Part 2 of this pathway provides a more granular account of the 2008 financial crisis. January Carmalt delves deeper into the financial failures of Lehman Brothers and Michael Torpey provides his unique perspective on the Irish financial crisis, along with the associated global implications.
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11 videos • 1 hour 25 minutes
Lehman had a colourful history of surviving crises, specifically under the guiding hand of its CEO, Richard S. Fuld Jr. Appointed Chief Executive after its spin off from American Express in 1994. In the second video of this series on "Someone had to fail", January gives us an overview of the history of Lehman Brothers and what led the Lehman Brothers to collapse.
January Carmalt • 10:31
In this video, January talks about how the seeds of unbridled ambition within RBS were sown as early as the 1980s with the-then CEO Sir George Mathewson, who had his sights set on the international expansion of RBS. She also talks about the NatWest acquisition which saw Fred Goodwin’s star rise even higher, priming him for the top role and transforming RBS into a multi-platform, global banking giant.
January Carmalt • 07:36
Michael provides an account of the liquidity crisis which was triggered by the Global Financial Crisis, and provides his thoughts on the Bank guarantee - a guarantee by Ireland of the debt liabilities of the banks in September 2008.
Michael Torpey • 11:44
The National Asset Management Agency was a vehicle designed to purchase loans from banks at their long-term value. Michael explains how these valuations were calculated and provides his thoughts on the effectiveness of the vehicle and the decisions that were made surrounding it.
Michael Torpey • 06:43
In this video, Michael provides details of the agreed Programme of Financial Assistance to Ireland, including the commitments to bank restructuring and capitalisations. He also considers the effects of the Prudential Capital Adequacy Assessment, PCAR 2011, which was required as part of the programme.
Michael Torpey • 10:31