A Wall Street Journal, Financial Times, and Bloomberg Businessweek Book of the Year
Why our banking system is broken—and what we must do to fix it
New bank failures have been a rude awakening for everyone who believed that the banking industry was reformed after the Global Financial Crisis—and that we’d never again have to choose between massive bailouts and financial havoc. The Bankers’ New Clothes uncovers just how little things have changed—and why banks are still so dangerous. Writing in clear language that anyone can understand, Anat Admati and Martin Hellwig debunk the false and misleading claims of bankers, regulators, politicians, academics, and others who oppose effective reform, and they explain how the banking system can be made safer and healthier. Thoroughly updated for a world where bank failures have made a dramatic return, this acclaimed and important book now features a new preface and four new chapters that expose the shortcomings of current policies and reveal how the dominance of banking even presents dangers to the rule of law and democracy itself.
"One of the most influential books written about banking and systemic risk in the post-2008 era . . . was recently revised and updated in a second edition. . . . The publication of
The Bankers’ New Clothes in 2013 was an intellectual thunderbolt, widely lauded and named a book of the year by the FT, the Wall Street Journal, and Bloomberg Businessweek. Martin Wolf called it ‘the most important book to have come out of the financial crisis’. The second edition drew more accolades from academics, public policy experts and financial commentators."
---Todd H. Baker, Financial Times
