CHAPTER 16 The Future

“Rome fell; Babylon fell; Hindhead will have its turn.”

George Bernard Shaw

Glossary of Terms

Hedge Funds: Funds that take both long and short positions in a variety of financial instruments to hedge the exposure of the portfolio to unexpected price movements and achieve the highest returns commensurate with the fund’s objectives (see Chapter 2).

Universal Bank: A bank that combines commercial banking, investment banking, and possibly insurance and other financial services.

Introduction

Some think that George Bernard Shaw’s comment, directed at the British empire, applies to the world’s banks.1 What future does banking have? Banks provide a variety of asset transformation and brokerage services. These services will ...

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