Buy new:

$37.55

FREE delivery January 10 - 19. Details

In Stock.

[{"displayPrice":"$37.55","priceAmount":37.55,"currencySymbol":"$","integerValue":"37","decimalSeparator":".","fractionalValue":"55","symbolPosition":"left","hasSpace":false,"showFractionalPartIfEmpty":true,"offerListingId":"0nBHFKRtaRMPk%2F6IE5HyteqXT7yUe%2FNOXgnq%2BXs6%2Filalag8ylxzB1rr8SXifAYO34vGfoj01gXzKT5ecqKa7v1sO1ilPr8TNnDOX71UsGhtKOZJ%2FkaYlgFU1NS%2BlYBy5%2BNDv6e8rs%2BnfT3HxD7OpdXNLTL4aVZdY6pCkpFOA1fu35bCwQO8VvY4yymDGrDB","locale":"en-US","buyingOptionType":"NEW"}]

$$37.55 () Includes selected options. Includes initial monthly payment and selected options. Details

Secure transaction

Ships from

BOOKS etc. _

Sold by

BOOKS etc. _

Details

Ships from

BOOKS etc. _

Sold by

BOOKS etc. _

Return policy: Eligible for Return, Refund or Replacement within 30 days of receipt

Add to List

Added to

Unable to add item to List. Please try again.

Have one to sell?

Sell on Amazon

Other Sellers on Amazon

Added

Not added

$34.95
+ $11.24 shipping

Sold by: Amazon.com

Added

Not added

$36.39
+ $8.70 shipping

Sold by: TheWorldShopUSA

Flip to back Flip to front

Listen Playing... Paused You're listening to a sample of the Audible audio edition.
Learn more

See this image

Holding bankers to account: A decade of market manipulation, regulatory failures and regulatory reforms 1st Edition

by Oonagh McDonald (Author)

5 ratings

See all formats and editions

Price

New from

Used from

Kindle

"Please retry"

$30.11

—

Hardcover

"Please retry"

$37.55

$24.97

Enhance your purchase

This book provides a compelling account of the rigging of benchmarks during and after the financial crisis of 2007–08. Written in clear language accessible to the non-specialist, it provides the historical context necessary for understanding the benchmarks – LIBOR, FOREX and the Gold and Silver Fixes – and shows how and why they have to be reformed in the face of rapid technological changes in markets. Though banks have been fined and a few traders have been jailed, justice will not be done until senior bankers are made responsible for their actions. Provocative and rigorously argued, this book makes concrete recommendations for improving the security of the financial services industry and holding bankers to account.

ISBN-10

1526119439
ISBN-13

978-1526119438
Edition

1st
Publisher

Manchester University Press
Publication date

March 1, 2019
Language

English
Dimensions

8.6 x 0.8 x 5.8 inches
Print length

304 pages
See all details

Editorial Reviews

Review

‘There is much to recommend the book ― especially for the student of City of London history. … Particularly engaging is the way McDonald traces the evolution of regulation ― from the roots of the Big Bang to the modern day. … She argues compellingly that the Big Bang capped off an existing market shift and was, in any case, not the rabid deregulation of simplistic portrayal. … Anyone with a keen interest in regulation will learn a lot.’
Financial Times

'A forensic inquiry into the workings of the financial markets. Macdonald's deeply researched work on misbehaviour on the part of banks and other institutions in the LIBOR and FOREX markets deserves to be read by everyone concerned with well-behaved markets. She throws new light on a subject we thought we knew well.'
Lord Meghnad Desai, Emeritus Professor, London School of Economics

‘Finally, an authoritative and balanced account of the LIBOR, foreign exchange and precious metals price fixing scandals written by a scholar deeply familiar with financial market transactions and their history. That combination allows Oonagh McDonald to pinpoint the weaknesses in internal governance and external regulation that corrupted these markets, and offer a compelling roadmap for reform.’
Charles W. Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia Business School

'Dr. Oonagh McDonald has written a detailed and insightful account of the manipulation of financial market benchmarks and prices (LIBOR, foreign exchange, gold and silver), and subsequent reforms to benchmarks and their regulation, which can only have been written by an expert. Oonagh concludes that the UK’s Senior Managers’ and Certification Regime, designed to hold senior bankers to account, offers big banks the opportunity, through demonstrating responsible management, to re-build their reputations and restore public trust in them.'
Professor Andy Mullineux, Birmingham Business School

From the Inside Flap

Of all the scandals to emerge from the financial crisis of 200708, the rigging of interbank interest rates by traders at Barclays, RBS, Deutsche Bank and others is perhaps the most cynical and shocking. Yet for many people, the nature of these interest rates, their history and the means by which they were manipulated remain unclear. In this book, Oonagh McDonald provides the most comprehensive account of the scandal yet written. Beginning with a brief history of banking regulation in the UK, she explains the origins of the different rates or fixes LIBOR, FOREX and precious metals showing how they emerged from Londons establishment as a global financial centre in the nineteenth century. She then presents the evidence for manipulation, drawing on documents from financial regulators as well as the traders own, frequently colourful exchanges. Finally, she examines why existing regulation failed and assesses the value of subsequent reforms, laying out her own recommendations for better regulating benchmarks in a world of rapidly developing markets and technology. Though banks have been fined and a few traders have been jailed, justice will not be done until senior bankers are made responsible for their actions. Provocative and rigorously argued, this book makes concrete recommendations for improving the security of the financial services industry and holding bankers to account.

