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This is an auction for FOOL'S GOLD: THE INSIDE STORY OF J.P. MORGAN AND HOW WALL ST. GREED CORRUPTED ITS BOLD DREAM AND CREATED A FINANCIAL CATASTROPHE, by Gillian Tett.

"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. 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 deploys a remarkable sense of pacing, generating real suspense over rapidly inflating debt on bank balance sheets; by the time Lehman Brothers fails, the book has become a bona fide page-turner. Tett explains how credit derivatives seemed a win-win for the financial world, freeing up capital, increasing profits, and diversifying risk, but makes the missteps equally clear as the industry hurtles toward a largely-unforeseen wave of loan defaults (the worst since the Great Depression). Interestingly, J.P. Morgan was one of a handful of banks sufficiently prescient to imagine this "perfect storm" of simultaneous defaults, and so never became over-reliant on CDOs. Ignoring the tacked-on, preachy epilogue (in which Tett advocates her specialty, social anthropology, as a way to avert future such crises), Tett's explosive, illuminating narrative is the one to read for anyone confused by the present financial mess."
- a *** starred *** review in Publishers Weekly (US)

Large format (trade) paperback 2009.

338 pages.

Very good condition.

The cost of shipping is $4.95 (ordinary post) or $6.95 (tracked mail). If you are on rural delivery and want tracked mail, the shipping cost will be $9.95.

There is of course no charge for shipping if you collect this book from my shop in Palmerston North following the auction.

Payment within seven days, please.
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Shipping options

  • shipping via NZ Post$4.95
  • tracked mail$6.95
  • tracked mail for Rural Delivery (RD)$9.95
  • Seller allows pick-ups
  • Seller location: Palmerston North, Manawatu, NZ

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