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From award-winning Financial Times journalist Gillian Tett, who enraged Wall Street leaders with her news-breaking warnings of a crisis more than a year ahead of the curve, Fool’s Gold tells the astonishing unknown story at the heart of the 2008 meltdown.
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, 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 titans of banking that included 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.
- Sales Rank: #269593 in eBooks
- Published on: 2009-06-09
- Released on: 2009-06-09
- Format: Kindle eBook
- Number of items: 1
From Publishers Weekly
Tett's complex and well-written narrative of J.P. Morgan's role in the financial meltdown lends itself awkwardly to the audio format, in part because general readers who are not specialists in the workings of financial derivatives will find themselves lost in a sea of acronyms and specialized terminology without the useful glossary at the back of the print book. Stephen Hoye's talents don't shine here, with an on-again/off-again British accent for one of the key players and a plodding delivery of some portions of the labyrinthine story. An abridgment could have helped to retain listener interest without becoming ensnared in intricately detailed descriptions of events; such descriptions were the lifeblood of Tett's sophisticated print book, but they slow the audio version significantly. A Free Press hardcover (Reviews, June 8). (Aug.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Review
“To understand the calamity on Wall Street, we need erudite financial analysis and good old-fashioned stories about human fallibility. Gillian Tett, who oversees global market coverage for The Financial Times, offers some of each. She shows us the financial world through the eyes of her talented but short-sighted subjects. The author excels at recreating this fevered environment. She also deciphers Wall Street mumbo-jumbo in terms that a lay reader, or at least a determined lay reader, can understand.” (Paul M. Barrett The New York Times Book Review)
“The physics of finance is complex, but Tett explains the world of derivatives as well as any book for lay readers ever has.” (Time)
“Tett, a Financial Times reporter who covered the credit markets, was one of the few people to have seen the implosion coming. She was perfectly placed to follow the story as it happened, and to pull together the story of how we got here. There are a number of different ways of peeling this particular onion; Tett does so through the J. P. Morgan team that helped create the new credit derivatives. These lie at the heart of the current crisis, and Tett’s account of their invention and dispersal makes Fool’s Gold a gripping and indispensable book.” (The New Yorker)
“I can’t imagine a better vehicle to tell the story of credit derivatives—the financial instruments that laid the groundwork for the financial crisis—than the one Gillian Tett uses in Fool’s Gold. The author, a top reporter and columnist for the Financial Times, views the whole mess through the prism of a single company: JPMorgan Chase…she has a good story here, too, taking us inside the genesis of the crisis. It all began at a Boca Raton hotel in 1994, where a rambunctious crew of idealistic bankers broke noses, threw bosses into the pool, and conceptualized the financial product that would cause the near-destruction of the world economy a little more than a decade later. It’s fascinating to follow this crew over the next fifteen years, as they navigate the shoals created by their own invention.” (Columbia Journalism Review)
“Ms. Tett was in the vanguard of those who foresaw the implosion in the credit markets. And in Fool’s Gold…she deftly explicates Wall Street dynamics… At the heart of Fool’s Gold is Ms. Tett’s portrait of the high-octane culture at J.P. Morgan in the 1990s. She shows the premium that young hotshots there placed on “innovation” and “creativity,” and… her book starkly illustrates the folly of using mathematical models to predict human behavior and the Las Vegas-like bet-making embraced by many bankers.” (Michiko Kakutani The New York Times)
“[Tett] does an excellent job of assembling the facts. Her clear and simple accounts of complicated financial instruments are superb.” (Wall Street Journal)
“In a major irony alert, Tett details how many of the derivatives that helped crash the economy were cooked up by the brains at…J.P. Morgan. The concepts were then taken by the rest of Wall Street, and WaMu, and you know what happened. Tett had access to Morgan executives, including Dimon. It’s a riveting read.” (Seattle Times)
“Fool's Gold is a welcome and engaging read. Tett digs down to its origins in a carefully researched account, guided by in-depth access to JPMorgan Chase CEO Jamie Dimon and several of the members of the JPMorgan team. Tett steadily unravels how what began as an alcohol-fueled, youthful brainstorming getaway by several dozen young bankers who worked for the “swaps” department—a corner of the derivatives universe that was one of the fastest-growing areas of finance—went haywire.” (Kerry Hannon USA Today)
“Gillian Tett's Fool’s Gold finds a nice middle ground between gripping narrative and detached analysis.” (Robert Samuelson Newsweek)
“The book comes closer than anything I've read to nailing down the connection between the rise of credit default swaps and all the craziness in housing finance.” (Justin Fox The Curious Capitalist (Time.com blog))
“Of the crop of books that aim to make sense of the global financial crisis, few are more lucid
than Gillian Tett's Fool’s Gold.” (Dan Gross Newsweek)
About the Author
Gillian Tett oversees global coverage of the financial markets for the Financial Times, the world’s leading newspaper covering finance and business. In 2007 she was awarded the Wincott prize, the premier British award for financial journalism, and in 2008 was named British Business Journalist of the Year. Tett is the author of Saving the Sun: How Wall Street Mavericks Shook Up Japan’s Financial World and Made Billions and The Silo Effect: Ordered Chaos, the Peril of Expertise, and the Power of Breaking Down Barriers.
