内容摘要 For many months before September 2008, many businessjournals published commentaries warning about the financialstability and risk management practices of leading U." S. andEuropean investment banks, insurance firms and mortgage banksconsequent to the subprime mortgage crisis. Beginning with failures caused by misapplication of risk controlsfor bad debts, collateralization of debt insurance and fraud, largefinancial institutions in the United States and Europe faced a creditcrisis and a slowdown in economic activity. The crisis rapidlydeveloped and spread into a global economic shock, resulting in anumber of European bank failures, declines in various stockindexes, and large reductions in the market value of equities andcommodities. Moreover, the de-leveraging of financial institutionsfurther accelerated the liquidity crisis and caused a decrease ininternational trade. World political leaders, national ministers offinanee an...
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