Apart from the perception of its negative impact on investment banks, poor risk management
is considered to have led to the collapse of asset prices. As Andrew Haldane explained,21 by
early 2009 world equity prices lost more than three-quarters of their gains during the Golden
Decade,22 with bank share prices losing almost 60% of their value. In the face of these falls risk
management systems across all institutions were considered to have been woefully inadequate