Chasing Alpha: How Reckless Growth and Unchecked Ambition Ruined the City's Golden Decade
Chasing Alpha: How Reckless Growth and Unchecked Ambition Ruined the City's Golden Decade
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追逐阿尔法：鲁莽的增长和不受约束的野心如何毁掉了这座城市的黄金十年
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发表时间：
2009
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影响因子：
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通讯作者：
Philip Augar
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作者：
Philip Augar
1997年，伦敦金融城的情况似乎只会变得更好。即将上任的工党政府赋予了英格兰银行独立性，它引入了一个最先进的轻触式监管体系;它表示很高兴看到金融业的自由发展。十年来，一切都按计划进行。在强势磅的支撑下，在兴奋的媒体的欢呼下，银行家们成了那个时代的英雄。伦敦金融城开始了令人眼花缭乱的创新计划，资产价格飙升，英国似乎终于摆脱了战后的萎靡不振。政客们开始向欧洲同行说教，说有必要放松管制，关注股东价值，摒弃过时且信誉扫地的社会市场模式。2007年夏天，一切都开始崩溃。一个又一个家喻户晓的名字--北方岩、布拉德福德和宾利、HBOS --要么失败，要么被强行合并。仅仅一年后，政府就控制了银行业，伦敦金融城的声誉一落千丈。在《追逐阿尔法》一书中，菲利普·奥格讲述了一个非凡的故事，一个主要经济体如何试图将自己重塑为一个与离岸避税天堂交叉的对冲基金。这一切都在这里：贪婪，诡计，过度。任何从事金融业的人，任何目睹灾难发生的人，都会被这段令人陶醉的十年中第一段清醒的历史所吸引。
In 1997 it seemed that things in the City could only get better. The incoming Labour government gave the Bank of England independence, it introduced a state of the art system of light-touch regulation; and it signalled that it was happy to see finance let rip. For ten years everything went according to plan. Buoyed by a strong pound and cheered on by an excitable media, the bankers became the heroes of the age. The City embarked on a giddy programme of innovation, asset prices boomed and Britain seemed at last to have shaken off its post-war malaise. Politicians took to lecturing their European counterparts on the need to deregulate, to focus on shareholder value and to dispense with an outdated and discredited social market model. And then in the summer of 2007 everything began to collapse. One household name after another - Northern Rock, Bradford & Bingley, HBOS - failed or was forcibly merged. Barely a year later the government took controlling stakes in the banking sector and the reputation of the City was in tatters. In "Chasing Alpha" Philip Augar tells the extraordinary story of how a major economy tried to reinvent itself as a hedge fund crossed with an offshore tax haven. It is all here: the greed, the guile, the excess. Anyone who worked in finance, and anyone who watched the disaster unfold, will be riveted by this, the first sober history of an intoxicated decade.