Free Ebook Fool's Gold
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Fool's Gold
Free Ebook Fool's Gold
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Product details
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Audible Audiobook
Listening Length: 10 hours and 7 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: Tantor Audio
Audible.com Release Date: July 6, 2009
Whispersync for Voice: Ready
Language: English, English
ASIN: B002GDEWJY
Amazon Best Sellers Rank:
For another view of Wall Street tyranny and tomfoolery this is a pretty good read. Maybe I am jaded at this point, having read about eight books covering the period in the book (prelude to the mortgage and derivatives crash of the 21st century). Reading it at this time raises a lot of red flags to me. Do we as a nation have such a short memory that we have already set aside all of the lessons of this book - I have and you will see some parallels today to things described in the book, very troubling things which are endemic to man from Biblical days to right now.Capitalism is probably the best system man has brought to the world so far - it's not perfect. Read the book and see if you agree!
"Fool's Gold" reads like a very well-written novel, and provides an informative history into the development of modern day banking.The very nature of modern banking complexities, like a study of calculus, makes impossible a clear, linear view of the varying steps of leveraging for profit. Yet, Gilliam Tett, delivers a comprehensive understanding of the business. This book is appropriate for anyone wanting a catch-up view of the banking crisis of 2008, modern banking in general, or just plain information about JPMorgan Chase.The treatment of derivatives in general, credit default swaps (CDS), collateralized debt obligations (CDO), CDOs of ABSs (Asset Backed Securities), CDO's squared (CDOs of CDOs), CDOs tripled, silos, conduits, SPOs (Special Purpose Vehicles, SIVs (Structured Investment Vehicles, Super-Senior or mezzanine risk, tranches, BISTRO, the Basel Accord, mark-to-market, getting around regulators, synthetic collateralized debt obligations (SCDOs), RAROC and VaR, securitization, and shell companies are treated with enough regularity to provide the reader a good understanding that ties to the glossary of terms and the index located in the rear of the book.The unfolding of events within the industry, from the savings and loan debacle to the careful and not-so-carefully thought out banking mergers that followed, provides a logical history of how and why it all happened by the men and women that first formed the ideas, to those that ground them into dust.
Although this is too admiring an account of the JP Morgan creators of CDOs and what then became of their "innovation," it is, as others have pointed out, an excellent blow-by-blow chronology of how those particular instruments became weapons of mass financial destruction. Tett, with a Ph.D. in social anthropology from Cambridge, puts her training to good use as the FT's international finance columnist. Here, based mostly on her own reporting, she tells an important, thickly descriptive story that many others are now also taking a whack at, but perhaps not as felicitously as Tett. She's not a brilliant stylist but writes with an admirable, straightforward clarity characteristic of the best exemplars of the Journalism Tribe. Sometimes, however, I thought her somewhat lacking in expository patience; in one instance, in zipping through her story (and think of it: a lively book on derivatives!?), although it may be that she was simply striving for an effect, trying to build narrative tension by withholding a major point until that moment in the narrative that it began to become apparent, I was a bit annoyed. The text continually begged an important question and made me wait several chapters for the full implications of why the AAA-rated "super senior" debt was the ticking time bomb lurking within so many portfolios. (I presume true financial cognoscenti would have known all along, but that's certainly not me, nor was it most of her presumed readers.) But when Tett discloses it, I got it, clearly and well.Fool's Gold is good instructional material, brims with interesting characters, and opens a nice window on the arcane doings of a most peculiar tribe. If I have a genuine beef (as opposed to the above faux beef, more a frustration), it's probably over Tett's unfounded and redundant assertions that the JP Morgan founders of many species of derivative innovation were high minded visionaries who actually believed they were making the markets and thus the world a better place. (Bejesus, it's embedded in her subtitle.) She uses the term "ambitious" to describe many of her subjects. How does one construe the unembellished adjective "ambitious" in this particular setting? We have to figure it out ourselves. Ambitious to create social good? Ambitious for power and position? Ambitious for the Frank Sinatra objective of "having the most stuff" at one's end of days and thereby "winning"? None of these strike me as objectionable, but a hard-nosed journalist might be more compelling by not coming across as credulous in response to her subjects' high-minded self-description. It's not, after all, dishonorable to simply be piling up bonuses or augmenting the firm's asymmetric information advantage over potential investors, buyers who may not have fully understood the underpriced risk but did understand that "JP Morgan" plus "S&P AAA" were literally "money in the bank"--thereby allowing the innovators themselves to ride that advantage straight to considerable personal wealth.In the end, like Catherine the Great in reverse, they took, but they wept. And Ms. Tett seems to have swallowed their protestations like a rube swallows snake oil: bottle, label, cork, and all. That said, I really enjoyed, and thus recommend, Fool's Gold, but be wary of what the salesperson's NOT telling you.
This book will be best enjoyed by a reader who has basic financial literacy and is willing to put effort into understanding some technical aspects of finance.Gillian Tett tells the story of the Global Financial Crisis from the perspective of JP Morgan and it’s bankers who invented financial instruments that eventually mutated into the cause of the crisis. The book provides technical understanding about the global financial world and the disaster of 2007/2008, as well as a narrative structure to support the technical writing.
Read this as required literature for my economics course "Money and Banking" at UNLV. Begins with the apparent 'source' of the financial crisis stemming from a brainstorming session between JP Morgan bankers. Narrative is a mixture of headlines, quotes, and author's interpretation of key events. For people unfamiliar with the crisis, this is a good read without being too technical. Reminds me of the "Hot Zone" on the ebola virus.
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