The Road to Financial Reformation (PDF)

Our financial crisis: what happened, how we got here, and whatneeds to be done

Henry Kaufman-an esteemed economist and statesman-is one of themost preeminent financial figures of the day, with a history ofsuccess from the 1980s, when his firm, Salomon Brothers, ruled thebond markets.

In The Road to Financial Reformation, Dr. Kaufman, whohas spent a lifetime entrenched in the world of finance, providesan insightful account of the history and impact of post-World WarII financial markets on the economy-what happened, how we got towhere we are today, and what needs to be done. Drawing on his vastbreadth of knowledge and experience, Kaufman reveals the mistakesthat got us into this debacle, the consequences-as they have notbeen fully realized-and how to put our derailed economy back ontrack. This book details Dr. Kaufman's warnings and concernsexpressed repeatedly throughout the last quarter century, and showsthat what he predicted came to pass.
* Provides an insightful account of the history and impact ofpost-World War II financial markets on the economy
* Explores the erosion of credit ratings on corporate debt in thelate 1980s and the rapid increase in financial concentration ofinstitutions
* Discusses the blinding faith in models that rely on historicaldata but fail to take into account economic and financial marketstructural changes

With his breadth of knowledge and experience, Kaufman detailsthat this crisis was foreseeable (he saw it coming), and how wecreated this history-making financial crisis. He also explains theconsequences still to come, and presents solutions on how we canrecover and reform the markets.