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Why Some Firms Thrive While Others FailGovernance and Management Lessons from the Crisis$
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Thomas H. Stanton

Print publication date: 2012

Print ISBN-13: 9780199915996

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199915996.001.0001

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Coping with the Crisis

Coping with the Crisis

(p.43) 3 Coping with the Crisis
Why Some Firms Thrive While Others Fail

Thomas H. Stanton

Oxford University Press

Chapter 3 looks at four firms that successfully withstood the crisis: JPMorgan Chase, Goldman Sachs, Wells Fargo, and Toronto Dominion Bank (TD Bank), including their preparation, responses to the crisis, and effects of the crisis on them. These firms dealt in different ways with the period before the crisis and the crisis itself. They possessed discipline and long-term perspective, robust communications and information systems, capacity to respond effectively to early warning signs, and a process of constructive dialogue between business units and risk managers; each of the successful firms applied these according to its distinctive culture. Unsuccessful firms lacked many or all of these attributes. Unsuccessful firms included those that received massive government infusions of support (Citigroup, Bank of America, Fannie Mae, Freddie Mac, UBS, and AIG), were merged on disadvantageous terms (Bear, Countrywide), or simply went out of business (WaMu, Lehman, IndyMac).

Keywords:   Fannie Mae, WaMu, Lehman Brothers, Countrywide, AIG, JPMorgan Chase, Goldman Sachs, Toronto Dominion Bank, information systems, discipline

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