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Book By Author:  Jeffrey Ingber

Resurrecting the Street: How U.S. Markets Prevailed After 9/11
 
 Resurrecting the Street: How U.S. Markets Prevailed After 9/11
 
 History
 
 1456519891 9781456519896
 
 

 The events of 9/11 presented the financial industry with the greatest operational crisis in its history. Key officials were killed; others could not be located. Primary and backup sites were unavailable or inadequate. Massive amounts of critical data were lost, and there was a crushing inability to communicate, locate or verify information. It was not known for a time which firms could participate in the markets and to what degree, nor was it clear to what extent certain markets had been damaged and when they should reopen. Nor could the human impact of the 9/11 events be divorced from the business issues. Those grappling to restore the markets had to cope with their own feelings of anxiety, shock and loss, and to deal with a uniquely horrific blend of personal and professional difficulties. This book tells of the regeneration of the U.S. markets, day by day, immediately following 9/11, with a focus on the U.S. Government securities market. The bottom line is that 9/11 brought the most important financial market in the world – the one looked to by investors globally for safety in times of trouble – to the brink of collapse. The crisis was ultimately resolved through the willpower and wisdom of groups of disparate individuals, accompanied by an unprecedented climate of cooperation among fierce competitors that embodied the American spirit at its finest.

 
Date Reviewed:   

05-08-2011

 
Tagline:   

A shocking historical account of the financial events of that auspicious day – 9/11.

 
 

With the 10th year anniversary of 9/11 coming up, Jeff Ingber's, Resurrecting The Street - How U.S. Markets Prevailed after 9/11, gives a unique snapshot of how the attacks affected, at the time,  the relatively unknown Govie Market. The enlightening thing right from the start was how important that market was to the whole financial health of the US. Ingber chronologically follows events of the day through the eyes of several key figures who were near the towers. It was chilling to read the eyewitness accounts of the towers being hit, falling and then the escapes to safety…especially 10 years later. His research is top notch because he interviewed over 100 personal cases in the following years.  The result is a detailed account of a financial meltdown of gargantuan proportions and how the efforts of shell shocked dedicated individuals kept the markets from failing.

Ingber weaves an intense amount of information in a short time while keeping a good pace. When I started to read the book, I had no understanding of the Govie Market and its influences on all the other markets. Luckily, Ingber spends two chapters giving a primer starting back in 1775 to present; excellent reading for anyone looking into the markets. The book then centers its attention on a company, Government Securities Clearing Corporation (GSCC), which was the major clearing house of the Govie Market. What transpired through GSCC the week after 9/11 was totally shocking. With the markets on the brink of failing, it still came down to the interaction of individuals during a crisis and that is the true story. This is partially a recounting of many unselfish acts – which you would not think would happen in the financial industry – after that major disaster.

 

I have to give it to Ingber.  Writing a book like this took a huge amount research and time to sift through the information and then he wrote an insightful and meaningful book. I think that it should be required reading for any one learning about the financial sector.  It will show that it is not just about numbers. Resurrecting The Street is an excellent historical account on the events of that auspicious day.

 
 



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Author:  Jeffrey Ingber