Fool’s Gold: How Unrestrained Greed Corrupted a Dream, Shattered Global Markets and Unleashed a Catastrophe

Fool’s Gold: How Unrestrained Greed Corrupted a Dream, Shattered Global Markets and Unleashed a Catastrophe

‘A truly gripping narrative . . . The fact that Tett is able to reproduce such raw private communications is a tribute to her journalistic abilities’ Dominic Lawson, Sunday Times ‘Her blow-by-blow story is an impressive piece of detective work. She pulls back the curtain on a closed, unaccountable world of finance’ Will Hutton, Guardian In the mid 1990s, at a vast hotel complex on a private Florida beach, dozens of bankers from JP Morgan gathered for what was to become a legendary off-site meeting. It was a wild weekend. But among the drinking, nightclubbing and fist-fights lay a more serious purpose – to assess the possibility of building a business around the new-fangled concepts of credit derivatives. The group at the heart of this revolution was an intense team, made up of individuals with a supreme sense of loyalty to each other and to the bank – for years, nothing could break them apart. But when, finally, the team dispersed, the innovations spread far beyond their original intentions, producing perversions in the mortgage market that ultimately culminated in disaster. Part real-life thriller, part investigation and expose, this searing narrative takes us deep inside the shadowy world of complex finance – a perfect storm for the credit crunch

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Gillian Tett – Abacus