Get the New Arlington Public Library App for Apple/Android 

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 Cover
Average Rating
Author:
Publisher:
Varies, see individual formats and editions
Pub. Date:
Varies, see individual formats and editions
Language:
English
Description
From award-winning Financial Times journalist Gillian Tett, who enraged Wall Street leaders with her newsbreaking 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.

More Details
ISBN:
141659857
9781400192830
9781416598572
Also in this Series
More Like This
Reviews from GoodReads
Loading GoodReads Reviews.
Staff View

Grouping Information

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
lastUpdate 2017-05-24 18:03:50PM

Solr Details

_version_ 1568316881703534592
accelerated_reader_interest_level
accelerated_reader_point_value 0
accelerated_reader_reading_level 0
auth_author2 Hoye, Stephen.
author Gillian Tett
author-letter Tett, Gillian.
author2 Hoye, Stephen., hoopla digital.
author2-role Hoye, Stephen., hoopla digital.
author_additional Gillian Tett.
author_display Tett, Gillian
availability_toggle_arlington Available Now, Available Online, Entire Collection
available_at_arlington Shirlington
callnumber-a HG6024.U6
callnumber-first H - Social Science
callnumber-subject HG - Finance
callnumber_sort_arlington Online OverDrive
collection_arlington Adult Nonfiction
date_added 2009-11-09T05:00:00Z
days_since_added 2753
detailed_location_arlington Shirlington Adult Nonfiction, hoopla
display_description

From award-winning Financial Times journalist Gillian Tett, who enraged Wall Street leaders with her newsbreaking warnings of a credit 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-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.

econtent_device Android, BlackBerry, Kindle Fire, Mac, Windows, iPad, iPhone, iPod touch
econtent_protection_type_arlington Limited Access, external
econtent_source_arlington OverDrive, hoopla
edition Unabridged.
format_arlington Book, eAudio, eAudiobook
format_boost 26
format_category_arlington Audio Books, Books, eBook
genre Non Fiction
genre_facet Non Fiction
grouping_category book
id 1a6a09f3-4f6f-56b3-b873-8c4981ecd72a
isbn 141659857, 9781400192830, 9781416598572
item_details external_econtent:ils:.b14916988||hoopla|Online|eAudio|Audio Books|1|false|true|hoopla||https://www.hoopladigital.com/title/10755356||Available Online||qanea||, ils:.b13058873|.i13973794|Shirlington Adult Nonfiction|332.66 TETT|||1|false|false|||||On Shelf|Aug 08, 2016|san||, overdrive:6ab935ec-d30a-46bf-baf6-f8c42a42022d|-1|Online OverDrive Collection|Online OverDrive|eAudiobook|Audio Books|1|false|true|OverDrive|||OverDrive MP3 Audiobook,OverDrive Listen|Checked Out||||
itype_arlington , Hardback, eCollection
language English
language_boost 10
language_boost_es 1
lexile_code
lexile_score -1
lib_boost_arlington 50
literary_form Non Fiction
literary_form_full Non Fiction
local_callnumber_arlington 332.66 TETT, Online, Online OverDrive
local_callnumber_exact_arlington 332.66 TETT, Online, Online OverDrive
local_callnumber_left_arlington 332.66 TETT, Online, Online OverDrive
local_days_since_added_arlington 2700
num_holdings 2
oclc (OCoLC)232979264
owning_library_arlington Arlington Public Library, Arlington Public Library Online, Aurora Hills, Aurora Hills Online, Central, Central Online, Cherrydale, Cherrydale Online, Columbia Pike, Columbia Pike Online, Connection Crystal City, Connection Crystal City Online, Detention Center, Detention Center Online, Glencarlyn, Glencarlyn Online, Local History, Local History Online, Plaza, Plaza Online, Shirlington, Shirlington Online, Westover, Westover Online
owning_location_arlington Shirlington
physical 1 online resource (1 audio file (600 min.)) : digital., x, 293 p. ; 24 cm.
popularity 3
primary_isbn 141659857
publishDate 2009
publishDateSort 2009
publisher Free Press,, Tantor Media
rating 2.5
rating_facet oneStar, twoStar
record_details external_econtent:ils:.b14916988|eAudio|Audio Books|Unabridged.|English||2009|1 online resource (1 audio file (600 min.)) : digital., ils:.b13058873|Book|Books||English|Free Press,|2009.|x, 293 p. ; 24 cm., overdrive:6ab935ec-d30a-46bf-baf6-f8c42a42022d|eAudiobook|Audio Books||English|Tantor Media||
recordtype grouped_work
scope_has_related_records a, arlington, c, d, g, h, o, p, s, u, v, w
scoping_details_arlington external_econtent:ils:.b14916988||Available Online|Available Online|false|true|false|false|false|true|||, ils:.b13058873|.i13973794|On Shelf|On Shelf|false|true|true|false|false|true|999||, overdrive:6ab935ec-d30a-46bf-baf6-f8c42a42022d|-1|Checked Out|Checked Out|false|false|true|false|false|false|||
subject_facet Credit derivatives -- United States -- History, Financial crises -- United States, Housing -- United States -- Finance
table_of_contents The derivatives dream -- Dancing around the regulators -- The dream team -- The cuffs come off -- Merger mania -- Innovation unleashed -- Mr. Dimon takes charge -- Risky business -- Leveraging lunacy -- Tremors -- Bank run -- Meltdown -- The end of investment banking as we know it.
target_audience Adult
target_audience_full Adult
title 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_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 [electronic resource] : 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_sort fool's gold how the bold dream of a small tribe at jp morgan was corrupted by wall street greed and unleashed a catastrophe
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 Business, Nonfiction
topic_facet Business, Nonfiction