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To the brink of destruction : America's rating agencies and financial crisis
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Sinclair, Timothy J. (2021) To the brink of destruction : America's rating agencies and financial crisis. Cornell Studies in Money . Ithaca, New York: Cornell University Press. ISBN 9781501760242
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Official URL: https://www.cornellpress.cornell.edu/book/97815017...
Abstract
In 'To the Brink of Destruction,' Timothy J. Sinclair examines the contribution of America’s rating agencies to the generation of the global financial crisis that began in 2007, and asks why, given so many pointed the finger of blame at the agencies for these events, the agencies survived the crisis and have gone on to thrive in the years since. The agencies still wield extraordinary power and exert extensive influence over public policy. Their judgments affect unimaginably large sums, approximately $100 trillion in outstanding debt issues, according to SIFMA’s Capital Markets Fact Book. Sinclair offers a highly accessible and engaging account of these institutions, what they do, their role in the financial innovation at the center of the global financial crisis, the scrutiny the agencies were subject to once things turned disastrously wrong, and how they survived the ignominy. He asks why and how the agencies risked their lucrative franchise by getting so closely involved in the process of financial innovation that came unstuck during the crisis. Illustrated with a wide range of examples and supporting evidence, this book goes beyond the accusations and offers a penetrating insight into the role of these institutions in the worst crisis of modern global capitalism.
Item Type: | Book | ||||||
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Subjects: | H Social Sciences > HC Economic History and Conditions H Social Sciences > HG Finance J Political Science > JA Political science (General) J Political Science > JZ International relations |
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Divisions: | Faculty of Social Sciences > Politics and International Studies | ||||||
Series Name: | Cornell Studies in Money | ||||||
Publisher: | Cornell University Press | ||||||
Place of Publication: | Ithaca, New York | ||||||
ISBN: | 9781501760242 | ||||||
Official Date: | 15 November 2021 | ||||||
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Number of Pages: | 210 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Copyright Holders: | Cornell University | ||||||
Description: | To the Brink of Destruction exposes how America's rating agencies helped generate the global financial crisis of 2007 and beyond, surviving and thriving in the aftermath. Despite widespread scrutiny, rating agencies continued to operate on the same business model and wield extraordinary power, exerting extensive influence over public policy. |
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