Whenever the vast story of 9/11 is told, the heart of it is and must always remain the profound loss of life and individual suffering. But an important part of the complete narrative is the deliberate attack waged on capitalism and the free markets. Resurrecting the Street: How U.S. Markets Prevailed After 9/11 is the first book to focus on the enormous impact of the 9/11 events on the financial markets. Through interviews with over 100 people, many of whom gave chilling eyewitness accounts of the fall of the towers and the devastation that followed, the book brings to life the crippling effect of the attacks on Wall Street and those who worked there.
The events of 9/11 presented the financial industry with the greatest operational crisis in 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. 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.
Resurrecting the Street: How U.S. Markets Prevailed After 9/11
Author: Jeff Ingber
Published: May 2011
About The Author
Jeff Ingber is a Managing Director in the Independent Risk function of Citi. Prior to joining Citi in October 2006, he was Managing Director of the Regulatory and Compliance function and BSA/AML Officer for The Depository Trust & Clearing Corporation. Jeff worked at DTCC and its predecessors for 18 years, during which he served in various positions, including as Chief Operating Officer and General Counsel of the Fixed Income Clearing Corporation. Jeff is a former officer of the Federal Reserve Bank of New York, and also was a judicial clerk with the Superior Court of New Jersey. Jeff received an undergraduate degree in economics from Queens College, and a law degree from the New York University School of Law. Jeff has a Series 14 qualification. He is a former director of the Capital Markets Credit Analysts Society.
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Resurrecting the Street is available for purchase online from the author’s website, from the publisher, Amazon.com, BN.com and other online retailers.
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