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Fool’s Gold by Gillian Tett – From award-winning Financial Times journalist Gillian Tett, who enraged Wall Street leaders with her news-breaking warnings of a. At some point during Gillian Tett’s absorbing year gallop across the The sub -title of Fool’s Gold panders to this, suggesting “unrestrained. Gillian Tett, who oversees global market coverage for The Financial Times, offers some of each. In “Fool’s Gold,” she describes how a small.

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Visit our Help Pages. It’s a well-written book and one of the best I’ve read in explaining in simple I was pleasantly surprised by this book, as the rather hysterical sub-title had me worried. But for an understanding of a couple of the ways in which the financial crisis got started, ettt a good start!

Be a global citizen.

The elite and its ideology As G. Aug 14, Jiayu rated it really liked it. I was in search of a book that described step by step the way in which the burgeoning credit derivatives industry of the late s and early s helped set the stage for the financial crisis of Just a moment golx we sign you in to your Goodreads account. Morgan itself stayed well away from the risky concoctions others were peddling — catastrophe followed.

She pulls back the curtain on a closed, unaccountable world of finance’ Will Hutton, Guardian In the mid s, billian a vast foll complex on a private Florida beach, dozens of bankers from JP Morgan gathered for what was to become a legendary off-site meeting.

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.

On the other hand, the fat bonus regime for the top management came back, but only because governments stand firmly behind the financial system, although it is still, for most part, in private-sector hands. I also continue to believe Iceland did the right thing in letting their banks fail rather than bail them out as we did, effectively teaching banks that consequences of their behavior will be born by the tax payers.



Fool’s Gold | Book by Gillian Tett | Official Publisher Page | Simon & Schuster

Morgan, as they were the first to pioneer the credit derivative as a potential instrument to mitigate risk. Morgan made payments to AIG, which assumed the risk that Morgan’s assets would go into default. In the play-by-play aspects is very good. 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.

They were just businesspeople doing a job, pushing money around the economy as efficiently golf effectively as they could. It is not a pretty story. Goodreads helps you keep track of books gett want to read. Showing of reviews.

They had parties, we got the hangover

I’m reminded of Thoreau, who said that superfluous money can only be superfluities, and given that you don’t need superfluities, there’s no limit to how much you want because the need can’t ever be satisfied Highly recommend for those of us who don’t hang out on Wall Street.

Free eBook offer available to NEW subscribers only. 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. Nov 16, Terry Clague rated it really liked it.

And yet now, inas the recession rolls on and many people, myself included, are still out of work, what has changed really? But among the drinking, nightclubbing and fist-fights lay a more serious purpose – to assess the possibility of building a business around the new-fangled concepts of credit derivatives.

Fool’s Gold by Gillian Tett

A little technical at times but quite readable and understandable. Customers who bought this item also bought. As Tett tells it, the deadly progress of derivatives can be charted as a tale of three parties. Another observation by the Author that needs gilljan attention is that of mental and structural silos. Largely, Tett succeeds at this task.


So how can you possibly tell an effective story about the financial crisis, even acknowledging a desire to limit your scope to gols particular giolian of the crisis, if you spend the whole time through the eyes of one bank? I was pleasantly surprised by this book, as the rather hysterical sub-title had me worried. Fact-filled, but not at the expense of telling a good story. I can’t claim I caught every last nuance, but the overall picture was clear.

This is a good read, with the strong, clear writing necessary to convey some complex ideas. Apart from Gillian Tett herself, who has been the most prescient British financial journalist on the credit crunch, the most fascinating is Blythe Masters, a blonde, porcelain-faced Tilda Swinton lookalike who has the dubious distinction of having devised the first credit default swap.

Although she is sometimes given to over-dramatization, she definitely keeps things exciting and reports events like a seasoned pro. Watch a few teht on the crash too.

I also continue to believe Iceland did the right thing in letting their banks fail rather than bail them out as we did, effectively While I admit I am a bit behind on my current event reading this book was published inthe effect of the mortgage meltdown is still with us and we are being set up again for another, similar situation. 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.

I found this a hard book to keep reading so had to make an effort to keep coming back to it. In she was awarded the Wincott prize, the premier British award for financial journalism, and in was named British Business Journalist tegt the Year.