Financial Origami: How the Wall Street Model Broke[金融折纸：华尔街模式如何破产 (丛书)]

Anin–depthlookatthefailureofWallStreet′s"proven"financialmodelsOrigamiistheJapaneseartoffoldingpaperintointricateandaestheticallyattractiveshapes.Assuch,itistheperfectmetaphorfortheWallStreetfinancialengineeringmodel,whichultimatelyprovedtobetheunderlyingcauseofthe2008financialcrisis.InFinancialOrigami,BrendanMoynihandescribeshowtheWallStreetbusinessmodelevolvedfromamethodtotransferriskintoamethodformanufacturingrisk.Alongtheway,thistimelybookskillfullydissectsfinancialengineeringandaddresseshowit′softenamechanismtoevaderegulatoryconstraints,provideinstitutionalinvestorswithcustomizedproducts,and,ofcourse,generaterevenueforfinancialengineers.RevealshowWallStreet′sfinancialengineeringbusinessmodelmorphedintosomethingdestructiveHighlightshowtheorigamimodelworkedwellinthecomparativelystableyearsoftheearly2000s,whentherewaslessrisktotransferDiscusseshowWallStreetbeganmanufacturingriskbycreatingproductsthatmultipliedriskexposuresandencouragedsubprimelendingWiththecollapseofLehmanBrothertheWallStreetbusinessmodeleffectivelybroke.Buttherearemanylessonstobelearnedfromwhathastranspired,andFinancialOrigamiwillshowyouwhattheyare.