Product details

Publisher ‏ : ‎ Manchester University Press; 1st edition (March 1, 2019)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 304 pages
ISBN-10 ‏ : ‎ 1526119439
ISBN-13 ‏ : ‎ 978-1526119438
Item Weight ‏ : ‎ 1.15 pounds
Dimensions ‏ : ‎ 8.6 x 0.8 x 5.8 inches

Best Sellers Rank: #5,168,323 in Books (See Top 100 in Books)
- #649 in Banking (Books)
- #913 in Financial Services Industry
- #4,312 in Banks & Banking (Books)

Customer Reviews:
5 ratings

Brief content visible, double tap to read full content.

Full content visible, double tap to read brief content.

Videos

Help others learn more about this product by uploading a video!

Upload your video

Customer reviews

5 star		73%
4 star 0% (0%)		0%
3 star		27%
2 star 0% (0%)		0%
1 star 0% (0%)		0%

How customer reviews and ratings work

Top reviews from the United States

There was a problem filtering reviews right now. Please try again later.

Delta D.

Long on description, short on analysis

Reviewed in the United States on August 6, 2019

Verified Purchase

The author has plenty of material to work with. One of the more interesting parts of the book is the lengthy appendix detailing fines handed out to banks for market abuses. These total many billions of dollars. Alas, however, the main text comprises principally legalistic descriptions of what took place and what new rules have been brought in.

The final chapter starts by asking why, given that conduct deserving of such astronomically large fines has been established, so few individuals have been prosecuted. Alas, she fails to answer that.

In truth, I found the most interesting parts to be the reproduction of chatroom postings by the manipulators. "we're going to push the cash downwards on the imm day." "Could I beg you for a low 3m [Euribor] fixing today please...that would be the best Xmas present." "btw the silver I bought the other day was a bit of a spoof too".

However, she fails to address the obvious question. How is that traders who design quite sophisticated manipulative systems can be so stupid as to leave ineradicable evidence of their guilt in chatrooms?

3* because I learnt a fair bit from reading it, but there is a 5* book on the topic waiting to be written.

Helpful

Linda

A new aspect of the financial crisis

Reviewed in the United States on May 10, 2019

Verified Purchase

Obviously written by someone who did their homework. McDonald has the background, pedigree, and knowledge base to make her case. While the collapse of the housing, MBS, and structured markets during the crisis got all the headlines, McDonald details the deceitful ways in which traders were manipulating vital benchmarks. She clearly walks her readers through the machinations of both individuals and firms, their impacts, and the (sometimes comically frustrating lack of) punishments and penalties. I highly recommend this book to anyone looking for more than a simple hot take on one of the most egregious set of conspiracies in the history of finance.

Helpful

Joseph M Pimbley

Important Historical Record

Reviewed in the United States on August 11, 2019

Verified Purchase

I'm glad the author wrote this book. First, it's an encyclopedic account of the "LIBOR scandal." Allegations, settlements, admissions, financial penalties are all reported. For those who need to study this record, such as litigators, this knowledge collection is valuable. Second, these events are now part of the historical record. That's one worthy reason to write such a book.

Helpful

Jordan Goodman

Book explains important scandal

Reviewed in the United States on April 26, 2019

Oonaugh McDonald takes what might seem like an obscure topic, but which actually affects millions of people on how much they pay for loans. She explains the roots of the many global price-fixing scandals and how they were caught. She also helps you understand the lingering impact of these schemes on the banking world and financial markets today.

Helpful

Top reviews from other countries

Gwyneth M.

Household banking names get a rough ride!

Reviewed in the United Kingdom on April 8, 2019

Verified Purchase

The clear account of how banking regulation tried to develop - both pre and post the financial crisis - and its shortcoming!
Household banking names get a rough ride!

See all reviews

Buy new:

$37.55

Other Sellers on Amazon

Holding bankers to account: A decade of market manipulation, regulatory failures and regulatory reforms 1st Edition

Enhance your purchase

Editorial Reviews

Review

From the Inside Flap

From the Back Cover

About the Author

Product details

Videos

Customer reviews

Top reviews from the United States

There was a problem filtering reviews right now. Please try again later.

Top reviews from other countries

Buy new: $37.55

Sorry, there was a problem.

Sorry, there was a problem.

Other Sellers on Amazon

Holding bankers to account: A decade of market manipulation, regulatory failures and regulatory reforms 1st Edition

Enhance your purchase

Editorial Reviews

Review

From the Inside Flap

From the Back Cover

About the Author

Product details

Videos

Customer reviews

Top reviews from the United States

There was a problem filtering reviews right now. Please try again later.

Top reviews from other countries

Buy new:

$37.55