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14 Conclusion

14 Conclusion

Arbitrage, 18, 33, 43, 52, 53, 57, 114, 129, 274 Argentina, 44, 45, 103 Asian, 145, 159, 283 Asset management, 82, 87, 92, 96–98, 114, 125, 126, 144, 145, 154, 159, 160, 185, 195, 215, 216, 218, 221 Assets, 20, 24, 25, 27–30, 44, 45, 47–49, 59, 65, 78, 79, 82, 85, 87, 88, 90–92, 96–98, 105, 108, 110, 113, 114, 120, 125, 126, 128, 144, 145, 151–154, 157, 159–161, 163, 167, 168, 177–179, 182–185, 187, 188, 191, 192, 195, 198, 201, 204, 207–210, 214–216, 218, 220, 221, 228, 231, 234, 235, 255, 257–259 AT&T, 47 Attorney General, 196, 266, 286 Auger, Philip, 7, 62, 140 Austerity, 118, 234, 238, 240, 241, 246 Australia, 103, 109, 110 Avignon, 24, 25 Axa, 87

B

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Bad bank, 218 Bagehot, Walter, 41 Bail-in bonds, 254, 255 Bancassurance, 87 Banc One, 77, 79, 85, 88, 103, 104, 106, 139, 263, 276 Bank Act, 60, 64, 104 BankAmerica Corporation, 191 Bank Antonveneta, 91 Bankers’ bonuses, 118, 261, 277 Bank failure, 2, 13, 52, 66, 87, 151–173, 177–198, 201, 224, 229–231, 235, 246, 248, 249, 252, 254, 255, 271–273, 279, 284, 285 Bank for International Settlements, 58, 251 Bank Holding Company Act, 64 Banking, 1, 15–31, 38, 51–72, 76, 95–115, 117, 133–151, 177, 201–224, 227–242, 245–266, 271 Banking crisis, 4, 8, 15, 16, 22, 38, 40, 42, 55, 56, 68–72, 118, 150–152, 169, 201–224, 227, 231–237, 239–242, 245, 246, 252, 254, 273, 278, 282 Banking system, 2, 38, 39, 53, 56, 136, 152, 223, 234, 248 Bank of America, 79, 89, 91, 184, 185, 190–192, 201, 229, 240, 242, 257, 259, 265, 276 Bank of Canada, 64, 97, 163, 184, 252 Bank of England, 38, 39, 41, 42, 44, 45, 53, 63, 110, 111, 152, 164, 167, 211, 215, 219, 222, 223, 250 Bank of Japan, 163 Bank of Montreal, 64 Bank of New York, 92, 169, 276 Bank of Nova Scotia, 64 Bank of Scotland, 91, 209, 212–215, 227, 230, 239, 242, 258, 276, 283 The Bank of the Future, 139 Bank of the United States, 42, 56, 185, 191 Bank run, 40, 41, 55, 68, 89, 151, 164, 165, 167, 210, 214, 231, 258 Banks, 1, 8, 15–31, 33–49, 51–72, 75, 95, 117, 133, 151–173, 177–198, 201–224, 227, 245, 271 BarCap, 221, 222, 224 Barclays, 62, 90, 91, 99, 184, 220–222, 224, 242 Bardi, 15, 16, 19 Barings, 33, 34, 42, 44, 45, 47–49, 56, 63, 66, 89, 109–111, 113, 127, 149, 152, 166, 183, 229, 272, 279

Baring Securities, 89, 110

Barings crisis, 44, 49, 109, 110, 152

Basel Committee, 58, 251 Basel I, 59, 251 Basel II, 59, 251, 252, 254, 255, 281 Basel III, 251, 252, 254, 255, 281 BBC, 109, 164 Bear Stearns, 99, 160–162, 167–170, 177, 182–185, 190, 201–203, 207, 233, 240, 242, 256, 259, 280 Belgium, 41, 58, 79, 91 Benci, Giovanni d’Amengo, 24, 25, 27, 29, 31, 120 Berkshire Hathaway, 195, 196, 203 Big Bang, 62, 63, 68, 78, 98, 99, 257 Bills of exchange, 17, 18, 21, 22, 25, 26, 35, 36, 40, 52, 66 Bismarck, Otto von, 41 Black Monday, 66, 81, 97, 273 Blair, Nathan T., 33, 195–198 Blucker, Gebhard von, 36 BNP Paribas, 163, 167, 231, 242, 271

BNP, 112

Paribas, 112 BNY Mellon, 92, 202 Board of directors, 6, 100, 253 Bond, 9, 36–42, 44, 46, 48, 57, 59, 60, 62, 65, 83, 86, 87, 95, 96, 98, 106–108, 111, 112, 114, 128, 129, 142, 152, 161, 171, 179, 180, 188, 189, 193–195, 216, 217, 223, 241, 247, 248, 254, 255, 266, 272, 275, 277 Bonuses, 10–12, 96, 101, 104, 118, 122–127, 129–131, 148, 181, 182, 223, 240, 261, 262, 277, 278, 284 Borrowing, 2, 15, 37, 55, 65, 69, 114, 153, 165, 170, 183, 214, 219, 228, 233–237, 239, 247 Bought deal, 96, 97 Branch, 9, 16, 17, 22–31, 35, 52, 64, 75, 76, 90, 100, 120, 134, 139,

148, 159, 167, 179, 205, 206, 210, 239, 258, 264, 265, 277 Branching Efficiency Act, 64 Brazil, 44, 45, 90 Breton Woods, 58 British, 3, 36, 38, 39, 47, 56, 62, 63, 78, 97, 99, 110, 164, 166, 167, 184, 208–213, 215, 219, 222, 223, 227–229, 231, 257, 259, 276, 279, 283 British Bankers Association, 219, 222, 223 British Empire, 47 British Petroleum, 97 British Treasury, 63 Bruges, 22, 24, 25, 27, 28 Buderus, Carl, 33, 36 Buffett, Warren, 83, 106–109, 129, 130, 135, 203 Building societies, 164, 165, 167, 204, 208, 211, 276 Bulge bracket, 99 Bull market, 185 Bureaucracy, 77, 106, 108, 141 Business lines, 3, 78, 105, 271 Business school case studies, 6–9, 12, 77, 83, 119, 136 Business school graduates, 101 Byzantine Empire, 26

C

Cambridge, 110 Canada, 58, 60, 64, 97, 103, 104, 163, 184, 252 Canadian Bank Act, 64 Canadian Commercial Bank, 252 Canadian Deposit Insurance

Corporation, 252 Canadian Imperial Bank of Commerce, 64, 97, 252 Canigiani, Gherardo, 28

