Financial Origami: How the Wall Street Model Broke

Introduction.

Chapter 1 Fold Sides to Center.

Commercial Banks.

Savings & Loans.

Securities Firms.

Transferring Risk.

End of an Era.

Chapter 2 Result, Turn Over.

The Three Derivatives.

Options.

Futures.

Swaps.

Chapter 3 Fold Sides to Center, Again.

Changing the Rules.

A New Environment.

Investing in Mortgages.

Banker Incentives.

Chapter 4 Fold Tip to Point.

Other People's Money: Equity.

Agents Transferring Risk Become Principals Taking It.

Chapter 5 Fold Point Back.

Rules, Refold, Rave, Ruin.

A New Environment.

A New Risk.

Chapter 6 Fold in Half.

Mortgage Origami.

Subprime Origami.

The Rating Game.

Banker Incentives.

Manufactured Product.

Chapter 7 Pull Neck Upright.

Low Volatility, Low Risk.

The CDS Market Develops.

More Insurance Than Needed.

Opaque Markets.

Other People's Money: Debt.

Chapter 8 Pull Head to Suitable Angle.

Vindicating Greenspan.

How, Not Will, You Pay?

Broken Markets.

Chapter 9 Complete.

What's Wrong with Wall Street.

Government Sponsored Enterprises.

Government Sanctioned Credit Rating Agencies.

Banks.

What's Right with Wall Street?

Brown Brothers Harriman.

Marketfield Asset Management.

Egan-Jones Co.

Epilogue.

Notes.

About the Author.

Index.