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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They had parties, we got the hangover

It is not a pretty story. Should be must read for all entering wall street. Locked in their little silos, few [bankers: There is no rule against having diagrams in your book and Tett really should have included some. It all makes sense eventually and this book is one of the most useful insights to the banking issues operating throughout. The group at the heart of this revolution was an intense team, made up of individuals with a supreme sense of loyalty to each other and to the bank – for years, nothing could break them apart.

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 If you get a kick out of “adrenaline” business books the excellent Barbarians at the Gate being the quintessential exampleyou’ll probably like this. Will that now change? This book explains clearly how the financial problems began and mushroomed, with copious anecdotes, quotes and references for the reader to look into further if required.


She has written about the financial instruments that were part of the cause of the financial crisis that started in the fourth quarter ofsuch as CDOs, credit default swaps, SIVs, conduits, and SPVs. I appreciated Tett using J. He soon took over as JP Morgan Chase. Tett follows specific individuals who developed the financial tools that facilitated the crisis, but while she fleshes out their individual motivations and personalities, ultimately we get the sense that it is the wider culture of finance, rather than individuals that should be blamed for the crisis.

Thus it describes the set-up, and the denouement — but omits the catalytical turning point. I guess to Hoye all women sound British? However, as the house mortgages increased, including the soaring of subprime loans, and the increase of the housing prices in US, the banks started to use credit derivatives.

Thank you for your feedback. I lived through this period of history and now read a fantastic account of what was happening. But the book is actually a balanced account of aspects of the development of markets that led to the crisis.

Review: Fool’s Gold by Gillian Tett | Books | The Guardian

This is also a very well written book. 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. Fact-filled, but not at the expense of telling a good story. Yet what is also needed is a wider rethinking of the culture of finance. Start reading Fool’s Yillian on your Kindle in under a minute.

My 3rd book on the financial and economic crisis of The JP Morgan team, whose evangelism for financial innovation went so horribly wrong, are portrayed as stunned glld chastened; Blythe Masters is “livid at how bankers have perverted her derivatives dream”.


It was interesting to read this dry, financial reporter’s account after having read the Big Short. Indeed Tett credits Morgan tillian creating the credit default swap market which eventually overwhelmed the financial world.

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It’s told primarily from the viewpoint of J. It was a wild weekend. The reading of this book was the result of one such collision! See all free Kindle reading apps. I could only afford to do a quick scan of the book as research for a school essay, but even so, I found this a deeply engaging journalistic account of the origins of the crisis.

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.

What eats at me is the naivete of so many people involved. She details how a small close-knit group at J. The second jamboree took place on 11 Junein Barcelona, when industry body the European Securitisation Forum held its annual meeting and celebrated the most lucrative year in history for investment banks.

In particular, it focuses on the J. Morgan swooping in the buy them for a song. Refresh and try again.