Fool's Gold: The Inside Story of J.P. Morgan and How Wall St. Greed Corrupted Its Bold Dream and Created a Financial Catastrophe
| Author | : | |
| Rating | : | 4.33 (943 Votes) |
| Asin | : | 1439100136 |
| Format Type | : | paperback |
| Number of Pages | : | 320 Pages |
| Publish Date | : | 2015-11-14 |
| Language | : | English |
DESCRIPTION:
Gillian Tett oversees global coverage of the financial markets for the Financial Times, the world’s leading newspaper covering finance and business. . In 2007 she was awarded the Wincott prize, the premier British award for financial journalism, and in 2008 was named British Business Journalist of the Year. Tett is the author of Saving the Sun: How Wall Street Mavericks Shook Up Japan’s Financial World and Mad
(Aug.)Copyright © Reed Business Information, a division of Reed Elsevier Inc. . All rights reserved. A Free Press hardcover (Reviews, June 8). From Publishers Weekly Tett's complex and well-written narrative of J.P. Morgan's role in the financial meltdown lends itself awkwardly to the audio format, in part because general readers who are not specialists in the workings of financial derivatives will find themselves lost in a sea of acronyms and specialized terminology without the useful glossary at the back of the print book. Stephen Hoye's talents don't shine here, with an on-again/off-again British accent for one of the key players and a plodding delivery of some portions of the labyrinthine story. An abridgment could have helped to retain listener interest without becoming ensnared in intricately detailed descriptions o
Jeffrey R Soule said this is a great book. In fact. If you know anything about the fixed income or derivatives market, this is a great book. In fact, one of the best books I have read over the last year and I generally read 1-"this is a great book. In fact" according to Jeffrey R Soule. If you know anything about the fixed income or derivatives market, this is a great book. In fact, one of the best books I have read over the last year and I generally read 1-2 books a month commuting to work. This is one of those books that you don't want to put down and you cannot wait to pick it up again. I just gave it to a friend who is heading off on holiday and I know he will love it. GREAT JOB GILLIAN!!!. books a month commuting to work. This is one of those books that you don't want to put down and you cannot wait to pick it up again. I just gave it to a friend who is heading off on holiday and I know he will love it. GREAT JOB GILLIAN!!!. "Five Stars" according to Lorena M.. Thanks to her explanations I was able to understand what happened in 2008.. "Best Book on Derivatives so far" according to William A. Thayer. On a 2008 tour to Greece, I asked a fellow tour member (a senior executive from the SEC) what derivatives were? He couldn't answer the question (which says a lot about the SEC). Well, he should read this book. It's easy to understand, and the layman can come out with an understanding of credit derivatives and shadow banking. The author's description of the Bear Stearns and Lehman bankruptcies is also the best I have read. In particular, she points out that Lehman relied heavily on Repos (loans for 0 to 180 days) so they were very vulnerable to a shutoff of lending (vs. having 2 to 5 year financing which probably would
The story begins with the intense Morgan brainstorming session in 1994 beside a pool in Boca Raton, where the team cooked up a dazzling new idea for the exotic financial product known as credit derivatives. That idea would rip around the banking world, catapult Morgan to the top of the turbocharged derivatives trade, and fuel an extraordinary banking boom that seemed to have unleashed banks from ages-old constraints of risk.But when the Morgan team’s derivatives dream collided with the housing boom, and was perverted—through hubris, delusion, and sheer greed—by titans of banking that included Citigroup, UBS, Deutsche Bank, and the thundering herd at Merrill Lynch—even as J.P. Morgan itself stayed well away from the risky concoctions others were peddling—catastrophe followed. Tett’s access to Dimon and the J.P. Morgan CEO Jamie Dimon and a tightly bonded team of bankers known on Wall Street as the “Morgan Mafia,” as well as in-depth interviews with dozens of other key players, including Treasury Secretary Timothy Geithner, Tett brings to life in gripping detail how the Morgan team’s bold ideas for a whole new kind of financial alchemy helped to ignite a revolution in banking, and how that revolution escalat