Fool's Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe by Gillian Tett

Nov 21, 2011

Avadhut rated it

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Summary –

Fool’s Gold is a narrative expose’ of the financial crisis that walks us through the 15 year journey of the J P Morgan Investment bankers team instrumental in innovation of credit default swaps on corporate loans (CDS) and how the innovation led to its perversion resulting into the ultimate disaster.

Review –

Gillian Tett is an Assistant Editor at the Financial Times and one of the very few journalists who took...morehttp://avadhutrecommends.wordpress.com/

Summary –

Fool’s Gold is a narrative expose’ of the financial crisis that walks us through the 15 year journey of the J P Morgan Investment bankers team instrumental in innovation of credit default swaps on corporate loans (CDS) and how the innovation led to its perversion resulting into the ultimate disaster.

Review –

Gillian Tett is an Assistant Editor at the Financial Times and one of the very few journalists who took interest in the credit market as early as 2004 and tried to fathom this new-fangled world. Her training in social anthropology (She has PhD in social anthropology) makes Fool’s Gold exceptional read as Tett is able to reflect not only on why the crisis developed but also why it took a crisis for the outside world to discover this mammoth but yet unheard world of exotic derivatives.

Tett observes how a state of social silence developed around the credit derivatives. This helped the banks to be opaque about how the derivatives were modelled and priced as opacity leads to hefty profits. This also explains why the banks were so vehemently opposed (and still are) to the idea of a centralised clearing system as such system would mean transparency in pricing and hence loss of profit.

Like Michael Lewis, She also explains that in order to understand the actions of an individual we have to look at the incentives that drive them. In case of credit derivatives the multimillion dollar bonuses that the bankers raked up by packaging debt into CDOs were more than sufficient incentive to keep this gigantic debt factory running. It also led to the subsequent distortion when the “raw material”- debt required started falling short in supply than the demand.

This resulted into more and more creative and synthetic structures. The lenders lost their conscious while lending as they no longer held the debt on their balance sheets and carried the risk. They simply sold it to banks that repackaged it into CDOs and sold to gullible investors looking for higher returns. The basic idea of derivatives meant for dispersing the risk of debt got mutated and distorted so much that the very instrument led to concentration of risk in the hands of few institutions that became “too big to fail” and “too interconnected to fail”.

Another observation by the Author that needs serious attention is that of mental and structural silos. The credit instruments were perceived to be so technical and complex that hardly anyone outside the small group that dealt with them made any attempt to know about them, let aside to understand them. Even the management and other departments from the banks were at times unaware about the risk that was being created.

The book is gripping. Gillian Tett is thorough in her research and I think the British Press Award for Journalist of the Year in 2009 is a fitting tribute for the journalist and her work.(less)

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Mar 09, 2011

John added it · review of another edition

Excellent read. Good focus on the evolution of credit derivatives and how a small coterie of bankers at JP Morgan changed the world. I found this book a much more enjoyable read than Ms. Tett's columns at the FT. Given a chance to tell a story in depth and paint idiosyncratic portraits of eccentric bankers at work and at play, Ms. Tett's writing style and skills are given more space. Reading this book, one gets the sense of a Dr. Frankenstein type scenario where some financial engineers wit...more

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Sep 25, 2009

Oldesq rated it

In Fool’s Gold Gillian Tett provides one of the clearest explanations of the sophisticated financial transactions that contributed to the recent Wall Street financial crisis. Using language reminiscent of the Financial Times (Tett’s day job) she lays out in painstaking detail the world of credit default swaps, asset backed securities and collateralized debt obligations in a cogent, understandable manner. But this is not mere reportage; Tett also provides a glimpse into the personalities and pe...more

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Sep 15, 2009

Randy rated it

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I've done a fair amount of reading about the Panic of 2008, and Gillian Tett's "Fools Gold" explains the exotic investment instruments at the heart of the panic better than any other work I've read. A group of derivatives traders at J.P. Morgan created commoditized credit default swaps in the early 1990s as a way to move risk off the company's books, freeing up capital for lending and investment that otherwise would need to be held in reserve. Morgan made payments to AIG, which assum...moreI've done a fair amount of reading about the Panic of 2008, and Gillian Tett's "Fools Gold" explains the exotic investment instruments at the heart of the panic better than any other work I've read. A group of derivatives traders at J.P. Morgan created commoditized credit default swaps in the early 1990s as a way to move risk off the company's books, freeing up capital for lending and investment that otherwise would need to be held in reserve. Morgan made payments to AIG, which assumed the risk that Morgan's assets would go into default. Derivatives traders at other firms began assembling securities backed by subprime mortgages, trying to put together instruments that would be just risky enough to obtain returns but safe enough to obtain AAA ratings. They then paid AIG to assume the risk of the mortgages underlying those securities going bad. However, many institutions kept what they thought were the least risky of these mortgages on their own books, as they could not obtain much in the way of returns on the securities that they would back. The whole thing was unregulated by government, and the ratings agencies were easily bamboozled into turning poo into gold (as it turned out). As the cruddy mortgages went bad, AIG began to take on water. When the less risky mortgages went bad, the financial institutions themselves sank.

