Release Date:- 2011-07-12
Availability:- In Stock
Kind:- ebook
A compelling narrative on what went wrong with our financial systemāand whoās to blame.
From an award-winning journalist who has been covering the industry for more than a decade, The Devilās Derivatives charts the untold story of modern financial innovationāhow 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 āthe people who hated to loseā were persuaded to accept risk by āthe people who loved to win.ā 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 momentumāending in collapse, bailouts, and a public outcry against the giants of finance?
Provocative and intriguing, The Devilās Derivatives sheds much-needed light on the forces that fueled the most brutal economic downturn since the Great Depression.
