Investment banking: services to companies and governments
Most of us do not encounter investment banks in our daily lives. Despite them operating in the background, working with companies, governments, financial institutions and wealthy individuals, they are highly influential. The extent of their importance was harshly brought home with the financial crisis of 2008. Even those of us that work in the field of finance had hardly heard of US sub-prime mortgages or the repackaging of these mortgages into bonds issued by investment bankers, let alone the repackaging of the repackaged bonds. And yet all this financial engineering led to a calamity with enormous implications for us all.
The greedy re-engineering of financial claims is to look ...