Capital, 24, 26, 27, 33–35, 39, 41, 44–48, 52–54, 58–60, 68, 69, 71, 77, 80, 82, 89, 95–100, 104, 109–115, 126, 128, 130, 141, 145, 153, 156, 157, 160–162, 165, 167, 170, 171, 178, 179, 182, 183, 189, 190, 192, 195, 197, 198, 201–203, 207–213, 215–218, 223, 228–230, 234, 241, 247–249, 251, 252, 254–256, 259–263, 274, 276, 277, 280–282, 284 Capitalism, 119 Capital ratios, 59, 251 Caribbean, 64 Carlsberg, 76 Carter, President, 155 Casualty, 5, 87, 88, 161, 212 Catholic Church, 18, 20 Cause, 2–4, 6, 7, 12, 13, 18, 47, 49, 54, 56, 71, 72, 75, 81, 98, 113, 114, 118, 124, 126, 147, 151, 152, 154–173, 188–191, 194, 201–224, 227–233, 237, 241, 242, 246, 247, 250, 255, 258, 265, 271–273, 279, 285 Cayman Islands, 64 Cerberus Capital Management, 167 Chairman, 77, 78, 107, 109, 113, 134, 178, 189, 217, 264, 279 Chairman of the Board, 107, 113–114, 217 Chancellor of the Exchequer, 211 Chandler, Alfred, 9, 71, 137, 138 Charging interest, 52 Charter One, 85, 86 Chase, 57, 61, 79, 82, 88, 89, 147

Chase Manhattan, 82, 99, 106, 276 Cheltenham, 211 Chemical Bank, 82, 105, 106, 262, 276 Chemins de Fer du Nord, 47 Chicago, 97, 100–104, 110 Chief executive officers, 3, 7, 34, 82, 85, 86, 90, 103, 104, 107, 109, 113, 115, 121, 134, 135, 139, 140, 145, 162, 169, 178, 185, 186, 188–192, 195–197, 202, 207, 213, 224, 256, 262–264, 266, 279 Chief investment officer, 263, 264 China, 69, 103, 159, 173, 184, 202, 241, 242 China Construction Bank, 241 China Investment Corporation, 202 Chinese People’s Liberation Army, 283 Christian VIII, King, 34 Church, 18, 20–22, 136 Citi, 3, 34, 57, 80, 81, 84, 85, 87–90, 106, 109, 115, 124, 125, 129, 131, 136–139, 169, 170, 190, 192, 207, 208, 219, 242, 257, 273, 276, 278, 279

Citibank, 61, 90, 99

Citicorp, 61, 87

Citigroup, 87, 98, 201 CITIC Securities, 184 Citizens Bank, 85, 276 Citizens Financial Group, 212 City of London, 36, 41, 45, 63, 136 Claw backs, 261, 266, 278 Clayton Act, 282 Clearing banks, 62 Clement VII, 30 Client, 5, 16, 17, 20, 21, 30, 36, 61, 62, 69, 80, 81, 85, 87, 90, 95, 97, 98, 100–102, 104, 105, 107–112, 119, 123, 134, 139–144, 146–149, 153, 161, 162, 168, 180, 197, 206, 215, 216, 218, 222, 257, 261, 284 Clinton, President, 61 Coal, 76, 135, 136 Coin, 21, 22, 33 Collaboration, 43, 44, 47, 48, 102, 105, 115

Collateral, 153, 169, 170, 183, 184, 193, 194, 196–198, 255 Collateralised debt obligations (CDOs), 187–190, 196, 197, 207, 216–218, 231 Combined investment and commercial, 100 Commercial banks, 54–57, 59–62, 64–66, 80, 83–87, 95, 98, 100–104, 119, 123, 127, 146, 156, 159, 162, 170, 178, 179, 190–192, 202, 209, 213, 220, 248, 251, 252, 258, 259, 276, 283 Commerzbank, 162, 259 Commodities, 18, 19, 59, 96, 98, 128, 145 Commodity Futures Modernization

Act, 195 Commodity Futures Trading

Commission, 263 Common good, 120, 154, 272 Communication, 22, 43–46, 49, 108, 141, 143, 221, 222 Communist revolution, 159, 195 Compensation, 101, 117, 127, 129–131, 181, 198, 202, 223, 227, 229, 230, 250 Competitive advantage, 36, 43, 84, 149, 235, 249, 255, 282 Complex, 1–3, 8, 9, 12, 13, 17–19, 21, 22, 27, 30, 31, 38, 51, 52, 56, 58, 62–68, 72, 75, 78, 81–83, 85–91, 99, 100, 102, 104, 105, 108, 109, 111, 112, 114, 115, 117, 124, 131, 133, 136, 149, 150, 152–154, 157, 158, 160, 162–164, 170, 172, 173, 180–191, 194–196, 198, 208–210, 217, 218, 224, 231, 233, 235, 248–251, 255–258, 261–264, 273–276, 278, 281–285 Complexity, 1, 2, 6, 7, 9, 11, 12, 15–31, 33–49, 51–72, 75–93, 95–115, 117, 118, 125–129, 133, 137, 138, 148–150, 153, 158, 159, 163, 165, 166, 168, 180, 181, 183, 184, 186–194, 196, 198, 201–224, 233, 245–266, 272–276, 278, 281, 283–285 Concentration, 19, 26, 27, 79, 136, 146 Congressional Budget Office, 236 Constantinople, 26 Consumer finance, 19, 82, 159 Continental Europe, 41, 48

Continental European, 36, 41, 47, 136 Cooperatives (Volks-und

Raiffeisenbanken), 80, 162 Corporate banking, 38, 80, 81, 112 Corporate lending, 44, 48, 80, 95, 209, 210 Cost, 13, 26, 30, 35, 43, 58, 66, 82, 92, 95, 97, 115, 118, 143, 144, 160, 168, 170, 183, 186, 205, 216, 220, 223, 227–242, 246, 247, 258, 280, 282, 284, 285 Counterparties, 136, 153, 154, 183, 187, 196–198, 203, 213, 214 Counterparty risk, 153 Countrywide, 156, 191, 240 Credit Agricola, 242 Credit cards, 103, 178, 180, 191, 219, 221 Credit default swap, 152, 153, 187, 188, 193–198, 216, 231 Crédit Mobilier, 40, 41, 53 Credit rating agencies, 61, 157, 170, 179, 180, 182, 187, 216, 217, 260 Credit ratings, 59, 61, 65, 157, 170, 179, 180, 182, 187, 189, 194–196, 198, 216, 217, 255, 260

Credit Suisse, 61, 86–88, 125, 126, 154, 188, 192, 218, 219

Credit Suisse First Boston (CSFB), 61, 86–88 Credit unions, 59, 164 Crises, 6, 8, 11, 12, 15, 22, 33, 34, 42, 48, 55, 56, 59, 68–71, 81, 87–89, 91, 110, 118, 122, 123, 131, 140, 147, 150–152, 160, 162–164, 169, 179, 201–224, 231–236, 238, 240, 245, 246, 254, 256, 263, 278, 280 Culture, 3, 10, 62, 64, 76, 78, 85, 103, 108–110, 112, 122, 125, 126, 128, 129, 131, 139, 145, 146, 159, 161, 181, 202, 224, 251, 252, 266 Cumulative exposure, 90 Currencies, 17, 18, 56, 58, 62, 64, 68, 69, 90, 111, 112, 151, 219, 220, 232, 233, 251, 263, 273, 280 Curries & Co, 45 Customers, 1–3, 9, 11, 18, 19, 21, 27, 51–53, 55, 69, 72, 76, 78–80, 82–84, 87, 89, 90, 92, 95, 97, 100, 103, 105, 106, 118, 123, 125, 126, 128, 139, 140, 153, 154, 167, 179, 204–206, 210, 219, 223, 227–231, 239, 267, 272, 273, 279, 285

