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The Fed and Lehman Brothers : setting the record straight on a financial disaster

Title
The Fed and Lehman Brothers : setting the record straight on a financial disaster / Laurence M. Ball, Johns Hopkins University.
ISBN
9781108355742 (ebook)
9781108420969 (hardback)
9781108413077 (paperback)
Publication
Cambridge : Cambridge University Press, 2018.
Physical Description
1 online resource (xxv, 267 pages) : digital, PDF file(s).
Local Notes
Access is available to the Yale community.
Notes
Title from publisher's bibliographic system (viewed on 20 Jun 2018).
Access and use
Access restricted by licensing agreement.
Summary
The bankruptcy of the investment bank Lehman Brothers was the pivotal event of the 2008 financial crisis and the Great Recession that followed. Ever since the bankruptcy, there has been heated debate about why the Federal Reserve did not rescue Lehman in the same way it rescued other financial institutions, such as Bear Stearns and AIG. The Fed's leaders from that time, especially former Chairman Ben Bernanke, have strongly asserted that they lacked the legal authority to save Lehman because it did not have adequate collateral for the loan it needed to survive. Based on a meticulous four-year study of the Lehman case, The Fed and Lehman Brothers debunks the official narrative of the crisis. It shows that in reality, the Fed could have rescued Lehman but officials chose not to because of political pressures and because they underestimated the damage that the bankruptcy would do to the economy. The compelling story of the Lehman collapse will interest anyone who cares about what caused the financial crisis, whether the leaders of the Federal Reserve have given accurate accounts of their actions, and how the Fed can prevent future financial disasters.
Variant and related titles
Cambridge University Press eBook Backlist 2018-2019.
Other formats
Print version:
Format
Books / Online
Language
English
Added to Catalog
June 05, 2020
Series
Studies in macroeconomic history.
Studies in macroeconomic history
Citation

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