Interestingly, J.P. Morgan did not get into the business of mortgage backed securities. Morgan's mathematicians could not put together a risk model with the kind of integrity to which they were accustomed. First, they had no data on what could happen if real estate values ever declined. Second, they had no long-term data on default rates for the kinds of subprime mortgages that proliferated in the early and mid 2000s. Moreover, Morgan/Chase chairman Jamie Dimon pushed the concept of a "fortress balance sheet" containing rock-solid assets on which the bank could rely if things went to hell. Dimon pushed Morgan's derivatives traders to investigate getting into the business of mortgage backed securities a couple of times, but, consistent with the notion of a "fortress balance sheet," he accepted the traders' reasons for staying away from that business.

The book contains a brief account of the events leading to the Lehman Brothers bankruptcy that turned a situation into a panic, and concludes with Tett's cultural analysis of U.S. and U.K. investment houses.(less)

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Sep 22, 2010

Chris rated it

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Gillian Tett, a reporter for the FT, lays out clearly in long monograph form what she has reported on for the past half-decade in the FT - the wild rise and cataclysmic fall of new-fangled credit derivatives, and all the obscure financial instruments related to them. These, along with mortgage backed securities, and the willingness of lenders in the US to loan on increasingly favorable terms, to increasingly risky homebuyers, fueled the massive growth of securities that nobody could really value...more

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Jul 12, 2009

Kathleen Gilroy rated it

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This is the latest book I've read on the financial crisis and so far it is one of the best. Tett is a cultural anthropologist by training so the book reads like a case study of the strange tribe of quantitative finance geeks. She starts the story at a fancy corporate retreat in Boca where a group at JP Morgan came up with the idea of credit derivatives. While the folks who created these tools for managing risk were smart enough to know to keep what looked like the safest pieces of the risk of...more

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Sep 30, 2011

Matthew rated it

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Shelves: business-history, markets, essaysjournalism

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 due recognition of fact that CDOs were not meant to be written on mortgages in the first place but on diversified corporate loans, let alone to the extent that...more

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Nov 27, 2009

Howard Olsen rated it

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This is yet another book about the credit crunch and the Crash of '08, but it's one of the best. Gillian Tett tells the story of the crisis from the point of view of JP Morgan. Morgan was an early innovator in the derivatives market. Indeed Tett credits Morgan with creating the credit default swap market which eventually overwhelmed the financial world. But, having created the market, Morgan walked away from it when it was unable to develop any sort of reliable risk modeling. As a result, Morgan...more

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Sep 26, 2009

Jennie rated it

Shelves: politics, economics, current-events

If you're like me, making sense of the economic implosion has been difficult. I am lucky if I can manage to keep my checking account balance. So, the whole world of "derivatives" and "complex investment vehicles" generally soars right above my head.

That is, until I stumbled upon Gillian Tett's book, Fool's Gold. Now, I am still no economic expert, but I feel like Tett has provided me with a primer to sort through the mess brought about by a small band of inv...more

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Aug 03, 2009

getAbstract rated it

Smashing financial journalism

This ranks as one of the most thorough, accessible explanations of how the global financial system nearly disintegrated during the great financial crisis that broke in 2008. Gillian Tett traces the development of credit derivatives from their inception at an alcohol-fueled Boca Raton corporate retreat in the early 1990s. She shows how the pioneers struggled with risk management, turning down business that other financial institutions with less regard to r...more

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Dec 18, 2011

Daniel rated it

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In 1994, J.P. Morgan, looking to create a market for credit derivatives, provided $4.8 billion of credit to Exxon and sold the credit risk to the European Bank of Reconstruction and Development. Thus, the modern Credit Default Swap was born. Gillian Tett's "Fool's Gold" traces the history of credit derivatives through the lives of the bankers at J.P. Morgan who created them and ends with their incredible destruction of financial markets in 2008.