D

Dalglish, Kenny, 135 Danske Bank, 76, 264, 265, 280, 283, 284 Day-to-day, 9, 10, 24, 66, 134, 276 Deal making, 118, 276 Dean Witter, 61, 88 Denmark, 34, 41, 264 Department of Justice, 219, 240, 265, 266 Deposit, 2, 4, 17, 20, 55, 57, 59, 60, 62, 101, 107, 139, 154, 156–158, 164–167, 170, 178, 179, 186, 191, 192, 201, 202, 204, 206, 209, 210, 214, 227, 228, 230, 231, 236, 255, 257, 258, 273–276 Depositors, 4, 20, 26, 38, 52, 56, 59, 95, 123, 155, 156, 165, 167, 179, 204, 206, 214, 227–229, 236, 252, 258, 282 Depository Institutions Deregulatory and Monetary Control Act, 59, 155, 288 Deposit taking, 17, 20, 59, 60, 139, 170, 191, 202, 273 deposit-taking institutions, 59 Depression, 26, 232, 280 Deregulation, 68, 70, 71, 75, 83, 85, 112 Derivatives, 63, 65–67, 96, 98, 100, 109, 111, 112, 114, 152, 161, 188, 194, 195, 216, 219, 221, 223, 255, 263 Deutsche Bank, 99, 162, 219, 221, 242, 259, 265 Deutsche Industriebank, 162 Dillon Read, 57, 215 Dillon Read Capital Management, 215, 216 Disconto-Gesellschaft, 47 Discount house, 40 Discount window, 170, 259 Distributing, 89, 128 Diversification, 19, 33–35, 39, 43, 66, 85, 86, 89, 90, 98, 157, 162, 218, 275 Diversified risks, 89 Dividends, 38, 104, 115, 156, 180, 208, 261 Dodd-Frank Wall Street Reform and

Consumer Protection Act, 250

Dodd-Frank, 251, 254, 260–262, 281

Donaldson Lufkin & Jenrette, 88 Double accounting, 37 Double bookkeeping, 23 Dresdner Kleinwort Benson, 61 Drexel Burnham Lambert, 87, 108, 195 Due Bills, 105, 106 Due diligence, 78, 79, 192, 205, 212, 213, 215, 227 Duke of Milan, 26, 31, 38

Sforza, Francesco, 26 Duke of Savoy, 27 Duke of Urbino, 30 Duke of Wellington, 36, 38 Dukes, 16, 18, 27, 30, 179 Dukes of Milan and Savoy, 16, 26, 27, 31, 38 Du Pont, 9, 137

E

Eastern European, 80 East India Company, 36 Ebola, 245 Economic growth, 69, 235–238 Economic history, 6–9, 11, 56, 119, 235, 271 Education, 76, 110, 133, 234, 238 Edward III, 16, 21 Edward IV, 28 1825 crisis, 34, 38, 39 1830, 39, 42, 34, 42, 49 1848, 39, 34, 39, 40, 42, 46, 275 Eighteenth century, 11, 53, 121, 235 Electrolux, 76 Emergency Economic

Stabilization Act, 201 Emergency Liquidity Assistance, 211, 215 Employees, 4, 10, 11, 60, 66, 68, 77, 79, 81–83, 85, 86, 90, 92, 100, 101, 103, 105–107, 111, 113, 120, 122–126, 128–131, 137, 144, 145, 149, 154, 167, 181,

182, 185, 186, 198, 204, 206, 207, 218, 222, 227–230, 239, 261, 272, 277, 279, 283 Endogamy, 34, 47 England, 16, 21, 33, 38, 39, 53, 103, 136 Entrepreneurial culture, 108, 128, 145 Equity capital, 96, 160, 162, 183, 198, 203, 207, 208, 228, 229, 234, 254 Estonia, 76, 264, 265

Estonian, 264, 265 Euro, 4, 66, 69, 82, 219, 220, 223, 232, 236, 237, 247

Eurozone, 82, 236 Euro Inter-Bank Offer Rate (EURIBOR), 220 Europe, 16, 21, 26, 34, 35, 47, 48, 61, 79, 82, 121, 164, 166, 220, 232, 241, 242, 247, 259, 261, 271, 274, 277 European, 11, 21, 26, 30, 31, 35, 36, 38, 41, 42, 46–48, 56, 67, 68, 80, 81, 90, 125, 136, 145, 163, 232, 237, 238, 242, 247, 259, 260 European Banking Federation, 220 European Central Bank, 163, 219, 247 European Commission, 163, 235 European Securities and Market

Authority, 260 European Union, 162, 163, 235, 239, 241, 283 Exchange rate, 18, 56, 58, 68–70 Excommunication, 18 Executive Committee, 48, 137 Expenditure, 2, 19, 29–31, 230, 234, 235, 237, 241, 247 Expenses, 80, 81, 92, 103, 104, 123, 181 Experience, 6, 10, 17, 24, 34, 67, 70, 75, 81, 83, 87, 101, 104, 110, 119, 124, 154, 239, 253, 271, 281, 282

F

Fail/failures, 2–4, 6, 7, 12, 13, 16, 17, 25, 31, 38, 39, 41, 42, 45, 52, 54, 56, 62, 66, 71, 72, 78, 79, 87, 89, 90, 97, 107, 108, 111, 115, 119, 129, 140, 151–173, 177–198, 201–224, 227–235, 240, 242, 245–250, 252, 254–258, 262, 265, 271–273, 275–279, 281, 282, 284, 285 Family, 16, 22–25, 28–31, 33–38, 42–49, 53, 70, 120, 121, 127, 178, 229, 275, 277 Family ownership, 33–49, 127, 130, 177, 277 family owned, 28, 40, 53, 62, 111, 127 Fannie Mae, 170–173, 233, 241, 260 Federal Deposit Insurance

Corporation, 228, 263 Federal Home Loan Mortgage

Corporation, 171 Federal Housing Administration, 171 Federal insurance, 59 Federal National Mortgage

Association, 170 Federal Reserve Board, 263 Federal Trade Commission Act, 283 Ferguson, Niall, 7, 36, 77, 78, 120, 276, 279 Fifteenth century, 15, 17, 18, 20–23, 26, 33, 37, 52, 156, 232, 274 Finance, 2, 8, 11, 19, 20, 28, 39, 47, 48, 52–54, 62, 63, 82, 96, 99, 100, 108, 110, 112, 118, 137, 140, 145, 153, 158, 159, 162, 165, 166, 169, 172, 177, 180, 205, 210, 213, 214, 228, 231, 235, 245, 262 Financial Conduct Authority, 223, 250 Financial crisis, 2–6, 11–13, 34, 48, 54, 60, 63, 66, 68, 69, 83,

