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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-Gillian 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 lively narrative takes readers behind the scenes, to the inner sanctums of elite finance and to the secretive reaches of what came to be known as the "shadow banking" world. 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 such titans of banking as 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 leaders who so skillfully steered their bank away from the wild excesses of others sheds invaluable light not only on the untold story of how they engineered their bank's escape from carnage but also on how possible it was for the larger banking world, regulators, and rating agencies to have spotted, and heeded, the terrible risks of a meltdown. A tale of blistering brilliance and willfully blind ambition, Fool's Gold is both a rare journey deep inside the arcane and wildly competitive world of high finance and a vital contribution to understanding how the worst economic crisis since the Great Depression was perpetrated.
- Sales Rank: #552784 in Books
- Published on: 2009-05-12
- Original language: English
- Number of items: 1
- Dimensions: 1.20" h x 6.10" w x 9.00" l, 1.05 pounds
- Binding: Hardcover
- 304 pages
From Publishers Weekly
Starred Review. At once a gripping narrative, an education in derivatives, and a most lucid origin-story for the current financial meltdown, it's no surprise the author of this volume is an award-winning Financial Times journalist. Taking readers back to the invention of credit-derivative obligations (CDOs) at J. P. Morgan in 1994, and the subsequent exponential growth of that market, Tett (Saving the Sun) deploys a remarkable sense of pacing, generating real suspense over rapidly inflating debt on bank balance sheets; by the time Lehman Brothers fails, the book has become a bonafide page-turner. Tett explains how credit derivatives seemed a win-win for the financial world, freeing up capital, increasing profits, and diversifying risk, but makes the missteps equally clear as the industry hurtles toward a largely-unforeseen wave of loan defaults (the worst since the Great Depression). Interestingly, J.P. Morgan was one of a handful of banks sufficiently prescient to imagine this "perfect storm" of simultaneous defaults, and so never became over-reliant on CDOs. Ignoring the tacked-on, preachy epilogue (in which Tett advocates her specialty, social anthropology, as a way to avert future such crises), Tett's explosive, illuminating narrative is the one to read for anyone confused by the present financial mess.
Review
"The author excels at recreating this fevered environment. She also deciphers Wall Street mumbo-jumbo in terms that a lay reader...can understand." ---The New York Times
About the Author
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, for her capital-markets coverage. In 2008, she was named British Business Journalist of the Year. She previously served as the newspaper’s deputy head of the Lex column (an agenda-setting column on business and financial topics), Tokyo bureau chief, economic correspondent, and foreign correspondent. She speaks regularly at conferences around the world on finance and global markets. She has a PhD in social anthropology from Cambridge University. In 2003, she published a book on Japan’s banking crisis, Saving the Sun: How Wall Street Mavericks Shook Up Japan’s Financial World and Made Billions.
Most helpful customer reviews
0 of 0 people found the following review helpful.
this is a great book. In fact
By 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!!!
0 of 0 people found the following review helpful.
Five Stars
By Lorena M.
Thanks to her explanations I was able to understand what happened in 2008.
4 of 5 people found the following review helpful.
Best Book on Derivatives so far
By 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 have saved them). She is a little weak and incomplete when it comes to numbers (what the heck, she has a PhD in "Social Anthropology"). Also, her coverage of Credit Default Swaps (no mention of Maiden Lane bailouts) is not thorough. Nevertheless, she has brought light to the purposely opaque world of mortgage backed derivatives (including the interesting story of how it all began). If you are interested in the causes the financial meltdown, this book is a 5 star help.
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