"Fool's Gold" is di...more

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Nov 25, 2009

Terry Clague rated it

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Despite a couple of borderline hagiographical chapters (in the middle of the book) talking up some of the senior staff involved with J.P. Morgan, this book is truly riveting. Despite the rather over-egged title, the book is actually a case study of a company (J.P. Morgan) which was right there at the start of the process of financial innovation which later tipped into something uncontrollable. The author’s access to key figures in the crisis is somewhat fortuitous but she does seem to make the m...moreDespite a couple of borderline hagiographical chapters (in the middle of the book) talking up some of the senior staff involved with J.P. Morgan, this book is truly riveting. Despite the rather over-egged title, the book is actually a case study of a company (J.P. Morgan) which was right there at the start of the process of financial innovation which later tipped into something uncontrollable. The author’s access to key figures in the crisis is somewhat fortuitous but she does seem to make the most of it – the result is a book which is a real page turner at times.

“The finance world’s lack of interest in wider social matters cuts to the very heart of what has gone wrong...holistic analysis that tries to link different parts of a social structure is crucial. In most societies, elites try to maintain their power not simply by garnering wealth, but by dominating the mainstream ideologies, both in terms of what is said, and also what is not discussed. Social ‘silences’ serve to maintain power structures in ways that participants often barely understand, let alone plan.”

“In recent years, regulators, bankers, politicians, investors and journalists have all failed to employ truly holistic thought – to our collective cost. Bankers have treated their mathematical models as if they were an infallible guide to the future, failing to see that these models were based on a ridiculously limited set of data.”

“The chain that linked a synthetic CDO of ABS, say, with a ‘real’ person was so convoluted it was almost impossible to fit into a single cognitive map...it was a classic area of social silence. Locked in their little silos, few [bankers:] could see how the pieces fitted together, or how bloated finance was... Most tragic of all, millions of ordinary families, who never even knew that CDOs existed, far less dealt with them, have suffered shattering financial blows... It is a terrible, damning indictment of how twenty-first-century Western society works”(less)

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Aug 09, 2009

Joseph rated it

Shelves: reading-challenge

In Fool's Gold, Gillian Tett, a reporter for the Financial Times, tells the story of how esoteric credit derivatives were developed and championed by a small group of independent thinkers at J. P. Morgan and how these derivatives came to ran amok among other banks causing the financial crisis from which we currently suffer. She details how a small close-knit group at J. P. Morgan developed and championed credit derivative swaps (CDS). J. P. Morgan was quite careful with these derivatives. It

...more

In Fool's Gold, Gillian Tett, a reporter for the Financial Times, tells the story of how esoteric credit derivatives were developed and championed by a small group of independent thinkers at J. P. Morgan and how these derivatives came to ran amok among other banks causing the financial crisis from which we currently suffer. She details how a small close-knit group at J. P. Morgan developed and championed credit derivative swaps (CDS). J. P. Morgan was quite careful with these derivatives. It is interesting to note that they looked into the possibility of creating similar instruments backed by residential mortgages, but thought it too risky.

When J. P. Morgan merged with Chase Manhattan, the change in culture led many of the team to leave JP Morgan Chase for other banks or hedge funds. Those that stayed watched as the credit derivatives they invented took off, sometimes baffled by the risks other banks seemed to be taking. Did those banks know more than they did?

Another merger, this time between JPMorgan Chase and Bank One, brings in Jaimie Dimon who was the head of Bank One. He soon took over as JP Morgan Chase. The previous derivatives team had been conservative, but Dimon, with his "fortress balance sheet" idea really drove home the possible dangers of credit derivatives. Other banks, however, continued increased their CDO outputs, leveraging themselves with increasing ratios to do so. Then the bottom fell out. Two hedge funds at Bear Stearns collapsed due to their heavy investment in CDOs. Downgrades by the rating agencies forced many banks to write down their derivative assets, leading to billions in losses. Mortgage lenders like Countrywide failed, then commercial banks like Northern Rock. Bear Stearns blew up, with J.P. Morgan swooping in the buy them for a song. More write downs led Lehman Brothers bankruptcy and AIGs government rescue. The original team watched in horror as all this unfolded, but retained a belief that the instruments themselves were a useful way to manage risk, even if their abuse led to a financial crisis.

If you are at all interested in the how we got into this current financial mess, Tett's book is a good place to start. Earlier this year, I read William Cohan's account of Bear Stearns fall, The House of Cards. I found this a much more readable book.

