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Fool's Gold

By: Gillian Tett
Narrated by: Stephen Hoye
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Publisher's Summary

How unrestrained greed corrupted a dream, shattered global markets and unleashed a catastrophe....

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.

©2009 Gillian Tett (P)2009 Audible

Critic Reviews

"A truly gripping narrative....The fact that Tett is able to reproduce such raw private communications is a tribute to her journalistic abilities." (Sunday Times)
"At once a gripping narrative, an education in derivatives, and a most lucid origin-story for the current financial meltdown, it's no surprise the author of this volume is an award-winning Financial Times journalist. Tett's explosive, illuminating narrative is the one to read for anyone confused by the present financial mess." (Publishers Weekly)

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