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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

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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:

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.

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:

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

About the Author

Gillian Tett oversees global coverage of the financial markets for the Financial Times, the world's leading newspaper covering the financial markets. In 2007 she was awarded the Wincott prize, the premier British award for financial journalism, for her capital markets coverage. She was also shortlisted for the British business journalist of the year award. She previously served as the newspaper's acting head of the Lex column (an agenda-setting column on business and financial topics), the Tokyo bureau chief, economic correspondent, and foreign correspondent". "She also sits on an advisory panel on financial regulation at the London School of Economics, is an associate fellow of finance at Westminster University, and an advisor to the main accountancy body in the UK. She speaks regularly at conferences around the world on finance and global markets, most recently holding audiences at the San Francisco Federal Reserve, the European Parliament, and the London School of Economics. She has a PhD in Social Anthropology from Cambridge University.

Product Details

ISBN:
9781400162833
Author:
Tett, Gillian
Publisher:
Tantor Media Inc
Read by:
Hoye, Stephen
Read:
Hoye, Stephen
Narrated:
Hoye, Stephen
Author:
Hoye, Stephen
Location:
Old Saybrook
Subject:
Finance
Subject:
Business-Accounting and Finance
Subject:
General Business & Economics
Edition Description:
Unabridged,MP3 - Unabridged CD
Publication Date:
20090731
Binding:
MP3 CD
Language:
English
Dimensions:
7.4 x 5.3 x 0.6 in 0.2 lb
Media Run Time:
600

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Related Subjects

Business » Accounting and Finance
Business » Banking

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 New Mp3 Cd
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Product details pages Tantor Media - English 9781400162833 Reviews:
"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 ,
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
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