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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 and Richard Bassett

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About the Authors

Sean Tully

Sean Tully is one of the City of London's most experienced traders. An American, he graduated from the State University of New York in Mathematics as a departmental Scholar and Magna Cum Laude. He went on to do a Master of Science in Mathematics at Clarkson University, and research in Mathematics at the University of Illinois. On leaving academia he joined Citibank, eventually heading up their ... Read more on Sean Tully

Richard Bassett

Richard Bassett studied Law at Christ's College, Cambridge, and then took an MA in the History of Art at the Courtauld Institute. He was a staff foreign correspondent for The Times in Central and Eastern Europe from the early 1980s until the end of the Cold War, before moving to the City where he has worked for seventeen years. He is an acclaimed biographer and author whose books include THE ... Read more on Richard Bassett

Contents Listing

Acknowledgements
Preface
Introduction

1. Brave New World
2. The Unintended Consequences Of Basel I And Basel II
3. Rating Agencies And The Shadow Banking System
4. How The Current System Failed And The Need For See-Through Leverage (STL)
5. How STL(X) Should Be Used In Practice By Investors, Regulators And Rating Agencies
6. Towards A Basel III

Glossary
Bibliography
Index
Acknowledgements
Preface
Introduction

1. Brave New World
2. The Unintended Consequences Of Basel I And Basel II
3. Rating Agencies And The Shadow Banking System
4. How The Current System Failed And The Need For See-Through Leverage (STL)
5. How STL(X) Should Be Used In Practice By Investors, Regulators And Rating Agencies
6. Towards A Basel III

Glossary
Bibliography
Index

Jacket Text

'Restoring Confidence In The Financial System' is a ground-breaking book in which a top mathematician, who is also one of the City of London's most experienced traders, and an experienced City banker explore how confidence in the global financial system was destroyed by the current banking crisis. Drawing on his firsthand experience of steering the trading floor at a major European bank, Sean Tully, together with Richard Bassett, analyses the steps that led up to the crisis and pinpoint precisely one of the main causes of the lending bubble with whose consequences we are all now living.

The authors explain the intricacies of the regulatory framework of Basel I and Basel II, the two landmark events in banking regulation which inadvertently laid the foundation for the current crisis. The authors then show how a radical and new but easily understood measure of risk, revealed here for the first time, can prevent another such bubble from ever happening again. This new measure, called see-through leverage or STL, can be used to restore faith in the financial system by allowing a rapid means of differentiating between potentially toxic and healthy 'AAA'-rated securities. Armed with STL, investors, rating agencies and regulators alike can cut through the complexity of economic modeling to the nub of the problem: leverage.

'Restoring Confidence In The Financial System' is a vital book for the international business community. In a globally interconnected world, no one can claim to be untouched by the crisis. How could bankers have got their sums so wrong? How could regulators and politicians have failed to see the storm coming? Above all, how can confidence be restored to get the wheels of the global finance machine working again? This book has the solution.

Media Coverage

Financial World

Leverage revealed

The true extent of leverage is often unrecognised. A new way of quantifying it is required, says Sean Tully

While there is a growing consensus that leverage played an ...

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WatchTower - Gorkana PR

WatchTower is always keen to flag up books from the communications community but this one is particularly prescient. With Paul Mason hyperventilating over the seismic shocks shuddering through the ...

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Media Review

Worldwide rights available.

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Media Review

Japanese rights are being handled by The English Agency (Japan).

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Media Review

Spanish, Simplified [sold] and Traditional Chinese rights are being handled by Kate Hordern Literary Agency.

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Sanderson@harriman-house.com

For all other languages, contact sanderson@harriman-house.com.

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Media Review


Leverage Revealed - Financial WorldFebruary 2011

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Media Review


The Truth About Leverage - Accountancy Futures31st January 2011

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Iia.org.uk

Sean Tully will be a guest speaker at The Chartered Institute of Internal Auditors 8th December 2010

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Zyen.com

Sean Tully was part of a guest panel at ACCA discussion - Long Governance - Is Reform Still Needed? 24th November 2010

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Gorkanapr.com

"Particularly prescient...makes a very cogent argument"- WatchTower, Gorkana PR27th May 2010

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Media Review


Seeing is believing - International Financing ReviewMarch 2010

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