Who is Richard Bookstaber?
Richard Bookstaber is a risk manager, academic and author who highlighted the vulnerability of the financial system before the 2008 crash.
Where have you heard about Richard Bookstaber?
You may have heard of Richard in the news as he’s a highly respected commentator on risk management and has testified to Congress on related issues including derivatives, systemic risk and hedge funds.
What you need to know about Richard Bookstaber.
Richard Bookstaber is best known for his decades working on Wall Street, as a Securities and Exchange Commission (SEC) regulator and a department adviser to the U.S Department of the Treasury.
Richard’s written several books including - A Demon Of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation which highlights the vulnerability of the financial system; and The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction, which critiques how effective economics is in a financial crisis.
A Demon of Our Own Design was published in 2007 and is noted for highlighting the risks in the financial system ahead of the 2008 global financial crisis.
In the book he discusses the health of the financial market and blames the risks we see today on the products that were initially designed to control it. He believes financial derivatives and innovation on Wall Street are some of the biggest threats to market stability.