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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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.
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ISBN:
9781416598572
9781400142835
9781400112838
9781400192830
141659857
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Grouped Work ID 1a6a09f3-4f6f-56b3-b873-8c4981ecd72a
Full title fool s gold how the bold dream of a small tribe at j p morgan was corrupted by wall street greed and
Author tett gillian
Grouping Category book
Last Update 2018-06-21 22:44:22PM
Last Indexed 2018-06-21 23:29:06PM

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auth_author2 Hoye, Stephen.
author Tett, Gillian.
author2-role Hoye, Stephen., Tantor Media.
author_display Tett, Gillian
available_at_catalog Donelson, Main Kids, Main Library
collection_catalog Audiobook, Non-Fiction
detailed_location_catalog Donelson - Adult Non-Fiction, Main Library - Adult Audiobook
display_description Traces the relationship between a team of JP Morgan banking gurus and the current financial crisis, documenting their invention of a bold variety of allegedly risk-free investments that sparked a frenzy in the banking world and may have directly contributed to the market crash.
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id 1a6a09f3-4f6f-56b3-b873-8c4981ecd72a
isbn 141659857, 9781400112838, 9781400142835, 9781400192830, 9781416598572
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lexile_score -1
literary_form Non Fiction
literary_form_full Non Fiction
local_callnumber_catalog 332.660973 T348f, CD AUDIO 332.660973 T348f
owning_library_catalog Nashville Public Library
owning_location_catalog Donelson, Main Kids, Main Library
primary_isbn 9781416598572
publishDate 2009
record_details ils:CARL0000334679|Book|Books|1st Free Press hardcover ed.|English|Free Press,|2009.|x, 293 p. ; 24 cm., ils:CARL0000349363|CD audio book|Audio Books||English|Tantor Media,|pc2009.|8 sound discs (ca. 10 hrs.) : digital ; 4 3/4 in., overdrive:6ab935ec-d30a-46bf-baf6-f8c42a42022d|eAudiobook|Audio Books||English|Tantor Media||
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Bib IdItem IdGrouped StatusStatusLocally OwnedAvailableHoldableBookableIn Library Use OnlyLibrary OwnedHoldable PTypesBookable PTypesLocal Url
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subject_facet Audiobooks, Credit derivatives -- United States -- History, Financial crises -- United States, Housing -- United States -- Finance, J.P. Morgan & Co
title_display 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
title_full 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, 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 / Gillian Tett, Fool's gold [sound recording] : how the bold dream of a small tribe at J.P. Morgan was corrupted by Wall Street greed and unleashed a catastrophe / Gillian Tett
title_short Fool's gold :
title_sub how the bold dream of a small tribe at J.P. Morgan was corrupted by Wall Street greed and unleashed a catastrophe
topic_facet Audiobooks, Business, Credit derivatives, Finance, Financial crises, History, Housing, Nonfiction