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Restoring Confidence In The Financial System: See-through leverage: a powerful new tool for revealing and managing risk by Sean Tully, Richard Bassett

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1: Brave New World

“It is important for capital to be productively deployed. It cannot just be stashed under the mattress.”

Alan Greenspan

“Personally I think Margaret Thatcher did wonders for the City of London. Big Bang broke up the old network of lazy individuals who had all been to school together.”

Ken Livingstone

Chapter summary
  • Margaret Thatcher and Ronald Reagan unleashed huge amounts of human potential by reducing regulations and allowing market-based competition to regulate how business was done.
  • Mathematicians and financial engineers entered the congenial world of banking and changed it dramatically. Powerful models based on simplifying assumptions became the tools of finance.
  • Regulators and political leaders were outwardly ...

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