Description
A thousand billion is a one followed by twelve noughts. An awesome number, but still too small to contain the losses of the world's banks in the last decade. What has happened in the five years since the ex-Chairman of Citibank made his confident, if not complacent, observation?
This is the grim, but timely story of how, by coveting their neighbour's business rather than nurturing their own, bankers in the booming eighties lost their reputations, their profits and a fabulous amount of their customers' money. Unfortunately, for all of us, such enormous sums cannot simply disappear. As the banks struggle to restore solvency we, as taxpayers, customers or shareholders, will have to shoulder the cost of an extraordinary string of financial disasters.
ISBN:9780671711283