87–89, 91, 98, 115, 118, 126, 131, 135, 140, 151, 152, 154, 155, 163, 172, 177–198, 207, 212, 213, 219, 220, 223, 227–242, 245–252, 254–257, 259–266, 271–274, 277–285 Financial institutions, 68, 72, 76, 83, 90, 92, 123, 128, 137, 139, 145, 167, 186, 191, 201, 207, 208, 235, 240, 265, 276, 278 Financial Institutions Supervisory

Committee, 252 Financial Services (Banking Reform)

Act, 257 Financial Services Authority, 63, 166, 168, 184, 195, 213, 250 Financial Services Compensation

Scheme, 227 Financial Services

Modernization Act, 60 Financial Times, 3, 8 Fines, 4, 10, 66, 89, 196, 219, 221, 223, 224, 240, 246, 259, 265, 266, 272 Firms’ own accounts, 97, 98 First Boston Corporation, 57 First Chicago Corporation, 100, 101 First Federal Savings, 123, 124 First Franklin, 188 First Interstate Bank, 79 First National Bank, 136 First National Bank of Boston, 86 First World War, 3, 5, 47, 48, 162, 278 Fitzroy, Henry, 34 Fixed income, 145 FleetBoston, 79

Fleet Boston Financial, 191 Florence, 11, 15–20, 22–25, 27, 29–31, 52, 134, 245, 275

Florentine, 15, 21, 30, 245

Ford, Henry, 141 Fortis, 91, 214 Fourteenth century, 15, 16, 23, 26, 56, 62, 70, 134, 232, 245, 271 France, 27, 35, 36, 41, 45, 47, 48, 53, 56, 58, 79, 111, 112, 136, 163, 164, 271, 275 Frankfurt, 11, 33–35, 45, 80, 121, 275 Fraud, 42, 57, 108, 110, 111, 114, 218, 266, 284 Freddie Mac, 171, 172, 233, 241, 260 French government, 39, 48, 49, 53, 111, 112, 275

G

Gates, Bill, 141 General Electric, 47, 262, 283 General manager, 23–25, 27–29, 31, 120, 277 General Motors, 9, 121, 124, 129, 130, 137, 138, 145 General Re Corporation, 196 Generations, 28, 30, 42, 44–46, 121, 236, 237, 275, 277, 280 Geneva, 25, 27, 52 Germany, 47, 48, 56, 58, 76, 79, 82, 103, 136, 162, 235, 237–239 Glass-Steagall Act, 57–61, 68, 86, 87, 102, 155, 170, 177, 202, 248, 282 Global, 11, 23, 63, 67–69, 75, 77, 81, 87, 90, 99, 125, 130, 144, 157, 162, 173, 185, 186, 190, 201–224, 239, 245, 251, 252, 255 Global bank, 11, 65, 77, 80, 251 Globalisation, 9 Gloucester, 211 Gold, 36, 39, 56, 58 Golden parachute, 261 Gold standard, 56, 58, 68 Golf, 140 Governance, 25, 109, 112, 263 Government bonds, 37, 40, 46, 59, 105, 107, 108, 161, 248 Governor of the Bank of Canada, 252 Graduates, 101, 118 Gramm-Leach-Bliley Act, 60 Great Depression, 11, 47, 54–57, 59, 68, 91, 111, 152, 160, 165, 170, 177, 204, 206, 228, 230–232, 234, 236, 245, 248, 259, 273, 274, 279, 282 Great Western Financial Corp, 204 Greed, 118, 272 Greek, 34 Greenland, 21 Gross domestic product (GDP), 57, 232, 235–238 Group chief executive officer, 113 Group of Ten, 58, 251 Group of Thirty, 251 Guarantee, 45, 49, 96, 107, 162, 164, 171, 172, 208, 228, 231, 233, 235, 241, 253 Guaranteeing a bought deal, 97 Guinea, 245

H

Hamilton, Alexander, 42 Hapsburg Empire, 47 Harvard Business School, 8, 138 Haute Banque, 47 Headcount, 182 Hedge, 67, 112, 152, 161, 168, 187–189, 194, 203, 207, 251 Henderson Crosthwaite, 110 Heraclitus, 15 Herries, John Charles, 36 Higher loss absorption, 255

High yield, 65, 210 History, 5–9, 11–13, 15, 20, 26, 36, 38, 43, 48, 51, 53, 64, 70, 71, 77, 111, 119, 121, 122, 138, 158, 159, 165, 171, 178, 184, 198, 204, 234, 235, 264, 271, 272, 276, 278, 281, 282, 285 historical, 1, 2, 5, 7, 8, 10, 15, 26, 31, 45, 53, 68, 70, 83, 89, 104, 117, 124, 129, 136, 152, 158, 203, 214, 235, 245, 246, 248, 265, 271, 274 Holocaust, 48 Home Savings of America, 204 Hong Kong, 80, 159 Hong Kong and Shanghai Bank, 159 Hostile acquisition, 213 hostile takeovers, 78, 79, 112, 205, 213 Hostile bid, 79, 227 Household, 156, 159, 171, 234, 238, 240 House of Representatives, 67 HSBC, 62, 156, 158–160, 162, 210, 217, 242, 256, 279, 280 Hutton, E.F., 67

I

ICBC, 241 Iceland, 21, 219, 232, 236, 239

Icelandic, 223, 227, 230, 232, 236 IKB, 162, 163, 231

IKB Deutsche Industriebank, 162

IndustrieKreditBank, 162 IKEA, 76 Impairments, 210 Implementation, 4, 58, 117, 125, 147, 255, 263 Implicit guarantee, 171 Incentives, 2, 6, 8, 10–12, 23–25, 31, 53, 60, 62, 72, 99, 100, 102, 110, 117–131, 143, 144, 146,

147, 155, 158, 181, 186, 198, 205, 206, 220, 240, 254, 261, 265, 266, 277, 283, 284 incentive structures, 25, 60, 62, 72, 102, 118, 120, 121, 127, 240, 254, 277 Increased borrowing, 2, 214, 233, 235, 237 Industrial development, 35 Industrialists, 136, 145 Industrial Revolution, 53, 54, 84, 135, 136, 235, 275, 278 Industry, 8, 9, 40, 54, 68, 76, 80, 84, 88, 111, 118, 121, 131, 135–139, 149, 150, 177, 182, 198, 208, 213, 227, 228, 235, 238, 259, 261, 262, 278, 284 Influenza epidemic, 245 Innovative, 7, 23, 180, 281 Insurance, 8, 24, 59, 63, 66, 87, 88, 95, 125, 139, 145, 189, 192–195, 197, 198, 212 Insurance of deposits, 59 Integration, 78, 79, 83, 91–93, 103, 104, 192, 205, 207, 213 Interest, 5, 8, 11, 18–20, 24, 25, 27, 29, 37, 41, 46, 47, 52, 55, 59, 60, 65, 67, 95, 105, 106, 112, 120, 121, 128, 141, 155–157, 163, 165, 169, 170, 180, 187, 204, 205, 208, 219–221, 230, 247, 275, 279 Interim Chairman, 107 Intermarriage, 34, 35, 44, 121, 275 International capital mobility, 68, 69 International Framework for Liquidity

