Resurrecting the Street: Overcoming the Greatest Operational Crisis in History [Paperback]

Jeff Ingber (Author)

Book Description

Publication Date: May 22, 2012

The events of 9/11 presented the financial industry with the greatest operational crisis in its history. Key officials were killed; others could not be located. Primary and backup sites were unavailable or inadequate. Massive amounts of critical data were lost, and there was a crushing inability to communicate, locate or verify information. It was not known for a time which firms could participate in the markets and to what degree, nor was it clear to what extent certain markets had been damaged and when they should reopen. Nor could the human impact of the 9/11 events be divorced from the business issues. Those grappling to restore the markets had to cope with their own feelings of anxiety, shock and loss, and to deal with a uniquely horrific blend of personal and professional difficulties. This book tells of the regeneration of the U.S. markets, day by day, immediately following 9/11, with a focus on the U.S. Government securities market. The bottom line is that 9/11 brought the most important financial market in the world – the one looked to by investors globally for safety in times of trouble – to the brink of paralysis. The crisis was ultimately resolved through the willpower and wisdom of groups of disparate individuals, accompanied by an unprecedented climate of cooperation among fierce competitors that embodied the American spirit at its finest.

Editorial Reviews

Review

Five Stars (out of Five)

"The days immediately following 9/11 presented the financial industry with the greatest operational crisis in its history," writes author Jeff Ingber in Resurrecting the Street. The attack presented a disaster recovery challenge on a scale unlike any experienced before. Even more notable is that many of the people touched by the tragedy went back to work immediately to restore the markets. The book focuses on the U.S. financial markets and chronicles the day-by-day efforts to recover the federal government securities markets (known as "Govie" markets) that were crippled by the event. This well-researched book is a compilation of extensive references(over 600 footnotes from government sources) and more than one hundred interviews with people in the financial industry. In September 2001, author Jeff Ingber was general counsel for the Government Securities Clearing Corporation near the World Trade Center. His personal connection to the tragedy and professional experience in the financial field allow him to provide both an eyewitness account of the efforts to rebuild the Govie markets and a rare view into the market recovery efforts not portrayed by the media.

Emotional testimony and factual accounts are effectively woven together in this well-crafted book. Ingber begins with riveting personal accounts of 9/11 from survivors working on Wall Street that day. Succeeding chapters relate the close of trading, the efforts to stabilize the environment by creating new procedures for handling temporary contingency processes, and the eventual reopening of the markets. The author describes what happened to the American Stock Exchange, which had no electrical power, no connectivity, and no backup trading site. He tells of brave workers who returned to unstable buildings to submit data for their daily comparison by whatever lines they could locate to check accuracy and look for discrepancies. He relays the stories of others who set-up command centers in contingency site conference rooms and even their own homes. The author explains how contingency planning became a strategic necessity after 9/11 and documents the improved disaster recovery plans implemented by firms as a result of lessons learned the hard way, including backup sites farther away from the primary location.

Although the focus is on recovery of Govie markets, the book's human interest elements should appeal to a broad segment of readers, as it is truly a story of transformation on many levels. Like its Biblical reference to bringing Wall Street back to life, Resurrecting the Street is a testament to the strength and resiliency of the people in the financial industry, despite personal loss and uncertainty."

Cindy Kryszak, ForeWord Clarion Review, July 26, 2011

"A shocking historical account of the financial events of that auspicious day - 9/11.

With the 10th year anniversary of 9/11 coming up, Jeff Ingber's, Resurrecting The Street - How U.S. Markets Prevailed after 9/11, gives a unique snapshot of how the attacks affected, at the time, the relatively unknown Govie market. The enlightening thing right from the start was how important that market was to the whole financial health of the US. Ingber chronologically follows events of the day through the eyes of several key figures who were near the towers. It was chilling to read the eyewitness accounts of the towers being hit, falling and then the escapes to safety...especially 10 years later. His research is top notch because he interviewed over 100 personal cases in the following years. The result is a detailed account of a financial meltdown of gargantuan proportions and how the efforts of shell shocked dedicated individuals kept the markets from failing.

