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Pre Crew Resource Management

In: Confronting Mistakes

Author

Listed:
  • Jan U. Hagen

Abstract

The crisis on the financial markets began to unfold with increasing severity starting in 2007. Many were left dumbfounded that big-name banks had taken such disproportionately high risks with their structured securities. People saw the remuneration system in the investment banking sector, enormous bonus payouts, and the associated asymmetric risk distribution as the main causes of the crisis. They started asking how things could have spiraled so far out of control. Yet even before the crisis, some parties within the banks had urged caution. The question is why these warnings went unheard. Were they overlooked? Underestimated? What mistakes were made, how did they come about, who failed to pick up on them, and how were they allowed to trigger a series of further errors that ultimately culminated in such dramatic consequences?

Suggested Citation

  • Jan U. Hagen, 2013. "Pre Crew Resource Management," Palgrave Macmillan Books, in: Confronting Mistakes, chapter 0, pages 1-75, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-27618-6_1
    DOI: 10.1057/9781137276186_1
    as

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