Risk Measurement, 251 International Monetary Fund (IMF), 58, 232 Investment banks, 1, 6, 7, 42, 54, 55, 57–62, 64, 66, 68, 78, 80, 81, 83–87, 89, 90, 95–104, 106, 108, 110–112, 114, 115, 119, 123,

126–128, 130, 131, 134, 139, 140, 142, 145, 148–150, 153, 154, 156–161, 163, 164, 167, 169, 170, 172, 178–180, 183–186, 189, 191, 196, 201–204, 215–217, 221, 230, 240, 248, 256–259, 261, 273–278, 282 Investment grade, 65, 108, 157, 170 Investors, 7, 38, 41–44, 47, 53–57, 60, 65, 67, 95, 96, 98, 99, 106, 113, 126, 128, 146, 156–158, 161, 163–168, 170, 172, 173, 178, 180, 183, 186–189, 196–198, 203, 204, 206, 208, 215, 216, 218, 230, 233, 239, 241, 254, 260, 280 Ireland, 209, 210, 219, 234–238

Irish, 223, 234, 237, 239, 265 Iron, 40, 135, 136 Israeli, 218 Italian, 15, 91

J

Jackson, Andrew, 42 Japan, 3, 58, 61, 103, 163, 164, 202 Jefferson, Thomas, 42 Jersey, 64 Jewish, 34, 42 Jews, 38, 47 Jobbers, 62, 78, 99 Jobs, 9, 25, 86, 88, 99, 109, 119, 120, 133, 144–147, 223, 229, 230, 239, 240 growth, 239 losses, 239 Joint stock banks, 40, 53 J.P.Morgan, 47, 48, 57, 60, 61, 79, 88, 98, 102, 106, 113, 121, 134, 135, 169, 170, 177, 183, 184, 201, 202, 233, 240, 242, 256, 264, 265, 275, 276, 278, 280, 284

JPMorgan Chase, 79, 88, 98, 191, 201, 204, 256, 257, 263 Junk bonds, 65, 87, 108, 114, 195

K

Kerviel, Jérôme, 113 KfW, 162 King Henry VIII, 136 Kings, 16, 18, 21, 26, 28, 34 Kleinwort Benson, 61, 62, 99 Kobe earthquake, 66, 111 Korea Development Bank, 184 Kreditanstalt, 47, 48, 53, 56 Kuhn, Loeb & Co., 178

L

Laffitte, Jacques, 34 Lancaster, 26 La Salle, 91, 191 Latin America, 35, 38, 80, 82 Lazard Frères, 130 Leaders, 5, 8, 10, 28, 39, 57, 68, 77, 85, 86, 88, 96, 125, 128, 134, 145, 148, 177, 182, 183, 187–189, 191, 276 Leadership, 5, 33, 41, 45, 77, 82, 84, 86, 108, 134, 135, 137, 139, 141, 147, 177, 178, 181, 182, 194, 195, 206, 223 Leeson, Nick, 109–111, 113 Lego, 76 Lehman Brothers, 11, 57, 96, 99, 131, 177–185, 189, 190, 197, 198, 201–204, 207, 210, 211, 215, 217, 221, 229, 230, 232, 233, 240, 246, 259, 280 The Lehman Trilogy, 178 Lending, 4, 16–22, 25–29, 37, 44, 47, 48, 54–56, 66, 69, 80, 95, 113, 118, 121, 128, 153–158, 160, 163, 165–168, 170, 178, 180, 186, 205–207, 209, 210, 212, 219, 228, 230, 233, 235, 239, 260, 273, 277, 280 Leverage, 59–61, 153, 156, 161, 178–180, 182, 203, 248, 249, 252, 254–256

Levy, Gus, 134 Liabilities, 20, 26–28, 44, 49, 97, 110, 169, 179, 183, 184, 260 Liberia, 245 LIBOR, 219–224, 259

London Inter-Bank Offered Rate (LIBOR), 219 Lidderdale, William (Governor of the

Bank of England), 44 Life insurance, 87, 189, 195 Light touch, 63 Line of business, 12, 22, 30, 56, 59, 62, 66, 70, 84, 85, 89, 105, 106, 134, 149, 273–276, 281 Liquid, 21, 22, 37, 65, 108, 161, 172, 182, 204, 214, 231 Liquidity, 3, 33, 37, 43, 65, 71, 72, 91, 114, 163, 165, 168, 170, 201, 202, 207, 210, 214, 217, 236, 255, 256, 259, 263 Listing on stock exchanges, 99, 126 Living will, 251, 254 Lloyds Banking Group, 211, 212 Lloyds TSB, 211–213, 276 Loans, 16–22, 24, 26–29, 37–40, 44, 46–49, 52, 54–57, 59, 60, 65, 71, 101–103, 111–113, 115, 121, 122, 128, 139, 151, 155–166, 170–172, 177–180, 184, 186–190, 193–196, 198, 201, 204–210, 218, 219, 223, 229–231, 260, 265, 275, 280 Lobbying, 53, 61, 262, 274, 282 London, 17, 18, 22, 24, 25, 27–29, 33–35, 38–40, 43, 45–49, 63, 80, 86, 121, 130, 152, 159, 164, 178, 190, 195, 212, 215, 229, 263, 275 London Stock Exchange, 99, 130 London Whale, 256, 263 Lone Star, 162 Longer term, 10, 46, 68, 101, 102, 110, 118, 119, 121, 123, 126, 127, 129, 131, 143, 165, 198 Long term, 33, 57, 60, 93, 95, 102, 118, 119, 121, 123–129, 146, 147, 162, 165, 178, 183, 228, 255, 259, 265, 271, 277 Long-Term Capital Management (LTCM), 114, 161 Loosening regulation, 11, 12, 53, 58, 64, 257 Lorenzo, 16, 22, 27, 29–31 Lost opportunity cost, 234, 242 Louis Philippe, King, 43 Louis XI of France, 27 Louis XVIII, 37 Low-balling, 221 Luxury, 18–21, 26–28, 38, 52 Lyon, 27–29, 52

M

Macroeconomic, 21, 31, 123, 124, 242 Madison, James, 33, 42 Maersk, 76 Main, 4 Malaysian Attorney General, 266 Management, 1–13, 15–17, 19, 22–31, 32n5, 33–49, 51–72, 75–93, 95–115, 117–131, 133–173, 177–198, 202–209, 211–219, 221–224, 227–242, 245–266, 271–285 consultancy, 6, 11–13, 271 people management, 24, 28, 142 of risks, 105, 124 stretch, 72 Manager of managers, 86 Managing directors, 99–101, 119, 130, 145, 146, 277 Managing player, 135

