The Bankers’ New Clothes: A Timely Update on our Broken Banking System
“The Bankers’ New Clothes: What’s Wrong With Banking and What to Do About It” was originally published in 2013, four years after the financial crisis devastated the global economy. Written by Stanford Graduate School of Business (GSB) Professor Anat Admati and her co-author Martin Hellwig, the book offered a scathing critique on how our banking system remained resistant to reform and riddled with risk.
Ten years after its publication, Admati and Hellwig updated their highly acclaimed analysis, with a new preface and four new chapters that exposed the shortcomings of current policies, and called for a renewed call for responsible regulation before the next crisis appears.
Articles and reviews on The Bankers’ New Clothes:
Professors Point to JPMorgan Chase as Poster Boy of a Financial System Dependent on Corruption to Sustain Itself
Pam Martens and Russ Martens, Wall Street on Parade (09/18/2023)
Admati’s celebrated 2013 book, The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It, co-authored with German economist Martin Hellwig, will have an expanded new edition coming out in early January.
Admati and Hellwig dig into the Justice Department’s settlement with JPMorgan Chase over its London Whale scandal. (In that case, the bank’s Chairman and CEO, Jamie Dimon, did not lose his job, despite the fact that the bank used deposits from its federally-insured banking unit to make massive gambles in high-risk derivatives in London and lose $6.2 billion of depositors’ money
