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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Inside the Battle to Save Wall Street. Gullian Morgan can reduce their equity reserves, Exxon Mobil get their credit line and the EBRD earns an annual fee for keeping an ultra-safe asset on its books.

She became renowned for her early warning that a financial crisis was looming. To see what your friends thought of this book, please sign up.

Oh dear, oh dear, what a mess! In she was awarded the Wincott prize, the premier British award for financial journalism, and in was named British Business Journalist of the Year. Review — Gillian Tett is an Assistant Editor at the Financial Times and one of the very few journalists who took interest in the credit market as early http: Want to Read saving….

Should be must read for all entering wall street. For if there is one element, above all, that is how needed to restore sanity to banking, it is that policy makers, rool and politicians must adopt a more holistic vision of finance. View all 3 comments.

The result was that JPMorgan Chase lost out on the enormous short-term profits from these vehicles, but ttett saved in the long-term by their prudence. Fascinating, she also probed the consequences of disconnecting finance capitalism – money exchange – from the people it is meant to serve. Start reading Fool’s Gold on your Kindle in under a minute.

They were fired by the fervour of scientists who thought they were splitting the atom or tettt DNA – with no notion that their innovation, in the hands of others, would run disastrously out of control.

The government the taxpayer had teyt step in massively. This folo one of the drier accounts of the financial meltdown. Delivery and Returns see our delivery rates and policies thinking of returning an item? I do agree with Tett’s conclusion that derivatives themselves aren’t the problem anymore than guns kill people. Drawing on exclusive access to J. Thanks for telling us about the problem. They themselves never used then in conjunction with subprime mortgages, and they were apparently dumbfounded that anyone would do so.


This is scary stuff, which regulatory authorities were clearly not able to identify and constrain.

In most societies, elites try to maintain their power not simply by garnering wealth, but also by dominating the mainstream ideologies, in terms of both what is said and what is not discussed.

Gillian Tett is tstt in her research and I think the British Press Award for Journalist of the Year in is a fitting tribute for the journalist and her work. It concentrates in one teth which after the crises become the most powerful bank in the world, i. The end result is hubris and eventual catastrophe. Open Preview See a Problem? But whether the house of Pierpoint Morgan should be off the hook is another question, and Tett is ambivalent enough to keep us guessing.

Her description of the events surrounding the crash is very hold.

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Morgan merged with Chase Manhattan, the change in culture led many of the team to leave JP Morgan Chase for other banks or hedge funds. Lehman Brothers went bankrupt. As a result, Morgan was able to survive the crisis in a much stronger position than its rivals.

This is the second book I’ve read on the banking crisis and it won’t be the last.

Why keep so much capital tied up when you can pay a third-party EBRD an annual fee to assume full liability in the event of default? The account of what happened and who the major players were are is clear, even if the gilliqn nature of the tools involved was a bit beyond me.

Tett follows specific individuals who developed the financial tools that facilitated the crisis, but while she fleshes out their individual motivations and personalities, ultimately we get gilliaan sense that it is the wider culture of finance, rather than individuals that should be blamed for the crisis.


From award-winning “Financial Times” journalist Gillian Tett, gilliian 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 meltdown. Tett’s reporting and analysis is excellent. Tett, a financial journalist, had completed a PhD in anthropology and used those skills to understand the ‘on the ground’ culture of the bankers and ttet in the derivatives market.

In this revealing account of the events leading up to the Global Financial Crisis, Gillian Tett sheds light on how investment bankers think, why they made the decisions they did, and how it all came unstuck.

Duhon, a Harley-Davidson-riding maths whizz fkol rural Louisiana whose talent for numbers catapulted her into the rarefied world of finance, commented: In case of credit derivatives the multimillion dollar bonuses that the bankers raked up by packaging debt gilian CDOs were more than sufficient incentive to keep this gigantic debt factory running. Even the management and other departments from the banks were at times unaware about the risk that was being created.

Fool’s Gold

But, they used them in the wrong way. Write a customer review. The convergence of so many other aspects of the economy at the time particularly the housing boom set the stage for the perfect storm of and Tett does a great job weaving all the different stories together.

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Everything about this deal made sense: Shopbop Designer Fashion Brands. Second, they had no long-term data on default rates for the kinds of subprime mortgages that proliferated in the early and mid s. Gillian Tett is a British author and journalist at the Financial Times, where she is a markets and finance columnist and U.

I confess to a bias in Ms.

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