(less)

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Dec 31, 2010

DoctorM rated it

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Shelves: economics, politics

Well-done account of the Global Economic Meltdown of the Year Eight as seen from inside J.P. Morgan. Tett focuses on the rise and collapse of the credit derivative market--- she is the FT's specialist on that ---and not on the subprime mortgages that attract so many other authors. Her angle here is that CDS and derivatives were designed by her main characters not as "financial weapons of mass destruction" but as perfectly legitimate instruments for dispersing risk and were employed wit...more

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Apr 27, 2011

Stephen Duffy rated it

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An intriguing book about how a useful idea can become, quite literally, toxic. Gillian Tett does an outstanding job telling and framing the story. She also demonstrates that many people saw the meltdown coming (including her staff on the 'Financial Times'), but many others simply wouldn't listen to them. The essential, concluding, observation is that the banking/ economic system is not isolated from the rest of society. Bankers, economists, and politicians should not continue to put so much ...more

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May 31, 2009

Dan Petegorsky rated it

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On the surface, Fool's Gold might seem similar to William Cohan's House of Crads,. Each seeks to describe how the financial system collapsed by telling the story of one of its central players: Tett by focusing on one of the survivors (J.P Morgan Chase), Cohan on one of the failures (Bear Stearns, which JPM bought out as it collapsed in March of 2008). But while Cohan's is more like watching an entertaining TV docudrama, Tett's is like a far more enlightening documentary.

This is not a...more

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Jan 13, 2010

Clare rated it

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Brilliant in being a clear step by step explanation about what exactly all those three letter acronyms regarding structured finance were really all about, CDSs CDOs and the history that went with them (and JP Morgan, who should be pleased with such a flattering portrayal of their institution). It was as if Gillian Tett brought down the veil of mystic that separated those high rolling bankers whose world seemed far too complicated and abstract from the rest of us, and revealed that, in the cold ...more

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Jun 25, 2010

UChicagoLaw added it · review of another edition

Shelves: faculty-recommendations

This is a “name names” account of how Wall Street went exuberantly overboard and brought on the subprime crisis and the credit crunch. Since I am interested in finance and was interviewed in a particularly penetrating way by Tett when I was in the U.S. Treasury and she was then in Tokyo covering the Japanese nonperforming loans crisis in the 2001-2003 period, I try to read everything she writes. And she writes a lot in the Financial Times on financial public policy issues. The book, however, is ...more

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Aug 26, 2009

Ed rated it

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Really interesting book that recounts some of the origins of the present crisis. Especially interesting because Gillian Tett is an anthropologist and in her epilogue roots the problem in 'social silence' which she connects to dominate elites taking over all discourse so that their elite machinations seem like normality. This is a profound insight (and a rather radical insight coming from a Financial Times columnist!) and one hopes she will write a book about this too. Though this book is technic...more

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Jan 30, 2011

Mac rated it

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Another crisis/bailout book, this one told mostly from the point-of-view of J.P. Morgan, which came out slightly less dirty than most everyone else once the dust settled. It’s interesting to learn how derivatives became the Frankenstein’s monsters of the financial industry – the Morgan folks who thought them up meant well, and to an extent they make a kind of sense (spreading risk around to lessen its negative effects), but when misused, they brought the house down.

Also, Jamie Dim...more

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Nov 30, 2010

Nathan Willard rated it

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Shelves: business, financial-disaster

Slightly too appreciative of the team at JP Morgan who essentially created the modern mortgage cdo, Tett's book nonetheless very clearly describes the mechanisms and motivations that, from the perspective of the large banks, created the financial crisis. It is very engaging and readable, and provides valuable background knowledge for appreciating many of the more esoteric bits of commentary in other books and stories. Fundamentally, too, it reminds us that each of the banks faced choices and mos...more

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Jun 09, 2010

Gina rated it

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Shelves: listened

My 3rd book on the financial and economic crisis of 2008. This book starts very slow, going way back 20 years into the history of JP Morgan (Chase) bank. I felt Tett spent too much time on the history and then crammed the current events at the ending.

And I didn't like the reader - Stephen Hoye. His british accent came and went seemingly at random instead of using voices for the different characters, especially women. I guess to Hoye all women sound British?

One thing I...moreMy 3rd book on the financial and economic crisis of 2008. This book starts very slow, going way back 20 years into the history of JP Morgan (Chase) bank. I felt Tett spent too much time on the history and then crammed the current events at the ending.

And I didn't like the reader - Stephen Hoye. His british accent came and went seemingly at random instead of using voices for the different characters, especially women. I guess to Hoye all women sound British?

