Fool's Gold
by Gillian Tett
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A best seller on both sides of the Atlantic, Fool's Gold is a key commentary on the causes of the recent financial crisis. Taking readers back to the invention of credit-derivative obligations (CDOs) at J. P. Morgan in 1994, and the subsequent exponential growth of that market, Tett explains how credit derivatives seemed a win-win for the financial world, freeing up capital, increasing profits, and diversifying risk.
In her own inimitable style, Tett makes the missteps clear as the industry hurtles toward a largely unforeseen wave of loan defaults...the worst since the Great Depression.
Fool's Gold was named Financial Book of the Year 2009 at the inaugural Spear's Book Awards.
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