Fool's Gold: How Unrestrained Greed Corrupted A Dream, Shattered Global Markets And Unleashed A Catastrophe
A Business, Finance, Economics book. Back in 1933, during the height of the populist backlash against...
From award-winning "Financial Times" journalist Gillian Tett, who enraged Wall Street leaders with her newsbreaking warnings of a crisis more than a year ahead of the curve, "Fool's Gold" tells the astonishing unknown story at the heart of the 2008 meltdown. Drawing on exclusive access to 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 escalated wildly out of control.The deeply reported and...
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- Filetype: PDF
- Pages: 352 pages
- ISBN: 9781408701676 / 1408701677
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More About Fool's Gold: How Unrestrained Greed Corrupted A Dream, Shattered Global Markets And Unleashed A Catastrophe
Back in 1933, during the height of the populist backlash against Wall Street, the son of J. Pierpont MorganJ. P. Jack Morgan, Jr.had been grilled by Congress about his ethos. He declared that the aim of his bank was to conduct first-class businessin a first-class way. Fifty years later, that mantra of Jack Morgan struck much of the banking world as quaint. Years of bold innovation had made high-risk trading and aggressive deal making the gold standard of the street, and a kill or be killed ethic prevailed. At Gillian Tett, Fool's Gold // To him, bankers were neither noble or Masters of the Universe. They were just businesspeople doing a job, pushing money around the economy as efficiently and effectively as they could. Gillian Tett, Fool's Gold // If defaults on mortgages were uncorrelated, then the BISTRO structure should be safe for mortgage risk, but if they were highly correlated, it might be catastrophically dangerous. Nobody could know. Duhon Gillian Tett, Fool's Gold //
Well researched and written, the author shows a real understanding of the complexities of credit derivatives and many components that went into the GFC. I am not sure that the wording on front cover accurately reflects the content of the book. Good sketch of some of the structural factors behind the GFC. Chief factors appear to be: (i) Excessive securitisation of inappropriate underlying assets, with risk retained on bank balance sheets -- key word is excessive, not derivatives -- with the residual super-senior risk being taken up by banks themselves onto balance sheet, without... For those who were bewildered by the subprime crisis and such strange terms as "credit default swaps" and "collateralised debt obligations", Gillian Tett's book is an excellent read. Tett is a business journalist with the Financial Times with a PhD in social anthropology, which probably accounts for the accessible manner in which this...