Most helpful customer reviews
106 of 115 people found the following review helpful.
Well written book that is a must-read for anyone who works in finance, or is mad at the financial wreck we are in
By Earthizen
Having read this book over 3 days (interrupted only by work, playtime with my two toddlers, and sleep), I highly recommend it to anyone who cares about our financial system (be it that you work in finance, or hate financiers that brought us the ruins - just bear in mind they were not the only ones to blame, throw in the regulators, lenders, and borrowers who enjoyed the party, and politicians who took credit for the housing boom). The book is well-written, focused, and surprisingly a page-turner that you don't want to put down once you start reading it.
Having fought the battles in the trenches over the past two years during the ongoing financial crisis, I have a deep appreciation for what Gillian Tett has accomplished in this book. It provides a comprehensive view of one corner of the financial markets - the one that caused so much of the wreckage over the past two years. While it will be a daunting task for any single writer to document the crisis we are still going through (given the multiple contributing factors/actors to this crisis), the author has done a great job producing a contemporary record on the credit derivatives market and its role in fueling the housing bubble leading up to the crisis.
Obviously, the author deliberately chose to exclude some critical episodes of the credit crisis (such as the SocGen trading scandal, the resulting ill-timed massive cut in Fed funds rate leading to the oil shock of 2008 that partially contributed to the inflation scare and added shock to the economy). She also chose to withhold judgment on policy responses during the early stage of the crisis and exclude the various "local" factors contributing to the subprime housing boom (think Hank Paulson and Ben Bernanke claiming the subprime crisis "being contained", think Barney Frank and his role in shielding Fannie and Freddie from proper oversight, think Clinton and Bush administrations' claim that homeownership was at "historical highs"). She may be right to do so as inclusion of these topics will obfuscate the focus on credit derivatives. An educated reader will want to keep in mind such background information as part of the mosaic of the financial crisis.
Without a full understanding of all the factors contributing to the crisis we find ourselves in, it would be tempting to find solutions that seem to eliminate the excesses of the past years only to sow the seeds for future problems. So-called "always fighting the last war". A simplistic solution to the credit derivatives abuse would be to ban it. A simplistic solution to the failed U.S. auto industry would be to subsidize it with taxpayer funds. A simplistic solution to the housing problem would be to mitigate mortgage foreclosures through taxpayer subsidies (as if everybody who bought a home deserves to live in that home or be a homeowners in the first place).
Gillian Tett was nominated as British Business Journalist of the Year not for this book, but her regular writings in the Financial Times. Her writings in the FT are insightful and timely. This book only reinforces her reputation as one of the best journalists in the field.
On a separate note not related to the book but the book reviews found on Amazon, I find it hard to believe that any review by people who haven't actually read the book is entertained on this site. Simply saying that "I heard this was a good book and I heard the author interviewed" is no qualification for one to write a book review. There is no prize to win from writing the first review, especially when it's only based on hear-say. Anyone who does that is doing the author and intended readers a great disservice, no matter how flattering the review is. Amazon should impose some minimal standard on such postings.
