The devil's derivatives: the untold story of the slick traders and hapless regulators who almost blew up Wall Street--and are ready to do it again
2012; Association of College and Research Libraries; Volume: 49; Issue: 11 Linguagem: Inglês
10.5860/choice.49-6384
ISSN1943-5975
Autores Tópico(s)Economic, financial, and policy analysis
ResumoA compelling narrative on what went wrong with our financial system--and who's to blame. From an award-winning journalist who has been covering industry for more than a decade, The Devil's Derivatives charts untold story of modern financial innovation--how investment banks invented new financial products, how investors across world were wooed into buying them, how regulators were seduced by political rewards of easy credit, and how speculators made a killing from near-meltdown of financial system. Author Nicholas Dunbar demystifies revolution that briefly gave finance same intellectual respectability as theoretical physics. He explains how bankers worldwide created a secret trillion-dollar machine that delivered cheap mortgages to masses and riches beyond dreams to financial innovators. Fundamental to this saga is how the people who hated to lose were persuaded to accept risk by the people who loved to win. Why did people come to trust and respect arcane financial tools? Who were bankers competing to assemble basic components into increasingly intricate machines? How did this process achieve its own unstoppable momentum--ending in collapse, bailouts, and a public outcry against giants of finance? Provocative and intriguing, The Devil's Derivatives sheds much-needed light on forces that fueled most brutal economic downturn since Great Depression.
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