Average Reviews:
(More customer reviews)I received this book as a reviewer. Since I am a market participant (algo-trader) I know all too well what Mr Dunbar is talking about. It is not a personality blow by blow account like the Big Short or The Sellout. I am glad for that. It is more like Traders, Guns, and Money, but a modern accounting of where the derivatives trend has gone. On that I was very appreciative as a market participant I want to know where things are going.
If there is a bugaboo with this book, its that it is too short with its 250 pages! I would have loved more information! But hey that's me. I thought the Appendix with the timeline was a fantastic touch!
Click Here to see more reviews about: 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
A compelling narrative on what went wrong with our financial system-and who's to blame.From an award-winning journalist who has been covering the industry for more than a decade, The Devil's Derivatives charts the untold story of modern financial innovation-how investment banks invented new financial products, how investors across the world were wooed into buying them, how regulators were seduced by the political rewards of easy credit, and how speculators made a killing from the near-meltdown of the financial system.Author Nicholas Dunbar demystifies the revolution that briefly gave finance the same intellectual respectability as theoretical physics. He explains how bankers worldwide created a secret trillion-dollar machine that delivered cheap mortgages to the masses and riches beyond dreams to the 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 the bankers competing to assemble the basic components into increasingly intricate machines? How did this process achieve its own unstoppable momentum-ending in collapse, bailouts, and a public outcry against the giants of finance?Provocative and intriguing, The Devil's Derivatives sheds much-needed light on the forces that fueled the most brutal economic downturn since the Great Depression.
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