 Crash, BU SMG, Congress, David Viniar, derivatives, economic downturn, FCIC, Federal Reserve, Federal Reserve Bank Examiner, Financial Crisis Inquiry Commission, Goldman Chief Financial Officer, Goldman Sachs, Lehman Brothers, Mark Williams, School of Management, Uncontrolled Risk, US Congress
The Congressional Oversight Panel says in a scathing report that the government failed to exhaust all options before bailing out the insurance giant American International Group – although the rescue did help the financial system avert collapse. Nonetheless, the watchdog panel says taxpayers may never be paid back all of the $182 billion funneled to support AIG. [...]
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Tagged AIG, American International Group, BU School of Management, Congressional Oversight Panel, economic collapse, federal bailout, Federal Reserve Bank, financial system, Lehman Brothers, Lehman Brothers fall, Mark Williams, Uncontrolled Risk
Bank of America and Citigroup brushed off reports that they incorrectly hid from investors billions in debt — similar to what Lehman Brothers did — to obscure its true level of risk. Company documents filed with regulators show the two Wall Street banks classified some short-term repurchase agreements (“repos”) as sales, which they should have [...]
Capitol Hill negotiators from the House and Senate committees dealing with financial regulatory reform are getting down to the details of working out differences between the bills passed in respective chambers, with Democrats holding the majority votes in both. Former Federal Reserve Bank examiner Mark Williams, who teaches finance in the School of Management and [...]
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Tagged Barney Frank, Chrisopher Dodd, Congress, FDIC, Federal Reserve, financial regulatory reform, House of Representatives, Lehman Brothers, Mark Williams, School of Management, Senate, Treasury Department, Uncontrolled Risk
The most extensive overhaul of financial regulations since the 1930s has cleared its big hurdle in the U.S. Senate and how can head to President Obama for a signature after a conference committee works out remaining differences between the House and Senate versions. But former Federal Reserve Bank examiner Mark Williams, who teaches finance in the School of [...]
Because no one followed suit, Germany’s unlateral ban on “naked” short selling of European government bonds - speculative bets that prices will fall on borrowed assets which then can be sold back to the lender with the speculator pocketing the difference –rocked global markets. Mark Williams, who teaches finance at the BU School of Management and is [...]
As nationwide workers’ strikes continued and deadly riots erupted in Athens over austerity measures invoked to deal with Greece’s ongoing debt crisis, fears grew that the situation may adversely impact the global banking system. Mark Williams, author of “Uncontrolled Risk” about the fall of Lehman Brothers who teaches finance in the School of Management, says the [...]
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Tagged Athens, European Union, eurozone, Greece, Greece debt, Italy, Lehman Brothers, Mark Williams, Portugal, School of Management, Spain
April 20, 2010 at 12:45 pm
Lehman Brothers ex-CEO Richard Flud told Congress he has “no recollection“ of hearing anything about how the now-bankrupt Wall Street investment bank used controversial accounting techniques to hide toxic assets from the balance sheet. Former Fed bank examiner Mark Williams, who teaches finance at the School of Management and just had a book published on the fall [...]
March 12, 2010 at 3:18 pm
The federal bankruptcy examiner’s report on the collapse of Lehman Brothers shows the 158-year-old firm died from multiple causes, including bad mortgage holdings and accounting gimmicks used to hide its mounting debt. Law Professor Tamar Frankel, author of “Trust and Honesty: America’s Business Culture at a Crossroad,” says if Lehman scammed stockholders and investors, they [...]
