Financial Disasters
8 important questions on Financial Disasters
What is the fundamental goal of risk management?
What happend at Chase Manhattan Bank/Drysale (1976)?
Lesson: clear documentation, limits on size of bond positions, good measures for collateral lending.
What happened to Kidder Peabody (1994)?
Lesson: Always investigate a large stream of unexpected profits (or losses) thoroughly and make sure to understand the source.
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What happened to Barings Bank (1995)?
Lesson: absolute need of independent trading back office, inquiries about unexpected losses/profits, inquiries on large unanticipated moves of cash. Don't forget to compare gross and net positions.
What happened at UBS (1997, 1998)?
Lesson: independent oversight.
What happens in disaster of large market moves?
What happened to Bankers Trust (1994), reputational damage?
Not tailored to the needs of customers (objective was to reduce). Complexity of the structure, also to prevent shopping at other banks. Bad language of employees about client came out (arrogance and insulting).
What happened to JP Morgan, Citi, and Enron?
Lesson: new controls in place to ascertain that their clients accounting for derivatives transactions with them in ways that were transparant to investors.
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
