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
by:
Gillian Tett
in:
Economics
Summary:
The book chronicles the creation of credit derivatives by a team at J.P. Morgan, detailing how these financial instruments were initially designed to spread and manage risk. It goes on to explore how these innovations were later distorted by rampant greed and speculation, contributing significantly to the global financial crisis of 2008.
Key points:
1. J.P. Morgan's team created credit derivatives and securitization to manage risk, aiming to make the financial system safer by spreading credit risk among various investors.
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