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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Locked in their little silos, few [bankers: The Greatest Trade Ever: This book is narrow, almost parochial, and as such represents a missed opportunity to really explore what happened.

Fact-filled, but not at the expense of telling a good story. A lot more questions than answers at this point, I’m afraid.

Morgan swooping in the buy them for a song. Sep 24, Dan Cohen rated it liked it Shelves: These trades started to falter when the subprime market began to falter in — unfortunately the book and most other analysis is unclear on what led the subprime housing market to start faltering in the first place. Journalist Tett begins in the s with the invention of the credit derivatives at J.

Anthropology also instills a sense of skepticism about official rhetoric. Her angle here is that CDS and derivatives were designed by her main characters not as “financial weapons of mass destruction” but as perfectly legitimate instruments for dispersing risk and were employed with no clear Well-done account of the Global Economic Meltdown of the Year Eight as seen from inside J.


Drawing on exclusive access to J.

They had parties, we got the hangover

Dec 19, DoctorM rated it really liked it Shelves: Still, Tett’s account does remain just a bit abstract a tale of technicians and their tools with ogld little emotional connection to what happened to the ‘ordinary’ economy in the late summer and autumn of Morgan that would fuel the massive buildup of toxic leverage a gullian later.

Did those banks know more than they did? I guess to Hoye all women sound British?

tert Unlike virtually everyone else writing about these issues, Tett avoids heavy-handed finger pointing. What lessons were learned? Another good reason to read on Tett’s reporting and analysis is excellent. Second, they had no long-term data on default rates for the kinds of subprime mortgages that proliferated in the early and mid s.

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But, they used them in the wrong way. It was interesting to read this dry, financial reporter’s account after having read the Big Short. She also took a tiny device into the maternity ward to pass the time tracking share prices – doesn’t cool Highly recommend for those of us who don’t hang out on Wall Street.


Morgan did not get into the business of mortgage backed securities.

Review: Fool’s Gold by Gillian Tett | Books | The Guardian

As Tett tells it, the deadly progress of derivatives can be charted as a tale of three parties. Must read yo truly understand the credit crisis Excellent account and easy to understand the complex situation during the credit bubble.

This resulted into more and more creative and synthetic structures. Mortgage lenders like Countrywide failed, then commercial banks like Northern Rock.

The sections where she attempts narrative tableaux fall flat. But whether the house of Pierpoint Morgan should be off the hook is another question, and Tett is ambivalent enough to keep us guessing.

Tett, glld senior journalist at the Financial Times, has several advantages as an author on this subject: The giant monster was created in the market, called CDOs, which eventually, damaged the economy of the world. The end result is hubris and eventual catastrophe.