By Henry M. Paulson
From the Foreword, by means of Rep. Barney Frank, particularly written for the exchange paper edition:
"For many of us, what is going to be such a lot amazing approximately this foreword is the truth that I wrote it. It's no longer each day a partisan, liberal Democrat will get a decision from a conservative, high-ranking member of the George W. Bush management inquiring for a good advent to something. but if former secretary of the Treasury Henry M. Paulson, Jr., referred to as, i used to be speedy to comply with convey in print my enthusiasm for his very good recounting of a few of an important and debatable occasions in our fresh nationwide history."
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ON the threshold is Hank Paulson's first-person account of the catastrophic financial occasions of 2008. From the fellow who was once within the very center of this excellent monetary typhoon, Paulson places the reader within the room for the entire extreme moments as he addressed pressing industry stipulations, weighed severe judgements, and debated coverage and monetary issues with of the entire remarkable players-including the CEOs of most sensible Wall road organisations in addition to Ben Bernanke, Timothy Geithner, Sheila Bair, Nancy Pelosi, Barney Frank, presidential applicants Barack Obama and John McCain, and then-President George W. Bush.
More than an account approximately numbers and credits hazards long gone undesirable, at the verge of collapse is a rare tale approximately humans and politics-all introduced jointly through the world's drawing close monetary Armageddon.
Read Online or Download On the Brink: Inside the Race to Stop the Collapse of the Global Financial System PDF
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Additional resources for On the Brink: Inside the Race to Stop the Collapse of the Global Financial System
Sample text
3. , the closest to expiry contract is cheaper than a contract further out along the curve, then the convenience yield, c, is smaller than r + u for that commodity. If a consumer thinks that there will be 17 Or, with continuous compounding, F = (S + U) × e(r–c)T . Likewise, when the storage costs u are proportional to the price of the commodity, the inequality is F < S × e(r+u)T . If we “add in” the convenience yield, c, the forward pricing equation becomes F × ecT = S × e(r+u)T or F = S × e(r+u–c)T .
As with a forward contract, the parties to a futures contract must fulfil the terms of the contract on the delivery date. Also, as with a forward contract, the price is set at the point of trading. Unlike a forward contract, however, the asset that is delivered for each contract will be of standardized quantity and quality, both of which are determined by the exchange on which the future is traded. Consequently, a future is a standardized contract and can be used for hedging, investment or speculative purposes, just like many other financial assets.
In general, on any given date before the delivery date, if we are able to calculate the new implied forward price related to the delivery date using the formulae presented in the previous sections, we can calculate the value of the existing forward contract by simply taking the difference between the new implied forward price and the agreed delivery price and then discounting this quantity with the appropriate discount factor. If we define T as the agreed delivery date, K as the agreed delivery price, t as the valuation date and F as the new implied forward price for the delivery date T, the value at t of the existing forward contract for a long position in one unit of the underlying asset is given by: DF(????, ???? ) × (???? − ????) where DF(t, T) is the discount factor applicable at t to cash flows payable at T.
