Book description
Our financial crisis: what happened, how we got here, and what needs
to be done
Henry Kaufman-an esteemed economist and statesman-is one of the most
preeminent financial figures of the day, with a history of success
from the 1980s, when his firm, Salomon Brothers, ruled the bond markets.
In The Road to Financial Reformation, Dr. Kaufman, who has
spent a lifetime entrenched in the world of finance, provides an
insightful account of the history and impact of post-World War II
financial markets on the economy-what happened, how we got to where we
are today, and what needs to be done. Drawing on his vast breadth of
knowledge and experience, Kaufman reveals the mistakes that got us
into this debacle, the consequences-as they have not been fully
realized-and how to put our derailed economy back on track. This book
details Dr. Kaufman's warnings and concerns expressed repeatedly
throughout the last quarter century, and shows that what he predicted
came to pass.
- Provides an insightful account of the history and impact of
post-World War II financial markets on the economy
- Explores the erosion of credit ratings on corporate debt in the
late 1980s and the rapid increase in financial concentration of institutions
- Discusses the blinding faith in models that rely on historical
data but fail to take into account economic and financial market
structural changes
With his breadth of knowledge and experience, Kaufman details that
this crisis was foreseeable (he saw it coming), and how we created
this history-making financial crisis. He also explains the
consequences still to come, and presents solutions on how we can
recover and reform the markets.
Henry Kaufman, PhD, has been President of Henry
Kaufman & Company Inc., an investment management and economic and
financial consulting firm, since April 1988. For twenty-six years,
Kaufman was with Salomon Brothers Inc., where he served as a managing
director, vice chairman, and member of the executive committee, and
was in charge of Salomon's four research departments. He currently is
a trustee at New York University; Chairman Emeritus of the Board of
Overseers at the NYU Stern School of Business; Chairman Emeritus of
the Institute of International Education; and trustee of the Norton
Museum. Kaufman is author of On Money and Markets and Interest
Rates, the Markets, and the New Financial World, and a regular
contributor to the New York Times, Wall Street Journal, and
Financial Times (London). He received a BA in economics from
New York University, an MS in finance from Columbia University, a PhD
in banking and finance from the New York University Graduate School of
Business Administration, and was awarded honorary doctorates from NYU,
Yeshiva University, and Trinity College.