Manège, 4 Manufacturers, 2, 19, 44, 137 Manufacturers Hanover Bank, 82 Margin lending, 54, 55, 230, 273 Margins, 54, 55, 60, 62, 65, 67, 96, 98, 101, 102, 105, 114, 160, 179, 230, 273 Massachusetts Institute of Technology, 138 Massini, Steffano, 178 Master of Business Administration (MBA), 13n1, 138, 139, 145 Mayer, Hannah, 34 MBNA, 191 McDonalds, 283 McFadden Act, 64 Medici, 10, 11, 13, 15–32, 36–38, 52, 62, 66, 70, 75, 80, 98, 120, 134, 156, 158, 232, 245, 246, 274, 275, 277, 278

Bank, 7, 15–18, 20–26, 29–31, 31n3, 32n5, 33, 35, 120, 275

Catherine, 30

Cosimo, 16, 23–29, 31, 77, 141

Giovanni di Bicci de,’ 16, 23

Giuliano, 29, 30

Giulio, 30

Piero, 16, 28–30 Mellon Financial, 92 Merchant banks, 62, 99, 145 Mergers, 9, 12, 54, 56, 61, 62, 64, 72, 75, 77–80, 82–84, 86, 88, 92, 93, 95, 96, 103, 104, 115, 128, 130, 139, 149, 178, 184, 185, 190, 205, 209, 211–215, 221, 256, 257, 259, 276, 282 Merrill Lynch, 1, 99, 135, 144, 145, 162, 179, 182, 185–192, 196, 201, 202, 207, 216, 217, 229, 240, 259, 272, 279, 280 MetLife, 88 Metternich, Prince, 43 Mexico, 103 Midland, 62 Midland Bank, 45, 48, 159 Milan, 20, 23, 26, 27, 29, 179 Mistakes, 43, 48, 107, 121, 154, 160, 248, 272 Mitsubishi UFJ Financial Group, 202 Model, 114, 123, 141, 165, 180, 242, 247, 260 modeling, 163, 180 Monetary Control Act, 59, 155, 228 Money culture, 10, 126, 129 laundering, 264–266 supply, 248 Monitoring, 4, 117, 254 Monte Paschi, 91 Morgan Grenfell, 99 Morgan, John Pierpont, 141 Morgan Stanley, 57, 61, 77, 78, 82, 88, 99, 113, 145, 149, 159, 179, 180, 182, 185, 201, 202, 259 Mortgage-backed securities, 128, 157, 158, 160, 162–167, 171–173, 177, 178, 180, 186–188, 190, 196–198, 203, 209, 216, 219, 230, 231, 241, 259, 260, 266 Mortgages, 1, 3, 55, 59, 60, 63, 65, 86, 89, 123, 128, 155–157, 159, 161, 164–167, 169–173, 178, 180, 182–191, 201–224, 240, 260 Multidivisional, 8, 9, 83, 84, 106, 125, 137, 139, 145 Multiline, 15, 31, 82, 83, 87, 91, 92 Multinational, 8, 11, 15–49, 53, 61, 65, 69, 70, 75–77, 80, 82, 83, 85, 87, 91, 99, 103, 121, 145, 195, 275 Multistate, 64, 83 Mutual funds, 157

N

Naples, 23, 33, 34, 41, 121, 275 Napoleon, 36, 37

Napoleonic Wars, 36, 48, 275 Napoleon III, 53 Nathanial (Natty), 39 National Health Service, 283 Nationalised, 111, 112, 167, 229, 236, 271 National Westminster (NatWest), 62, 212–215, 227, 276 Net capital, 61 Netherlands, 58, 82, 90, 91 New Century, 203 New York, 42, 55, 63, 92, 100, 130, 131, 164, 169, 177, 195, 215, 256 New York Federal Reserve, 222 1930s, 11, 48, 64, 248, 273, 278 1970s, 9, 11, 51, 84, 96, 97, 99, 123, 124, 138, 139, 145, 149, 232, 256, 276, 278, 284 Nineteenth century, 11, 33–35, 37, 38, 46, 47, 53, 70, 89, 121, 135, 164, 212, 232, 275, 277, 278 Nixon, President, 58 Nobel Prize, 114 Nokia, 76 Non-deposit, 170, 191, 210 Non-investment grade, 65, 108, 157 Non-qualifying, 260 No prime, 260 Nordic, 76, 79 Nori, Simone, 28 Norsk Hydro, 76 North Carolina National Bank, 191 North, Douglass, 9, 10 Northern Counties Permanent, 164 Northern Rock, 164–167, 208, 211, 228–231, 234, 239, 253, 276

Northern Rock Bank, 164

Northern Rock Building Society, 164 Northland Bank of Canada, 252 North South European monetary imbalance, 21 Norway, 82 Not managed, 1–13, 15, 27, 108, 114, 165, 185, 190, 214, 233, 271, 272, 278

O

Obama, Barack (president), 262, 263 Objectives, 4, 8, 11, 19, 82, 83, 102, 119, 122, 124, 129, 172, 195, 249, 254 Office of the Comptroller of the

Currency, 263 Office of the Superintendent of

Financial Institutions, 252 Office of Thrift Supervision, 195 Ohio Life Insurance and Trust

Company, 42 One firm, 215, 216, 218 1 Malaysia Development Berhad (1MBD), 265, 266, 284 Online bank, 212 Operating Group, 137, 138 Organic growth, 75, 100, 191, 276 Organisations, 1, 2, 6, 8, 10, 62, 67, 70, 72, 80, 81, 84, 91, 99, 104, 107, 115, 117, 141, 148, 150, 154, 171–173, 228, 272 Originate to distribute, 165 Originating, 89, 165, 178, 187 Ottoman Empire, 26 Ottoman Turks, 26 Overend, Gurney and Company, 40, 41, 44, 164 Over the counter (OTC), 153 over-the-counter derivatives, 63 Owners, 1, 23, 43, 51, 52, 60, 62, 98, 134, 135, 154, 156, 193, 217, 227, 229, 272, 274, 279 Ownership, 16, 33–49, 53, 77, 80, 86, 99, 112, 126–130, 136, 159, 162, 170, 171, 173, 177, 275, 277 Oxford, 110

