This book takes a look at the collapse of Bear, Stearns in early 2008 from an insider's standpoint; namely, that of a "senior managing director." Bill Bamber, as he notes in the book, was about one step below the top levels on the firm, but within the top 500 or so employees. He was not directly involved in the events that led to the collapse, but he does have some insight into what went wrong. In essence, he seems to blame a lack of risk management and situational awareness at Bear, Stearns, with some CEO-level issues. He also thinks (not without reason) that Bear, Stearns was the subject of attack-rumours that led to the liquidity crisis that did it in. One significant thing in this book's favour is that the author does a good job of explaining abstract concepts in easily graspable terms. The author does have a tendency to show off with assorted literary and historical references, some of which are apropos, some of which are a stretch. And he was not directly involved, as noted, in the affairs that led to the collapse. But it is a very good account of what it felt like at the "shop floor" level. ( )

See also papers in SH Archive Financial Institutions box 1.

Spencer, Andrew (Author); Bear Stearns (Subject)