Ingber weaves an intense amount of information in a short time while keeping a good pace. When I started to read the book, I had no understanding of the Govie market and its influences on all the other markets. Luckily, Ingber spends two chapters giving a primer starting back in 1775 to present; excellent reading for anyone looking into the markets. The book then centers its attention on a company, Government Securities Clearing Corporation (GSCC), which was the major clearing house of the Govie Market. What transpired through GSCC the week after 9/11 was totally shocking. With the markets on the brink of failing, it still came down to the interaction of individuals during a crisis and that is the true story. This is partially a recounting of many unselfish acts - which you would not think would happen in the financial industry - after that major disaster. I have to give it to Ingber. Writing a book like this took a huge amount research and time to sift through the information and then he wrote an insightful and meaningful book. I think that it should be required reading for any one learning about the financial sector. It will show that it is not just about numbers. Resurrecting The Street is an excellent historical account on the events of that auspicious day." --TBR topbookreviewers.com

"9/11 was not only a shock to the people, it was a shock to the financial world. "Resurrecting the Street: How the U. S. Markets Prevailed After 9/11" analyzes the financial story behind 9/11, how key people in the markets being lost or killed and the massive shut down of business and other places led to a very unique period of business. Through dedication and drive, the markets recovered, but their road to recovery is one unique in history. "Resurrecting the Street" is well worth considering for anyone who wants another angle to the crisis of 9/11." -- Midwest Book Review --This text refers to an out of print or unavailable edition of this title.

About the Author

Jeff Ingber is a native New Yorker and a graduate of Queens College and NYU Law School. He has worked in the financial industry for over three decades, including positions with the Federal Reserve Bank of New York and The Depository Trust & Clearing Corporation. Jeff currently is a Managing Director with Citigroup.

Product Details

• Paperback: 332 pages
• Publisher: Jeffrey Ingber (May 22, 2012)
• Language: English
• ISBN-10: 0985410000
• ISBN-13: 978-0985410001
• Product Dimensions: 9 x 6 x 0.7 inches
• Shipping Weight: 1.3 pounds (View shipping rates and policies)
• Average Customer Review: 4.9 out of 5 stars  See all reviews (27 customer reviews)
• Amazon Best Sellers Rank: #3,711,949 in Books (See Top 100 in Books)

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Most Helpful Customer Reviews

2 of 2 people found the following review helpful

5.0 out of 5 stars "Never Forget!" August 23, 2012

By Mike D. Landfair

Format:Paperback

Veteran of Wall Street, Jeff Ingber, on the morning of 9/11 was a mile away from the twin towers when the first plane hit the World Trade Center. This is one man's story of the chaos that resulted from the attack on this financial center, the loss of life and the extra-human abilities of men and women involved to put the government market trading systems back together. Ingber like so many in New York lost friends and relatives that morning. Yet through it all, they settled $96 billion of trades keeping the markets alive.

It's hard to read some of Ingber's recollections even after 10-years. We lost 35-million square feet of office space; 100,000 employees in 1,300 businesses were displaced; the water system was lost that cooled thousands of computer servers; transportation to the area was stopped for days and access was restricted; 300,000 voice lines and four million data circuits affecting 14,000 businesses went down and the redundancy that companies thought they had went right through the resulting hole in the ground. Almost 3,000 people lost their lives and over 200 of those jumped to escape the fires.

One major lesson that came out of this terrorist attack was to disperse parts of the financial community to other locations. Only 25% of the businesses displaced came back to the district. Geographic concentration was not desired anymore. Decentralization was now the key. Maybe, there's a lesson there for those in government seeking an ever-bigger government controlling our lives from birth to death and beyond. As for Ingber he is more aware of living each day, being in NOW, and spending quality time with his family. He is more cynical and feels more vulnerable. He weeps when he hears God Bless America or The Star Spangled Banner.

2 of 2 people found the following review helpful

5.0 out of 5 stars Unbelievable Account of the Financial Markets on 9/11 February 9, 2011

By A. Weinberger

Format:Kindle Edition

We all know about 9/11 because it affected all of us in so many ways, but never before has anyone put together such an in depth account of the financial markets during and after 9/11. Like most people, I have always taken for granted that the financial markets just re-opened days after 9/11. Never did I give any thought about what went on behind the scenes to ensure that the financial markets would continue to function in an orderly process. This book provides us with rare insight into what actually took place behind the scenes as told by those people responsible for helping save Wall Street and the financial markets from one of the worst crisis we have ever faced.

I highly recommend this book because it tells a story that was never reported in the papers or on TV. It truly chronicles the events of 9/11 like you have never seen before and the first person accounts of the events that took place gave me chills while reading. Pick up a copy and I am sure you won't be disappointed.

1 of 1 people found the following review helpful

4.0 out of 5 stars Money Survives November 28, 2012

By Samuel L. Straight

Format:Kindle Edition|Amazon Verified Purchase

Sept 11th was, and always remain a hallmark day. With nearly 3000 killed immediately, and so many more who will continue to suffer with the memory, the "money" survives. The financial crisis caused in world markets was to be expected, but the world keeps spinning and the financial community continued with a hiccup or two, but it continued to function...........