Also, Jamie Dimon must be a ...more
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 investment bankers that left a ...more
Tett, anthropologist and editor of the Financial Times, explains how a small team at J.P. Morgan believed they were developing financial products that would reduce risk and help stabilise the ...more
What is clear though, is that, as the subtitle indicates, the financial market was corrupted by greed (essentially underlining for those who needed to hear it that nothing human-made and run can be left to itself and assumed to be safe and able to ...more
I was pleasantly surprised by this book, as the rather hysterical sub-title had me worried. But the book is actually a balanced account of aspects of the development of markets that led to the crisis. In particular, it focuses on the J.P.Morgan team that played a pivotal role in the development of credit derivatives and the picture painted of that bank and that team is far from what I had expected from said sub-title. It's a well-written book and one of the best I've read in explaining in simple ...more
The book gives the background of the people involved and the decisions made by staff at J.P. Morgan from the 1990s until 2008.
I found the book to be a good read, well paced although I knew what was coming at the end. It's that wreck just ahead but you still want to see it.
I did find the book to be pro J.P. Morgan so not too sure whether ...more
It covers slightly different aspects compared with Michael Lewis's ' The Big Short', but fundamentally the story is the same — greedy bankers spot an opportunity and, while it was ok on a smaller scale, it eventually blew up in their faces.
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.
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 ...more
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 ...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...more
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