© 2016

Tectonic Shifts in Financial Markets

People, Policies, and Institutions


Table of contents

  1. Front Matter
    Pages i-xvii
  2. Henry Kaufman
    Pages 1-8
  3. Henry Kaufman
    Pages 9-15
  4. Henry Kaufman
    Pages 17-22
  5. Henry Kaufman
    Pages 23-35
  6. Henry Kaufman
    Pages 65-71
  7. Henry Kaufman
    Pages 73-79
  8. Henry Kaufman
    Pages 81-89
  9. Henry Kaufman
    Pages 97-111
  10. Henry Kaufman
    Pages 113-124
  11. Henry Kaufman
    Pages 125-135
  12. Henry Kaufman
    Pages 137-143
  13. Henry Kaufman
    Pages 145-161
  14. Back Matter
    Pages 163-180

About this book


In this wide-ranging book, Wall Street legend Henry Kaufman recounts the events surrounding the catastrophic collapse of Lehman Brothers from his then vantage point on the board.  He explains how, ironically, the Federal Reserve’s shortcomings contributed to its growing power. And he argues that Dodd-Frank – by sanctioning rather than truly addressing the too‐big‐to‐fail dilemma – squandered a rare opportunity for essential reform.

Whether sparring in print with Citicorp’s mercurial Walter Wriston, consulting with British Prime Minister Margaret Thatcher, spurning a deal with junk bond king Michael Milken, or reflecting on his long-time friend Paul Volcker, Kaufman brings readers inside post-war Wall Street. Looking ahead, he dissects major national and global trends and the likely future of credit markets, financial institutions, and leading economies.

As we search for bearings in the wake of the 2008 financial debacle, Henry Kaufman offers sage and penetrating analysis of today’s superheated and – he argues – still‐fragile financial world.


Financial markets Monetary Policy Fiscal policy Financial stability Financial instability Credit markets Financial institutions Financial crisis Economic growth Dodd‐Frank Act Financial regulation

Authors and affiliations

  1. 1.New YorkUSA

About the authors

Henry Kaufman (PhD, New York University) is President of Henry Kaufman & Company, Inc., an economic and financial consulting firm established in 1988. He previously served as head of research and in the senior management of Salomon Brothers, and worked at The Federal Reserve Bank of New York and in commercial banking. Invited to speak before many leading economic and finance organizations around the world, Dr. Kaufman was three times designated one of the thirty most influential Americans by U.S. News & World Report. In 2001, the National Association of Business Economics conferred on him its prestigious Adam Smith Award.

Bibliographic information

Industry Sectors
Chemical Manufacturing
Finance, Business & Banking
Consumer Packaged Goods


“Kaufman lets us participate in his life and thoughts with clarity and passion. Anyone even vaguely interested in the recent financial history of the developed world will benefit from his insights and succinctly stated views.” (Francis H. Schott, Business Economics, Vol. 53, 2018)