By David Stowell
This description of the symbiotic relationships between funding banks, hedge money, and personal fairness organisations exhibits scholars how businesses at the same time compete and cooperate. the writer has captured the methods those businesses are reinventing themselves within the post-crash regulatory setting and, via ten huge situations, the ways that they're expanding their strength and influence.Emphasizes the wishes for capital, assets of capital, and the method of having capital to those that desire it. Integrates into the chapters ten instances approximately fresh transactions, in addition to case notes and questionsAccompanies circumstances with spreadsheets for readers to create their very own analytical frameworks and view offerings and possibilities.
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Additional info for An Introduction to Investment Banks, Hedge Funds, and Private Equity: The New Paradigm
Morgan and a $29 billion loan from the Fed. Collateralized by the assets, the loans were to be repaid as the assets were unwound over time. S. taxpayers) had up to a $29 billion exposure from this agreement. 3 billion, implying a book loss of over $2 billion for the Fed. During this crisis, the Federal Reserve opened up its lending window (discount window) for the first time to investment banks that were not part of bank holding companies, which created new risks for the Fed. As a result, the Fed placed examiners in the banks to review trades, asset positions, leverage levels, and capital reserves, providing the Fed with greater visibility and the ability to impose controls that supplemented the regulatory controls exercised by the SEC.
These laws are less influential than the three laws just discussed, but nonetheless imposed certain restrictions on investment banks. Public Utility Holding Company Act Passed in 1935, the Public Utility Holding Company Act (PUHCA) allowed the SEC to supervise the relationship between utility holding companies and investment banks. PUHCA restricted investment banks from owning these utility companies based on the belief that the banks would limit competition and engage in monopolistic behavior.
Industrial growth created a new class of wealthy industrialists and bankers who helped finance their empires. During this period, investment bankers operated in a regulatory vacuum and were largely free to respond as they saw fit to changing market forces. The practices they developed brought them power and influence. 9 billion, keeping investment bankers busy underwriting these new issues. At the same time, other industrial growth was emerging that required family-owned businesses with limited resources to incorporate in order to raise more capital than could otherwise be obtained.
An Introduction to Investment Banks, Hedge Funds, and Private Equity: The New Paradigm by David Stowell