10 of 10 people found the following review helpful.
Easy read, noteworthy book providing insight from the JP Morgan point of view....
By "Truebadour"
If you want to understand the current economic crisis, this book is a fascinating and well written narrative which personalizes the crisis from the JPM point of view. It also suggests and invites serious dialogue about the way by which the banking, regulatory and investment world conduct themselves. If one can extrapolate lessons to broader concerns about human folly related to global social areas, all the better.
Gillian Tett's book Fools Gold covers the current financial crisis from its purported beginning in 1994 to the point at which most of us became aware of the systemic flaws in the global financial systems, with an inside look at the crisis from J.P. Morgan's version of the story.
The book begins by engagingly and sympathetically introducing us to the players on the banking and investment side of the equation; the team of collegiate, young, impassioned and idealistic folks at J.P. Morgan responsible for creating and marketing credit derivatives back in the early 1990's. It loosely follows the team, and more interestingly, follows the firm's evolution through the 1990's (with an admiring nod to Jerry Corrigan's concern regarding risk) and subsequent leaders (with a resounding `hurrah!' to Jamie Dimon and his `hands on' management style) and the industry excesses outside of JPM that, combined with a crisis in confidence in the financial markets, have created the worst financial crisis known since The Great Depression.
The book provides the reader with a relatively balanced look at the conditions, culture and tools that allowed a cadre of `quants' (quantitative analysts) to trump historically `sound' banking practices across the banking industry and which further allowed the subsequent derivative / analysts culture combined with unregulated banking and investment banking practices to prevail and flourish during the mid-1990's up to the current period (2009). To be fair, Tett's narrative indicates that at least at J.P. Morgan, the risk sensitive side of the equation held sway within policies of the firm. She provides the reader with a compelling understanding of how the desire to bolster shareholder profits in an unrealistic market led to decisions to embrace greater risk across the banking, investment and finance industry in spite of the ever more looming and unaccounted for 5% side of the 95% correlation, the so-called 'fat tail'(simplistically, what happens if more than anticipated % of US mortgage holders default?).
In summary, Ms. Tett provides an insiders view of JPM's creation of and internal struggles with the increasingly complex derivatives which the firm initially lobbied for, then marketed and finally shied away from due to the unknown risk the instruments presented. As such, the book is an insider's view and a noteworthy `first look' of the financial industry's corporate culture out of which the crisis came but by no means was the sole player in.
The author's background as a social anthropologist (she holds a PhD from Cambridge) provides a solid basis for her narrative, and the ending Epilogue holds alone enough material for a burgeoning Masters student who wishes to potentially dissect the financial excesses of society and the psychological bases which fuel them ...
19 of 22 people found the following review helpful.
The best book on the crisis, as it relates to Financial Institutions.
By Nicholas Warren
An excellent book, engagingly written, tracing the excesses of the credit derivatives and credit structured products that were a major part of the cause of the current crisis.
This book is NOT a overview of the whole crisis. It is specifically intended to concentrate on the aspect above. It is written for those who are generally financially literate (e.g., typical readers of the Financial Times and Wall Street Journal), not for those who are already knowledgeable in credit derivatives and credit structured products (a more expert reader would want explanations at the level of the books by Janet Tavakoli). However, for the primary audience, more basic explanations of CDSs, Synthetic CDOs, Super Senior tranches, ABX indices, Conduits and SIVs etc -- all the specialised vocabulary that has been in the financial news in the last two years -- are quite sufficient and are more than adequate.
What I particularly liked, in addition to the very readable style, was the clarity of the overriding theme of corruption of the products with undiversified sub-prime mortgage assets, exaccerbated by excesses of leverage and shadow-banking vehicles to hold them; how an intelligent set of ideas was perverted in an environment encouraging greed at the expense of prudent risk-taking.
A highly informative book, well researched and written by Gillian Tett. Strongly recommended.
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