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The Global Financial Crisis and Employment Relations

In: The Future of Employment Relations

Author

Listed:
  • David Peetz
  • Stephane Le Queux
  • Ann Frost

Abstract

In an expensively decorated office high above Wall Street, financier Charles Smith sat down to read all the documentation surrounding the ‘CDO squared’ (CDO2) he was about to purchase. The CDO2 was a privately issued bond; the underlying assets backing it were a multitude of collateralized debt obligations (CDOs) – bonds issued against mixed pools of assets, mostly loans. Each of the underlying CDOs was 200 pages long, so in order to understand the CDO2, worth many millions of dollars, Mr Smith had to read through 1.1 billion pages of text associated with 94 million mortgages and other instruments within that CDO2. He sat with his coffee and commenced reading on 2 January 2008, and with meal and coffee breaks had finished by 7 August 2863.1

Suggested Citation

  • David Peetz & Stephane Le Queux & Ann Frost, 2011. "The Global Financial Crisis and Employment Relations," Palgrave Macmillan Books, in: Adrian Wilkinson & Keith Townsend (ed.), The Future of Employment Relations, chapter 11, pages 192-214, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-34942-1_11
    DOI: 10.1057/9780230349421_11
    as

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