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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The lenders lost their conscious while lending as they no longer held the debt on their balance sheets and carried the risk.

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I’m also disgusted by the levels of profit that are considered small and insufficient and reason to pursue unreasonable risk when they’re so huge. They themselves never used then in conjunction with subprime mortgages, and they were apparently dumbfounded that anyone would do so. At times it does start to get bogged down in details and far too many names of this player or that good, but I think tftt would have had a hard time untangling this spider’s web glld a story and then retelling it to outsiders in a coherent fashion.

Dimon was never willing to immerse the company in the subprime CDOs collateralized debt obligations the way other banks were doing – his derivatives experts examined them closely and repeatedly but could never figure out a way to mitigate the risk connected to the CDOs’ super-senior tranches.

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Fool’s Gold by Gillian Tett

I was pleasantly surprised by this book, as the rather hysterical sub-title had me worried. President Tim Geithner’s decision not to save Lehmann Brothers gillina a total miscalculation of the impact and fear the “main street masses” would take from this failure. One of the major lessons of the s financial crisis is that the interconnectedness of the banking system was only a strength if properly managed and regulated, and if not would make a crash all the more drastic and explosive.


I really like what Tett writes in the last few pages of the epilogue, in which she references how her training in social anthropology at Cambridge fett her PhD helped her to make sense of the financial crisis.

Bear Stearns blew up, with J. No trivia or quizzes yet. They were just businesspeople doing a job, pushing money around the economy as efficiently and effectively gett they could. Hardcoverpages. The Smartest Guys in the Room: Anyway I persevered and am considerably better informed as the result of this book. The trouble begins when everyone catches on and applies a good idea to inappropriate concepts. Start reading Fool’s Gold on your Kindle in under a minute. Morgan leaders who so skillfully steered their bank away from the wild excesses of others sheds invaluable light not yett 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.

Like any academic she wants to know why things happened as they did. Morgan merged with Chase Manhattan, the change in culture led many of the team to leave JP Morgan Chase for other banks or hedge funds.

Fool’s Gold | Book by Gillian Tett | Official Publisher Page | Simon & Schuster

The Greatest Trade Ever: If you struggle or hate to balance your checkbook, the discussions on how CDS came to be and then, came to be exploited will have your head spinning. Gillian Tett is thorough in her research and I think the British Press Award for Journalist of the Year in is a fitting tribute for the journalist and her work.

For if there is one element, above all, that is how needed to restore sanity to banking, it is that policy makers, bankers and politicians must adopt a more holistic vision of finance. To ask other readers questions about Fool’s Goldplease sign up.

Made a Fortune and Survived a Catastrophe. I have read multiple books on this time period, including Paulson’s autobiography.

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 Jul 12, Jaipal rated it really liked it. Morgan, as they were the first to pioneer the credit derivative as a potential instrument to mitigate risk.


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There is no rule against having diagrams in your book and Tett really should have included some. I gilliab some of these positions should no longer be political appointees to keep their independence and the ratings agencies should not be “for profit” companies. It’s that wreck just ahead but you still want to see it. Dec 19, DoctorM rated it really liked it Shelves: The fact that the book remains published and available suggests that the truth of the content is not disputed. I found this a much more readable book.

Did those banks know more than they did?

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They appear unable or unwilling to removing or ringfencing the environment within which this greedy group of bankers mader obscene profits to the considerable and long term detriment of most others. See full terms and conditions and this month’s choices.

This book analyzes the worldwide teft crisis of the first decade of the 21st century from the point of view of one of the major market gilliwn who created and sold complex financial products, J.

If you are a seller for this product, would you like to suggest updates through seller support? She has an awareness that her reader may need help navigating the jargon of the financial world, and so makes an effort to break down and explain the terms in a simplistic manner. The story begins with the intense Morgan brainstorming session in beside a pool in Boca Raton, where the team cooked up a dazzling new idea for the exotic financial product known as credit derivatives.

Sep 24, Dan Cohen rated it liked it Shelves:

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