One thing I did really like about Fool's Gold was that it contained an Epilogue, a "what happened after the book story ended" section. I do agree with Tett's conclusion that derivatives themselves aren't the problem anymore than guns kill people. It is the people that take the tools and twist them into risky instruments without doing any risk management (in order to maximize profits of course). What absolutely amazes me is that NO ONE has gone to jail over this major economic collapse. The ratings agencies were portrayed in "Too Big to Fail" as being either as corrupt as the bankers or totally inept. In Fool's Gold, they are portrayed less vitriolically but still pretty inept. And you wonder that Sec. Treasury Paulson's and Fed. President Tim Geithner's decision not to save Lehmann Brothers was a total miscalculation of the impact and fear the "main street masses" would take from this failure. The panic that ensued caused several banks to fail or be forced into mergers or change into bank holding companies. This could have been avoided, but the politics behind the scenes is almost the scariest thing of all. I think some of these positions should no longer be political appointees to keep their independence and the ratings agencies should not be "for profit" companies. That ensures a conflict of interest. And yet now, in 2010, as the recession rolls on and many people, myself included, are still out of work, what has changed really? It's barely even mentioned in the news anymore. What lessons were learned? What will the prevent the next financial collapse from happening? A lot more questions than answers at this point, I'm afraid.

This was a good 3rd book to read, with each book you pick up a few more of the details of what was going on before, during and after the collapse of American Investment Banking. And the perspective from outside of America was really good to hear too. European and British banks that were damaged as a result of the collapse and from using the derivatives and bonds based on shaky mortgages, without sufficient capitalization were mentioned and provided a good view of what happened outside the US at the same time.(less)

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Apr 24, 2010

Jill rated it

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Shelves: economics-and-finance

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 tale financial innovation gone wrong is told. In Fool's Gold, Tett explains how a financial innovation became a veritable Frankenstein as banks...more

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Mar 18, 2010

Kiri rated it

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I found this to be an incredibly valuable read, as I like many others had little to no idea of what was going on in the banking industry over the last decade. It was fascinating to read that there really was a revolution of new "products" and inventions of risk-reducing or disspelling vehicles that allowed banks to both reduce risk of defaults and make significant income. Of course the end result was an industry run amok, and these new concepts and products taken to their extreme and...more

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Oct 22, 2011

Lobstergirl rated it

Shelves: business-finance

This is one of the drier accounts of the 2008 financial meltdown. Journalist Tett begins in the 1990s with the invention of the credit derivatives at J.P. Morgan that would fuel the massive buildup of toxic leverage a decade later. Somewhat paradoxically, by that time the venerable J.P. Morgan had merged with the commercial bank Chase to become JPMorgan Chase (the periods vanished in order to disassociate from the idea of Morgan, the man), led by the risk-averse Jamie Dimon. Dimon was never w...more

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Feb 24, 2010

Frances rated it

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Shelves: 2000-2009, lists-ccbc, nf-economics, non-fiction, obtained-new

This book was extremely helpful in detailing out history leading up to the 2008 financial crisis. I have struggled to truly understand the underpinnings (and even simply what the various investment vehicles are) of the crisis, and this book was extremely helpful in unraveling it for me. However, it still seems incredibly complex to me, and I ought to simply sit down and reread the book right away in an attempt to reinforce the concepts.

I definitely recommend the book to anyone el...more

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May 26, 2010

Peter Namtvedt rated it

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Gillian Tett tells what seems like the whole story of how J. P. Morgan investment bankers caused a revolution in how to make money. They took the business of creating derivatives to whole new levels.

The implication that this revolution caused a storm, blowing up the housing bubble and leading to the pricking of this bubble, however, is a stretch. Peter Schiff's Crash Proof and Norberg's Financial Fiasco do a better job of explaining the mortgage meltdown. Raymond C. Niles' article "...more

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Jan 25, 2010

Rob rated it

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Shelves: economics-finance

One of the better books I've read on the financial crisis. Mostly because it doesn't start with 2007, or with lower lending standards and easy money in 2005, but begins with the creation of credit derivatives in the early 1990s. It then tells the story of the J.P. Morgan team that created them, how they envisioned them to be used, and how this evolved into the "weapons of mass destruction" that brought the financial system to the brink of collapse.

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Oct 20, 2009

Joe Garland rated it

I had, and have, difficulty understanding much of the complexity of the financial instruments that wreaked havoc on Wall Street houses (except one notable exception), and it turns out that most of the people in those houses didn't particularly understand them either (except with that one notable exception). Describes an industry that became untethered to the creation of any meaningful product except for financial devices that produce transaction fees.

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Apr 26, 2010

Lt rated it

Story of the creation of CDOs by some bankers of J.P. Morgan, and how this finance tool was later misused by creating derivative instruments backed up by risky mortgages. The book was way too sympathetic to J.P. Morgan for my taste. In any case, J.P. Morgan (and not Chase) avoided a lot of the loses that plagued the market in 2007-2008 by not engaging in risky banking (at least not as much as their counterparts).

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