The G20 economic superpower nations are meeting in Toronto this monthto discuss international regulatory cooperation and financial banking reform. One recommendation on the table is for Canada and other membercountries to pay a global bank levy. Should Canada, a nation that showed prudency and avoided a government-funded bailout of its banking system, be forced to pay for the risky behaviour of other nations’ banks? Unfortunately, systematic risk remains high globally and coordinated efforts among major nations are needed if meaningful financial reform is to occur. Look at recent events in Europe.Whether it involves countries (such as Greece, Spain or Portugal) or a company (such as Lehman Brothers), excessive risk taking can trigger a global financial crisis.Universally, banks need to be held to higher standards and accountability.
With the world focusing on the global economy and the need to fix structural flaws, now is an ideal time to consider Mark Williams’ new book Uncontrolled Risk, which traces the origins of the financial crisis by exploring the rise and fall of Lehman Brothers. This largest bankruptcy in U.S. history triggered a financial Armageddon that nearly brought down the world’s financial system. Yet, 21 months later, systematic risk in our global markets remains high. Williams uses the collapse of Lehman to tell a timely and insightful story about the need for stronger regulation and oversight. The book addresses the risky bets taken by Lehman, why they were allowed to occur, and the impact on the global financial system, the lasting public policy implications, and the critical lessons to be learned. It concludes by pointing out what larger nations can learn from how Canada kept its banks out of financial hot soup.
About Mark T. Williams:
Since 2002, Williams has been on the Finance and Economics faculty at Boston University where he specializes in teaching risk management and capital markets. He is a nationally recognized risk management expert in the field of banking and in the energy trading commodity industry. Over the last 20 years, his primary risk management focus has been on market, credit, and operational risk related matters.
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