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Copy of EPQ presentation

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Tom Brookes

on 27 September 2014

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Transcript of Copy of EPQ presentation

Establishing a Topic
EPQ:The Process
Once the title was finalised, research became more focused

I started with very broad reading, at this stage, with less useful soucess being discounted to ensure a good focus on the question

Following my initial research, I felt that my initial title was too broad and that it needed to be focused more, following several ideas, lead to today's title
Research started While finalising the title in order to guage which were most achievable.
Was there enough research and data available for me to answer the question well?
Was the answer too obvious?
By the end of the project, research had progressed from looking at the general role of banks and how they failed in the 2008 financial crisis to some more analytical aspects of assigning blame to key players.

The approach to writing the essay was now set- look at the role of banks, understand the key causes of the crisis and evaluate who was most to blame.
Role of financial services in the economy
Reliance on financial services industry?
Narrow the title: By sector or time period -->
"Has the UK become too specialised in banking?"
Financial Services Industry
Key topic areas
Early October:
First Meeting with Supervisor
Narrowing down of Title Begins
Title Brainstorming - Summer 2012
October Half Term: 1st Draft of Title: ‘"To what extent has the UK economy become too specialised in the banking sector?
Following my supervisor's comments I decide to:

Define what banks do

Understand and evaluate the case for over specialsistion in banking

Discuss the future of banking
Aligning the Project: Development of a topic and drafting of a title
Initial Research begins: Where to Start?
Late January :2nd Draft of Title:How and why has the UK economy become specialised in banking industry since the 1980s?
Late Feb/Early March: Research Checkpoint Source List at this point comprised of:
Inside Job (2010)
The Big Short - Michael Lewis
Reports by the Bank of England and other reputable organistaions
BBC Documentaries on the crisis
Credit Crunch: What happened by Pym and Kochan
Late June: Final Draft of Title-
"How banks work ; How they failed ; Who is to blame for the financial crisis?
Hoped to complete a 1st draft of the essay by the end of the Summer break - did not materialise
Late January - Completion of 2nd Draft of essay
Mid-March Presentation Evening
Analyse: Research Stage
Conclude: Project Write-Up (evaluation and improvement) and Presentation
October Half Term: 1st Draft of Essay submitted
Stumbling Blocks
Focus research and topic
Link to the Question
Flexibility and Time Management
Continually re-evaluate
Key Learning Points
No original Conclusion reached
A Clear conclusion
An essay well linked to the question
Strengths and Weaknesses
Focus and Evaluation
Using the Research: Developing the Approach
A broad range of sources
Thinking outside the box - considering all the possible pathways
Where to Start research
How to narrow things down: vague ideas such as "to what extent" to something more concrete
Broad Overview
Timeline of Events
A Starting Point
Who is to blame for the financial crisis?
'The answer to the question of the main question of who is to blame for the crisis is governments and regulators.

Governments encouraged homeowners to take larger mortgages allowing investment banks to use these mortgages to their advantage.

Regulators should be blamed for acting in the interests of firms rather than the public - being lobbied by Wall Street banks and failing to take notice of cracks in the new financial system

Summer Holidays - Research continues
Poor time management
Banking culture - pursued increased profits in the long term for their own companies rather than acting in the interests of the clients

Large cash bonuses - reward for increased risk

Fraud - Fannie Mae and Freddie Mac

Adverse Interests - actively betting against products they selling to their clients
US Government allowed Lehman Brothers to collapse

"Abolished boom and bust" culture - Gordon Brown

Incentivised home ownership
Overturning of Glass-Stegall Act which blurred the line between safer retail and risker investment banking

Failed to regulate the market of derivatives - CDOs and CDSs

Relaxed regulation on leverage ratios
Credit Rating Agencies
Provided unwarranted ratings to CDOs
95% of CDOs (which contained sub-prime mortgages) were rated AAA (the highest rating)

Could have stopped the crisis by tightening standards
Central Banks
Lowered interest rates following the dot-com bubble of the early 2000s under "Greenspan Put"

Allowed easy credit flow through the financial system
Key Findings:
Who is to blame for the crisis?

Insurance Companies
Creation of the Credit Default Swaps market (CDSs)

Large bonuses given to employees when deals on CDSs were signed
The key players in the financial crisis
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