P

Packaging, 89, 156, 157, 163, 172, 178, 186, 187, 196, 198, 216 Paine Webber, 61 Papacy, 17, 20 papal, 20, 21, 23, 26, 38, 275 popes, 16, 18, 20, 30 Paris, 33–35, 39, 40, 43, 45–48, 53, 80, 121, 178, 275 Partners, 23, 24, 27, 41, 47, 60, 62, 99, 100, 120, 126, 127, 129, 130, 134, 154, 177, 275, 277, 284 Partnerships, 23, 35, 43, 53, 60, 62, 99, 127, 130, 202, 277 Path dependency, 6, 10, 122–127, 130, 144, 261 path dependence, 10, 11, 122, 124 Payment Protection Insurance, 223 Pazzi, 29 Pension funds, 157, 189, 239 Pereires, 47 Personal leadership, 77, 86 Peruzzi, 15, 16, 19 Pfizer, 134 Pisa, 25 Plague, 16, 26, 56, 232, 245, 271 Player managers, 135 Poland, 82 Political institutions, 240 Politics, 22–24, 28, 29, 31, 35 Pope Sixtus IV, 20, 30 Portugal, 36, 41, 81 The Power of Yes, 155, 205, 206 Practical experience, 6 President, 42, 45, 58, 61, 107, 155, 186, 251, 252, 262, 279 President of France, 45 Primary dealers, 107, 108 Prime, 36, 48, 59, 99, 152, 155, 173, 260, 266, 273, 277, 284 Princes, 15, 18, 84, 278 Principal, 69, 96, 97, 105, 121, 172 Principle-based regulation, 252, 253 Private banking, 87, 125, 256 Producer manager, 6, 9, 12, 71, 107, 133–150, 154, 158, 207, 224, 245–266, 275, 278, 283–285 producing manager, 135 Producers, 4, 5, 12, 66, 76, 114, 134, 141, 142, 145, 148, 278 Production/producing, 4, 5, 9, 12, 40, 55, 75, 123, 135, 136, 138, 140–144, 146–149, 158, 166, 177, 181, 186, 207, 209, 224, 235, 236, 261, 278, 283–285 Profit warning, 78, 158–159, 217 Programme trading, 67 Property casualty insurer, 87 Provisions, 25, 159, 206, 261 Proximate cause, 56 The Prudent, 27 Prudential Plc, 283 Prudential Regulatory Authority, 250 Prussia, 41

Q

Qatari, 218 Queen of France, 30 Queens, 18 QWERTY, 10, 122, 127

R

Railways, 2, 38–40, 47, 84, 136, 137 Rate manipulation, 221 Real estate, 56, 59, 63, 139, 162, 203, 248 Real gross domestic product, 238 Recapitalisations, 235 Reduced expenditure, 2, 234 Reference interest rate, 219

Regulation, 3, 11, 18, 27, 51–72, 76, 98, 117, 155, 179, 204, 240, 246, 272–275, 281, 282, 284 Regulators, 1, 9, 18, 51–54, 57–61, 63, 70–72, 83, 87, 91, 108, 110, 111, 113, 115, 152, 161, 166, 168, 179, 184, 193, 195, 202–204, 206–210, 213, 215, 218, 221–223, 240, 247–255, 258–261, 263, 264, 279, 281, 283 Regulatory arbitrage, 18, 52, 57, 274 Reinhart, Carmen, 7, 68, 70, 236, 242 Relationships, 9, 26, 36, 40, 42, 77, 78, 81, 86, 90, 101, 102, 104, 110, 123, 126, 140, 148, 161, 284 Religion, 35, 275 Remunerate, 104, 181 Renaissance Italy, 11 Renaissance princes, 15, 276, 278 Renaissance principality, 77, 84 Reputation, 3, 41, 66, 89, 97, 162, 213, 265, 266, 272 Research, 5, 7, 21, 22, 145, 168, 186 Rhineland Funding, 162 Riegle-Neal Interstate Banking and

Branching Efficiency Act, 64, 191 Risk appetite, 180, 181 Risk management, 11, 112, 122, 128, 154, 179–182, 188, 189, 202, 203, 217, 252, 253, 277, 278 Robert of Naples, 16 Rock Building Society, 164 Rockefeller, John D., 141 Rogoff, Kenneth, 7, 68, 70, 236, 242 Rome, 16, 20, 21, 23, 25–27, 30 Roover, Raymond de, 7, 21, 22, 120 Rossi, Lionetto, 27 Rothschilds, 7, 11, 33–49, 56, 67, 70, 75, 80, 89, 98, 112, 120, 121, 127, 134, 137, 141, 159, 210, 232, 271, 274, 275, 277, 278

Amschel, 33–36, 45, 53

Anselm, 34, 47, 53 Bank, 33, 35, 37–40, 43, 44, 46, 48, 112, 121

Carl, 33, 36

Edouard, 48

French, 39, 40, 112

Frères, 39, 40, 49

James, 33, 34, 39–43, 46–49, 53

London, 39, 40, 46, 48, 49

Nathan, 33, 34, 36, 39, 44, 53, 141

Salomon, 33, 43 third Lord, 36 Rothschild, L.F., 42, 67

Rothschild, Louis, 42 Royal Bank of Canada, 64, 97, 184, 252 Royal Bank of Scotland (RBS), 91, 212 Rules-based regulation, 253 Russia, 114

Russian Central Bank, 264

Russian tsar, 34

S

Sachsen LB, 163 Salomon, 33, 43, 61, 83, 84, 87, 99, 106–109, 114, 128–130, 147, 272, 279

Salomon Brothers, 61, 114 Sampo Bank, 264 Santander, 81, 82, 91, 214, 242 Sassetti, Francesco, 25, 27–30, 120 Saudi Arabian, 218 Savings, 4, 20, 59, 82, 92, 123, 124, 129, 160, 164, 167, 195, 204, 211, 228, 229, 239, 280 Savings & Loan Association, 123 saving & loans, 164 Savings & Loan Crisis, 204 Savings banks (Sparkassen), 80, 129, 204, 211, 229 Scandinavia, 21 Schemes, 10, 11, 110, 121–124, 126, 127, 129, 167, 198, 205, 227 Schleswig Holstein, 41

Schroders, 62, 99 Schultz, William, 34 Secondary market, 40, 170–173 Second Bank of the United States, 42 Second World War, 58, 68, 111, 159, 246 Securities & Exchange Control, 260 Securities and Exchange Commission, 57, 59, 60, 168, 178, 207, 263 Securities Exchange Act, 57 Securitising, 157 Senior bankers, 7, 15, 84, 86, 101, 134, 228, 240, 261, 274 Senior Manager and Certification

