Resurrecting the Street: Overcoming the Greatest Operational Crisis in History
By Jeff Ingber
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 paralysis. 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.
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 paralysis. 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.
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MY HONEST REVIEW OF: Resurrecting the Street
Author Jeff
Ingber saw first-hand the demise of the Twin Towers, and its ensuing
devastation. He describes how there was ‘a human lack of ability to process’
the catastrophic destruction surrounding everyone. He also was aware of how
widely it affected the national financial infrastructure. And that is the
information relayed in the pages of this book.
It amazed me
the measures that were taken to keep the financial industry running. I could
see how the public would think it was insensitive to put everything into
getting back on track as quickly as possible. But, now that I have learned how
crippling this appalling attack was, I can understand the reasoning behind
getting us back on track as quickly as possible. After reading about all the
personal sacrifices that this industry’s leaders made, I have tremendous
respect for them.
My review can also be found at:
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**The above
opinions are 100% my own, whether I purchased the book or it was given to me to
review.
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