Star Wars Sale
 
 

Special Offers see all

Enter to WIN!

Weekly drawing for $100 credit. Subscribe to PowellsBooks.news for a chance to win.
Privacy Policy

More at Powell's


Recently Viewed clear list


Original Essays | June 20, 2014

Lisa Howorth: IMG So Many Books, So Many Writers



I'm not a bookseller, but I'm married to one, and Square Books is a family. And we all know about families and how hard it is to disassociate... Continue »
  1. $18.20 Sale Hardcover add to wish list

    Flying Shoes

    Lisa Howorth 9781620403013

spacer
Qualifying orders ship free.
$9.95
Used Hardcover
Ships in 1 to 3 days
Add to Wishlist
Qty Store Section
1 Burnside Economics- General

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

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 Cover

 

Synopses & Reviews

Publisher Comments:

From award-winning Financial Times journalist Gillian Tett, who enraged Wall Street leaders with her newsbreaking warnings of a crisis more than a year ahead of the curve, Fool's Gold tells the astonishing unknown story at the heart of the 2008 meltdown.

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, 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 titans of banking that included 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.

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." Publishers Weekly (Starred Review) (Copyright Reed Business Information, Inc.)

Review:

Ever wonder, looking at your 401(k) account statement, what exactly happened last fall, when the financial system nearly collapsed and trillions of dollars of "wealth" evaporated? Gillian Tett's splendid book might be the explanatory tonic you've been looking for.

There are other good books that help explain the disaster of 2008, notably Mark Zandi's "Financial Shock" and Charles... Washington Post Book Review (read the entire Washington Post review)

Synopsis:

The Financial Times writer who scooped the whole financial world with her warnings of an economic crash takes readers to the elite inner sanctums of the banking world to reveal the untold story at the heart of the boom and bust.

Synopsis:

From award-winning Financial Times journalist Gillian Tett, who enraged Wall Street leaders with her newsbreaking warnings of a credit crisis more than a year ahead of the curve, Fool's Gold tells the astonishing unknown story at the heart of the 2008 meltdown.

Synopsis:

The fascinating, unknown story at the heart of the current financial crisis by the award-winning journalist who warned of the crash well in advance.

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.

Product Details

ISBN:
9781416598572
Subtitle:
How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe
Author:
Tett, Gillian
Author:
Hoye, Stephen
Publisher:
Tantor Media
Subject:
Finance
Subject:
General Business & Economics
Subject:
Banks & Banking
Subject:
History
Subject:
Financial crises -- United States.
Subject:
Housing -- United States -- Finance.
Copyright:
Edition Description:
Unabridged,MP3 - Unabridged CD
Publication Date:
20090720
Binding:
Hardback
Grade Level:
General/trade
Language:
English
Pages:
304
Dimensions:
9 x 6 in

Other books you might like

  1. House of Cards: A Tale of Hubris and...
    Used Trade Paper $3.50
  2. Wedlock: The True Story of the... Used Hardcover $5.50
  3. The Spy Game Used Hardcover $2.98
  4. Kira-Kira Sale Trade Paper $3.98
  5. Jane on Her Own New Trade Paper $4.99
  6. Catwings Return Used Trade Paper $5.95

Related Subjects


Business » Investing
History and Social Science » Economics » General

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 Used Hardcover
0 stars - 0 reviews
$9.95 In Stock
Product details 304 pages Free Press - English 9781416598572 Reviews:
"Publishers Weekly Review" by , "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." Publishers Weekly (Starred Review) (Copyright Reed Business Information, Inc.)
"Synopsis" by , The Financial Times writer who scooped the whole financial world with her warnings of an economic crash takes readers to the elite inner sanctums of the banking world to reveal the untold story at the heart of the boom and bust.
"Synopsis" by ,
From award-winning Financial Times journalist Gillian Tett, who enraged Wall Street leaders with her newsbreaking warnings of a credit crisis more than a year ahead of the curve, Fool's Gold tells the astonishing unknown story at the heart of the 2008 meltdown.
"Synopsis" by , The fascinating, unknown story at the heart of the current financial crisis by the award-winning journalist who warned of the crash well in advance.
spacer
spacer
  • back to top
Follow us on...




Powell's City of Books is an independent bookstore in Portland, Oregon, that fills a whole city block with more than a million new, used, and out of print books. Shop those shelves — plus literally millions more books, DVDs, and gifts — here at Powells.com.