Panic of 2008

Edited by Lawrence E. Mitchell, Theodore Rinehart Professor of Business Law, The George Washington University Law School, US and Arthur E. Wilmarth, Jr., Professor of Law, The George Washington University Law School, US

• Contents:IntroductionChronology of the Panic of 2008PART I: HISTORICAL ANTECEDENTS1. The Panic of 2008: Something Old and Something NewMaury Klein2. The Anatomy of a Residential Mortgage Crisis: A Look Back to the 1930sKenneth A. Snowden, Jr.PART II: CAUSES, CONSEQUENCES, AND IMPLICATIONS FOR REFORM3. Stress Testing and Scenario Analysis in Risk Management: Preparing for the WorstJames Fanto4. Too Big to Fail? Recasting the Financial Safety NetSteven L. Schwarcz5. Overdependence on Credit Ratings Was a Primary Cause of the CrisisFrank Partnoy6. Federal Preemption, Regulatory Failure and the Race to the Bottom in US Mortgage Lending StandardsPatricia A. McCoy7. Lessons from 2008 US Bank FailuresWilliam C. Handorf8. Defaults and Returns in the High-Yield Bond Market: The Year 2008 in Review and OutlookEdward I. Altman and Brenda J. Karlin9. Regulating the Financial Markets by ExaminationsTamar Frankel10. The Sewers of Jefferson County: Disclosure, Trust and Truth in Modern FinanceTheresa A. Gabaldon11. It’s Time to Resuscitate the Shareholder Derivative ActionEdward Labaton and Michael W. Stocker12. Cuomo v. Clearing House: The Supreme Court Responds to the Subprime Financial Crisis and Delivers a Major Victory for the Dual Banking System and Consumer ProtectionArthur E. Wilmarth, Jr.Index

‘This volume is a rich collection of essays on the most important financial crisis since the 1930s. Here, the authoritative writers offer trenchant insights on this crisis. Mitchell and Wilmarth are much to be commended for gathering this valuable material in a volume easily accessible to analysts, students, scholars, and anyone alarmed by the panic of 2008. Read it and grow wiser in the ways of financial crises.’