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Bad Banks: Greed, Incompetence and the Next Global Crisis Paperback – 26 Feb 2015


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Product details

  • Paperback: 368 pages
  • Publisher: Random House Business (26 Feb. 2015)
  • Language: English
  • ISBN-10: 1847941141
  • ISBN-13: 978-1847941145
  • Product Dimensions: 13 x 2.4 x 19.8 cm
  • Average Customer Review: 4.1 out of 5 stars  See all reviews (16 customer reviews)
  • Amazon Bestsellers Rank: 174,842 in Books (See Top 100 in Books)

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Product Description

Review

"Grimly fascinating... This is a pacey accessible and astute summary of what has gone wrong with the banks, and what the banks have done wrong... It is a sobering narrative in which Brummer's judgements are nuanced and reliable." (Oliver Kamm The Times)

"Like a surgeon at his operating table, Brummer dissects each British, American and European scandal of the last 10 years. He spares nobody, but his demolition job is made all the more powerful by the sparing language he deploys towards his targets. This is controlled menace at its best." (John Kampfner Observer)

"[Brummer] is a doyen of British financial journalism and it shows in the maturity of his judgments and breadth of his knowledge... It is all skilfully woven together by a writer who knows when to fly high and when to swoop low." (Financial Times)

"Through and expansive." (Management Today)

"An informed, riveting and ultimately disconcerting read." (Business Life)

Book Description

Written by a man with inside knowledge of all the major players, this is the story of how the economic crisis continues to haunt us, and why the unchecked recklessness of some banks is still a threat to our financial future.

Customer Reviews

4.1 out of 5 stars

Most Helpful Customer Reviews

3 of 3 people found the following review helpful By DOPPLEGANGER TOP 500 REVIEWER on 26 Aug. 2014
Format: Paperback Verified Purchase
How many times have we heard or read a Banker, Politician or Regulator spouting forth the hackneyed utterance “ We have learned a lesson” in connection with the meltdown in the World’s Banking System following the 2008 Credit Crunch?

Well has the lesson been assimilated, understood, and acted upon ensuring a non-repetition of the disastrously inept management of the banking system that came within a hair’s breadth of bringing the Global Monetary Structure crashing down causing unimaginable economic hardship across the spectrum?

Alex Brummer’s excellent, well researched and succinctly argued book “Bad Banks” deals initially with the causes, and various fire fighting responses by the USA, UK, and Europe to the crisis. However, he goes on to detail areas where it is quite clear that the Banks had not ‘learned the lesson’ and were continuing to manipulate and/or milk the system with an ever increasing voraciousness.

In depth analysis and commentary is given on the scandalous and perhaps criminal Libor and Interest Rate Rigging, the ever increasing use of casino type derivative trading, the widespread participation by major banks in Money Laundering, the willful mass mis-selling of Personal Protection Insurance, the pressure selling to small and medium sized businesses of complex Interest Rate Hedging products, and other scandals. This together with many examples of incompetence, unwillingness to accept that the level of banker’s overall remuneration is obscene particularly bearing in mind that it is other people’s money they are using to ‘play’ with not their own, and dogged reluctance to voluntarily embrace increased capital requirements and regulatory measures, demonstrates loud and clear that all is not well and there is a serious ongoing undermining of our future economic security.

A very good but extremely worrying book.
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3 of 3 people found the following review helpful By Dug on 9 Aug. 2014
Format: Kindle Edition Verified Purchase
In depth view of the villainy behind the Banks. Pity it doesn't expose the collusion with the big firms of accountants!
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2 of 2 people found the following review helpful By MISS ANNA M KELLY on 13 Aug. 2014
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The truth needed to be told, a story of how arrogrance can take over from common sense. A valuable tool of how not to do business. I wonder if Fred Goodwin wishes he could turn the clock back, maybe a change of a bully culture would have saved investors and employees.
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1 of 1 people found the following review helpful By Old Scot in France on 20 Sept. 2014
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Never at a loss for a cliche I can say sincerely that he tells it like it is. Brummer knows what he's writing about and puts complicated financial drivel into understandable prose. The greed and incompetence are described with style and pretty mercilessly. But then, none of these bad bankers deserve any mercy. The vexing thing is that so many of them escaped with so much to show for their deliberate, well thought-out and extremely effective campaigns of deceit and deception. As for the next crisis : well, read 'Bad Banks', because Brummer has got it all in a nutshell.
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3 of 3 people found the following review helpful By martin d lewis on 11 Aug. 2014
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brilliant book , not one banker has gone to prison
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Format: Paperback
Brummer has real insights, writes clearly and he never exeggerates. That makes him different from other authors writing about the banking crisis. Here there is no screaming, no end-of-the-world rethoric, so when Brummer concludes that things have not changed for the better, that the risks is still as great, maybe even greater of a new bust with worse consequences, then that is a reasonable person talking and we should be worried.

In my mind regular banking has to be seperated from casino banking at once, and banks should not be allowd to create their own money, but shoould borrow directly from central banks what they cannot get in from customers. All central banks should be directly state run and casino banking strictly regulated. Those who have broken laws should be put in jail. It's really not more difficult than that. But the political will is so far away, probably first of all because the public does not know enought of what is happening.
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By John Baird on 23 Dec. 2014
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This is a competently written, but occasionally rather vitriolic, summary of the failings of the banks in recent years. It covers many important bases, with separate chapters on different banks and different problems. It does feel a bit like reading the Daily Mail, unsurprisingly, which is not going to be to everyone's taste.
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A well written book that explains the reasons for the 2008 crisis and the likelihood of a repeat performance.
Well worth a read.
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