Fool's Gold

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

Book - 2009
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Peter Hancock viewed almost every aspect of the world around him as a complex intellectual puzzle to be solved, and he especially loved developing elaborate theories about how to push money around the world more efficiently. When it came to his staff, he obsessively ruminated on how to build the team for optimal performance. Most of all, though, he loved brainstorming ideas. The team called his exuberant outbursts of creativity "Come to Planet Pluto" moments, because most of the notions he tossed out were better suited to science fiction than banking. But they loved his intensity, and they were passionately loyal to him. They were also bonded by the spirit of being pioneers. The J.P. Morgan derivatives team was engaged in the banking equivalent of space travel. Computing power and high-order mathematics were taking finance far from its traditional bounds, and this small group of brilliant minds was charting the outer reaches of cyber-finance. Like scientists cracking the DNA code or splitting the atom, the J.P. Morgan swaps team believed their ideas were solving the most foundational riddles of their discipline. "There was this sense that we had found this fantastic technology which we really believed in and we wanted to take to every part of the market we could," Bill Winters later recalled. "There was a sense of mission." Book jacket.
Publisher: New York ; Toronto : Free Press, 2009
ISBN: 9781416598572
141659857X
Characteristics: x, 293 p

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fdb045
Jul 29, 2015

Excellent book explaining financial derivatives; their history and abuse.

rdelrosso2001 Dec 10, 2014

Very clear and concise explanation of how derivatives "got on steroids", and combined with a lack of regulation pushed the economy into Recession and almost another Great Depression.

I hope the Fed Chairwoman and others in power read this book.

s
StarGladiator
Jun 04, 2013

[Update 2014: From 2008 to this very week of November, 2014, JPMorgan Chase, or Chase, has been fined repeatedly for various types of financial fraud, completely invalidating everything in this book, showing Ms. Tett to be a complete farce and fraudster for ever writing such completely fictional nonsense. For the very latest on Chase and their massive, massive securities fraud, please see Matt Taibbi's latest article: http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106 and, http://jpmadoff.com/ [Among the six or seven banks now found guilty of LIBOR rigging: JPMorgan Chase, of course!]

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