Hints and tips:
...Which is what happened in 1997 and 2007 — and what I saw unfold in the sushi restaurant last month....
...But the 2007-08 financial crisis brought the boom to an abrupt end and left many institutions nursing big losses....
...Credit is trust given financial form. Economic life depends on creditors believing that borrowers will pay interest on loans and return principal when it is due....
...In 2007, Kelleher was appointed CFO of Morgan Stanley....
...But she is partly making up for it through her trustee role at the Valerie Beston Artists’ Trust....
...Smart reads No Lehman moment China’s Evergrande crisis has barely touched the broader debt market, thanks mostly to support from Beijing....
...The global financial crisis December 2007 The Federal Reserve’s first Term Auction Facility auction takes place, designed to ease a liquidity shortage among commercial banks....
...Daniel Goldstein, a former Lehman Brothers trade, later joined the group as a partner, while Nathaniel — another former Lehman banker — has since left to set up his own business....
...There are investment trusts themed on sustainability, fintech and driverless cars....
...Rechler sold Reckson in January 2007, then raised $9bn in private equity funding and did not return to the market until August 2009....
...By 2007, Deutsche had fallen to ninth, with $1.6bn of fees versus JPMorgan’s $4.4bn....
...One policymaker says that, faced with the coronavirus fallout, the global banking system of 2007 would have already imploded by now....
...US Trust, a private bank serving ultra-high net worth clients that Bank of America bought from Schwab in 2007, will be renamed Bank of America Private Bank as part of the rebranding....
...They surfed the boom years with aplomb — spinning off from Lehman in 2000 and going public in 2007 — and then also the crash when banks all but shut down....
...Portfolios of toxic residential mortgages paralysed credit markets, while some $40bn of risky commercial real estate exposure helped to bring down Lehman Brothers....
...Four years later, Deutsche acquired second-tier Wall Street group Bankers Trust for $10bn....
...The crises that rent the financial world in twain, from the dotcom bubble in 2000 through to the 2008 Lehman debacle and this decade’s eurozone sovereign debt crisis, ensured instead that trust broke down...
...Fast-forward to 2007, and another financial conference in Barcelona....
...The US entered a technical recession in 2007. Unemployment reached double-digits as late as 2009....
...But one scandal after another has further eroded the public’s trust in business....
...In some ways, last year’s anniversary of the seizing up of credit markets in 2007 was the more important one and, as I wrote then, those events best help understand the anatomy of financial crises generally...
...Unlike 2007’s run on Northern Rock in the UK, none of this was visible. Queues do not form around the block to buy T-bills....
...The Lehman collapse dealt a severe blow to trust in political and business elites, visibly unprepared for what happened....
...Even Lehman Brothers had a page on sustainability in its 2007 annual report, hailing its role as an environmentally conscious “global corporate citizen”....
...That extends, in my book, even to the Lehman Brothers decision itself....
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