28 January 2011

Dr.Henry Tabe's "The Unravelling of Structured Investment Vehicles: How Liquidity Leaked Through SIVs

Lessons in Risk Management and Regulatory Oversight

The Unravelling of Structured Investment Vehicles charts the course of SIVs from their origins in the late 1980s to their eventual collapse in the wake of the crisis, highlighting critical factors that contributed to the sector’s demise. The book is divided into three parts. Part one contains Chapters 1 and 2 covering the themes of introduction, overview, genesis and evolution of the sector. Part two contains Chapters 3 to 7 and addresses the structure and operations of the vehicles. Including such details, it is hoped, will enable the reader to appreciate that little in the establishment, management and operations of the vehicles clearly presaged their demise. On the contrary, it is hoped that the reader will see, through such details, that the vehicles were operated in a similar manner to most banks and asset management companies and perhaps more efficiently than many firms that survived the crisis. This leads to the question of what went wrong, which the third part of the book, running from Chapters 8 to 10, seeks to address. This part also explores the lessons that can be learned to prevent the annihilation of whole swathes of the global capital markets in future crises and the adverse consequences of such annihilation for the global financial system and the world economy. . ...
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