in Lehman Brothers


I have benefitted from discussions with Professor Kevin Keasey, Director of the International Institute of Banking and Financial Services, University of Leeds, and Professor Robert Hudson, Professor of Finance at Hull University School of Business. I would especially like to thank Robert Stowe England, financial journalist and author of ‘Black Box Casino: How Wall Street's Risky Shadow Banking Crashed Global Finance’ for his assistance and Lord Desai, Emeritus Professor of Economics at London School of Economics, for reading the manuscript in draft and for all his constructive comments. Any errors and misconceptions are mine.

Dr Oonagh McDonald CBE

Lehman Brothers

A Crisis of Value



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