Regime, 253, 283 S.G. Warburg, 62, 77, 78, 82, 84, 99, 273, 276 Shanghai, 159, 194 Shareholders, 1, 11, 38, 40, 43, 51, 61, 83, 90, 97, 99, 104, 106, 112, 118, 130, 133, 154, 167, 169, 172, 173, 184, 185, 202, 204–207, 212, 213, 217, 223, 229, 230, 254, 261, 283, 285 Shearson American Express, 178 Sherman Act, 282 Short sellers, 182 ban naked short selling, 168 Short term, 100, 102, 118, 119, 123, 124, 129, 130, 143, 146, 147, 153, 165, 170, 183, 203, 214, 230 Sierra Leone, 245 Significant influence functions, 253 Silk, 19–21, 25, 28 Singapore, 103, 109, 152 Size, 1, 2, 9, 11, 34, 37, 39, 42, 46, 47, 64, 70, 72, 75–93, 98, 101, 102, 107, 128, 131, 135, 167, 171, 190, 198, 209, 215, 217, 228, 236, 256, 258, 263, 272, 275, 276, 278, 283, 285 Sloan, Alfred, 9, 121 Smith Barney, 61, 109 Société Générale (SocGen), 111, 196, 271, 272 Sources, 7–9, 12, 20, 37, 39, 43, 108, 128, 148, 157, 166, 210, 239, 248, 274 South African, 48 South Korea, 103 Sovereign, 15–22, 24, 26–30, 37–40, 48, 52, 114, 151, 152, 154, 204, 232, 233, 236, 237, 245, 247, 275, 280 Soviet Union, 80 Spanish colonies, 38, 39 Specialist, 5, 9, 15, 31, 40, 52, 54, 62, 71, 76, 84–86, 99, 106, 107, 117, 118, 134–138, 140, 141, 148, 149, 249, 261, 273–276, 278, 284 Specialist management, 31, 62, 76, 84, 86, 117, 118, 134, 136, 138, 261, 274–276, 278, 284 Stabilisation Fund, 218 Stakeholders, 1, 11, 83, 118, 272, 279 Standard & Poor, 182, 192 Starbucks, 205 State Street, 202 Stockbrokers, 62, 99, 109, 110, 144, 145, 185, 186, 191 Stock exchange, 54, 57, 60, 62, 63, 96, 99, 101, 112, 123, 126, 128, 130, 133, 159, 162, 165, 168, 171, 173, 178, 183, 185, 229, 276 Stock market, 41, 54–56, 66, 67, 81, 93, 97, 99, 160, 203, 257, 273 Stock underwriting, 55 Strategy, 1, 4, 8, 22, 34, 35, 39, 67, 71, 76, 90, 103, 106, 109, 112, 117, 125, 147, 160, 178, 215–217, 232, 264 Stress testing, 249, 252, 255

Structured, 23, 85, 99, 102, 112, 156, 157, 187, 191 Student loans, 219 Subprime, 89, 113, 154–163, 165, 167, 168, 171–173, 188–190, 192, 197, 198, 203, 204, 206, 212, 216–218, 240, 252, 260, 279, 280 SunAmerica, 195 Super senior, 196, 197, 216, 217 Superintendent of Financial

Institutions, 252 Sweden, 58, 76 Swimming naked, 83, 185, 211 Swiss Banking Corporation, 78, 88, 215

SBC Warburg, 215 Switzerland, 58, 88, 125 Synergies, 87, 88, 92, 102, 105, 115 Synthetic instrument, 65 Systemically important, 4, 185, 250, 251, 255 Systemic banking crisis, 151, 152

T

Taiwan, 103 Takeovers, 67, 68, 78, 79, 91, 97, 112, 158, 159, 169, 205, 211–215, 256, 264, 276, 282 Tani, Angelo, 28 Taxation, 2, 20, 48, 234, 235, 237, 247, 280 Tax collectors, 19, 20 Taxpayer, 154, 169, 184, 227, 234, 240, 247, 254, 265, 285 Technology, 10, 38, 80, 82, 92, 103, 122, 138, 229, 263 Territory, 12, 51, 59, 75–93, 275, 276 Thundering Herd, 185 Tokyo, 80, 178 Too big to fail, 4, 39, 255 Tornabuini, Giovanni, 30 Toronto Dominion, 64 Trade/trading, 4, 5, 17, 19, 21, 22, 26, 27, 30, 35, 36, 38, 44, 46, 53, 60, 67, 69, 80, 81, 86, 87, 90, 95–98, 100, 105–107, 109, 111, 112, 118, 123, 126, 128, 131, 142, 143, 146, 152–154, 161, 168, 169, 190, 195, 214, 216, 217, 220–222, 251, 263, 274, 275, 277 as principals, 96, 97 Traders, 5, 7, 98, 100, 112, 113, 131, 145, 177, 181, 182, 221, 222, 272 Travelers Property, 88 Treasury, 83, 105, 107, 128, 208–210, 217, 272 Treasury bond, 83, 241, 272 Troubled Asset Relief Program (TARP), 192, 201–203, 208, 234 Trust, 2, 3, 45, 46, 56, 72, 98, 109, 152, 194, 214, 215, 218, 240 Trustees Savings Bank, 211 Twentieth century, 11, 33, 39, 63, 70, 106, 130, 134, 159, 164, 242 Twenty-first century, 34, 69, 117, 134, 278

U

UBS, 61, 78, 88, 98, 125, 154, 177, 190, 196, 215–218, 257, 258, 276, 280 The Uncommon Partnership, 103 Understand/understanding, 6, 15–17, 22, 30, 36, 40, 65, 66, 71, 72, 77, 81, 89, 90, 105, 108, 111, 113, 115, 120, 133, 137, 149, 158, 167, 169, 185, 187, 188, 197, 205, 206, 213, 240, 247, 249, 253, 271, 274, 282 Underwriting, 54, 55, 57, 95–97, 128, 157, 178, 180, 182, 189–191, 196, 216, 221, 277 underwriting of share issues, 96

Unemployment, 57, 239, 242 Union Bank of Switzerland, 88 United States (US), 1, 34, 47, 54, 77, 96, 117, 134, 152, 177, 201–224, 228, 247, 273 United States Banker of the Year, 77 United States Department of Defence, 283 United States government bonds, 105, 161 United States Steel, 47 Universal, 60–62, 65, 82, 87, 88, 98, 99, 139, 140, 153, 154, 159, 177, 215, 217, 218, 221, 256–258, 276, 280 Unmanageable, 12, 19, 51, 55, 68, 75, 89, 93, 111, 112, 129, 149, 160, 191, 273, 279, 281, 283 Usury, 18, 52, 274 ban on usury, 20, 27, 37, 52

V

Venice, 17, 23, 25, 26, 29 Vialli, Gianluca, 135 Vice chairman, 107, 189 Vickers rule, 257, 258 Vienna, 33, 34, 43, 45–47, 53, 56, 121, 275 Vietnam War, 58 Virgin Group, 167 Volatility, 18, 41, 152, 153, 180, 189, 205 Volcker Rule, 250, 263

W

Wachovia, 190 Wall Street, 56, 67, 86, 100, 101, 109, 118, 131, 161, 190, 246, 250, 262, 278, 284

Wall Street management, 145 Walmart, 283 WaMu, 156, 158, 165, 204–207

Washington Mutual, 156, 204

Washington National Building Loan and Investment Association, 204 Warburg, Siegmund, 7, 77, 78, 84, 120, 141, 276, 279 Warehousing, 188, 216 War of the Roses, 26, 28 Wars, 5, 6, 16, 18, 19, 26, 28, 36–38, 41, 44, 48, 53 Washington, George, 42 Wasserstein Perella, 61 Waterloo, 36, 37 Weinberg, Sydney, 134 Wells Fargo, 79, 201, 242, 257 Western Europe, 16, 22, 57 Whistleblowing, 264, 265 Wholesale market, 165, 210, 213–215 William of Hesse-Kassel, 36 Winterthur, 87, 88 Wolfe, N.H. and Company, 42 Wood Grundy, 97, 104 Wool, 19–22, 25, 27, 28, 38, 52 Wyeth, 134

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