Fool's Gold

By Gillian Tett,

Book cover of Fool's Gold: The Inside Story of J.P. Morgan and How Wall St. Greed Corrupted Its Bold Dream and Created a Financial Catastrophe

Book description

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…

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Why read it?

2 authors picked Fool's Gold as one of their favorite books. Why do they recommend it?

The Great Financial Crisis of 2008 might look like a storm that blew up out of nowhere but it had been brewing for a decade or more in the murky world of structured credit. Written by one of the first journalists to see the problem coming and skillfully unravelling complexity through the story of a small band of derivatives experts, Fool’s Gold shows the unintended consequences of financial innovation as it spun out of control. 

From Philip's list on financial history.

Tett got pretty impressive access to JP Morgan and the team of Wall Streeters who revolutionized, and later collapsed, the banking industry. I loved reading this book because it was so approachable and fast-paced, and showed how an ethnographic approach reveals unique (and in this case out-of-control) institutional cultures can have global impacts.

*A little like Karen Ho’s ethnography of Wall Street, but less academic!

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