Chagrined to see that another aspect of my ‘novel’ THE FUND has surfaced in the news — the Doomsday Scenario. Here are a few sentences from my book about a fictional “Too Large To Fail” bank called W.R. Shipley & Co. which as the center of the story. The chairman of this bank, a woman named Hannah Merton, who rose through the trading side, reviewed a report while on the phone with the U.S. Treasury Secretary, Damion James:
“Her trusted lieutenants, the ‘brain trust’ had already modeled this scenario for her. They called it the ‘Doomsday Scenario’, one that could never happen because it required too many independent variables to converge.”
Unfortunately for Hannah, in my book all those independent variables DID converge, causing insurmountable derivative trading losses, that not only bring the bank down but freezes up the entire financial system. Sounds familiar, huh? By the way, in case you’re wondering, I finished the first draft of THE FUND in March 2008, and it was published by Macmillan last summer — well ahead of Bear & Lehman and now JPMC. Here is the link to the original FT article–> JPMorgan doomsday scenario revealed
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