Fool's Gold: How the Bold Dream of a Small Tribe at J.P.

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Fool's Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe

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, Foolâ€™s Gold tells the astonishing unknown story at the heart of the 2008 meltdown.

Drawing on exclusive access to J.P. Morgan CEO Jamie Dimon and a tightly bonded team of bankers known on Wall Street as the â€œMorgan Mafia,â€ as well as in-depth interviews with dozens of other key players, including Treasury Secretary Timothy Geithner, Tett brings to life in gripping detail how the Morgan teamâ€™s bold ideas for a whole new kind of financial alchemy helped to ignite a revolution in banking, and how that revolution escalated wildly out of control.

The deeply reported and lively narrative takes readers behind the scenes, to the inner sanctums of elite finance and to the secretive reaches of what came to be known as the â€œshadow bankingâ€ world. The story begins with the intense Morgan brainstorming session in 1994 beside a pool in Boca Raton, where the team cooked up a dazzling new idea for the exotic financial product known as credit derivatives. That idea would rip around the banking world, catapult Morgan to the top of the turbocharged derivatives trade, and fuel an extraordinary banking boom that seemed to have unleashed banks from ages-old constraints of risk.

But when the Morgan teamâ€™s derivatives dream collided with the housing boom, and was pervertedâ€”through hubris, delusion, and sheer greedâ€”by titans of banking that included Citigroup, UBS, Deutsche Bank, and the thundering herd at Merrill Lynchâ€”even as J.P. Morgan itself stayed well away from the risky concoctions others were peddlingâ€”catastrophe followed. Tettâ€™s access to Dimon and the J.P. Morgan leaders who so skillfully steered their bank away from the wild excesses of others sheds invaluable light not only on the untold story of how they engineered their bankâ€™s escape from carnage but also on how possible it was for the larger banking world, regulators, and rating agencies to have spotted, and heeded, the terrible risks of a meltdown.

A tale of blistering brilliance and willfully blind ambition, Foolâ€™s Gold is both a rare journey deep inside the arcane and wildly competitive world of high finance and a vital contribution to understanding how the worst economic crisis since the Great Depression was perpetrated.

Country	USA
Author	Gillian Tett
Binding	Kindle Edition
Edition	Reprint
EISBN	9781439100752
Format	Kindle eBook
Label	Free Press
Manufacturer	Free Press
NumberOfItems	1
NumberOfPages	305
PublicationDate	2009-06-09
Publisher	Free Press
ReleaseDate	2009-06-09
Studio	Free Press

Fool's Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe

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