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By Dimitris N. Chorafas (auth.)

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Additional resources for Banks, Bankers, and Bankruptcies under Crisis: Understanding Failures and Mergers during the Great Recession

Sample text

This caused a strong reliefrally in the global financial markets, and it is interesting to know how the leverage ratio of each systemically important bank might have behaved. Another economic milestone is the tandem of the Fed’s interest rate hikes, from February 1, 1994, to January 31, 1995. In early 1994, the Federal 30 BANKS, BANKERS, AND BANKRUPTCIES UNDER CRISIS Reserve made a series of preemptive strikes against the risk of future inflation, raising short-term interest rates by 300 basis points (3 percent) over 12 months.

With the exception of Lehman Brothers (chapter 5) among the big banks, the self-wounded big financial institutions were salvaged by the sovereigns with taxpayer money. 4 Five months later, in December 2009, it published for consultation a comprehensive reform document aimed at substantially reducing the probability and severity of economic and financial stress by strengthening global: M M Capital adequacy, and Liquidity regulations. An impact assessment of those proposals was conducted during the first half of 2010 with the goal of delivering a well-calibrated group of standards, with a two-year phase-in to ensure a smooth transition.

A year later came the time for Russian bankruptcy—another excellent opportunity to test the bank’s leverage ratio. The ruble crisis hit Russia on August 17, 1998. The Yeltsin government’s decision to devalue the currency and default on tens of billions of dollars of debt created economic and political turmoil. Countries heavily dependent on the export of energy and other raw materials were among those most severely hit. In September–October 1998 the Long-Term Capital Management (LTCM) hedge fund collapsed and the New York Fed forced its creditors and depositors to bring funds to stabilize the banking system.

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