By Gillian Tett
From award-winning Financial Times journalist Gillian Tett, who enraged Wall highway leaders along with her newsbreaking warnings of a trouble greater than a 12 months sooner than the curve, Fool's Gold tells the unbelievable unknown tale on the middle of the 2008 meltdown.
Drawing on particular entry to J.P. Morgan CEO Jamie Dimon and a tightly bonded staff of bankers identified on Wall road because the "Morgan Mafia," in addition to in-depth interviews with dozens of different key gamers, together with Treasury Secretary Timothy Geithner, Tett brings to existence in gripping aspect how the Morgan team's daring principles for an entire new form of monetary alchemy helped to ignite a revolution in banking, and the way that revolution escalated wildly out of control.
The deeply mentioned and energetic narrative takes readers behind the curtain, to the internal sanctums of elite finance and to the secretive reaches of what got here to be often called the "shadow banking" global. the tale starts with the serious Morgan brainstorming consultation in 1994 beside a pool in Boca Raton, the place the crew cooked up a blinding new concept for the unique monetary product referred to as credits derivatives. that concept might rip round the banking global, catapult Morgan to the head of the turbocharged derivatives alternate, and gasoline a rare banking increase that looked as if it would have unleashed banks from ages-old constraints of risk.
But while the Morgan team's derivatives dream collided with the housing growth, and used to be perverted — via hubris, fable, and sheer greed — through titans of banking that integrated Citigroup, UBS, Deutsche financial institution, and the thundering herd at Merrill Lynch — at the same time J.P. Morgan itself stayed good clear of the dicy concoctions others have been peddling — disaster undefined. Tett's entry to Dimon and the J.P. Morgan leaders who so skillfully recommended their financial institution clear of the wild excesses of others sheds important gentle not just at the untold tale of ways they engineered their bank's get away from carnage but additionally on how attainable it was once for the bigger banking global, regulators, and score businesses to have noticed, and heeded, the bad dangers of a meltdown.
A story of blistering brilliance and willfully blind ambition, Fool's Gold is either a unprecedented trip deep contained in the arcane and wildly aggressive global of excessive finance and an important contribution to knowing how the worst fiscal concern because the nice melancholy was once perpetrated.
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Extra resources for 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
Table of Contents A complete table of contents for the entire encyclopedia appears in the front of each volume. This list of titles represents topics that have been carefully selected by the editor, Frank J. Fabozzi. The Preface includes a more detailed description of the volumes and the topic categories that the entries are grouped under. jects in the index are listed alphabetically and indicate the volume and page number where information on this topic can be found. Entries Each entry in the Encyclopedia of Financial Models begins on a new page, so that the reader may quickly locate it.
The efficient set for the feasible set presented in Figure 2 is differentiated by the bold curve section 3–5. Efficient portfolios are the combinations of assets C and D that result in the risk–return combinations on the bold section of the curve. These portfolios offer the highest expected return at a given level of risk. 5%—are not included in the efficient set. This is because there is at least one portfolio in the efficient set (for example, portfolio 3) that has a higher expected return and lower risk than both of them.
FABOZZI, PhD, CFA, CPA Professor of Finance, EDHEC Business School HARRY M. MARKOWITZ, PhD Consultant PETTER N. S. Program and Clinical Associate Professor, Courant Institute of Mathematical Sciences, New York University FRANCIS GUPTA, PhD Director, Index Research & Design, Dow Jones Indexes Abstract: The theory of portfolio selection together with capital asset pricing theory provides the foundation and the building blocks for the management of portfolios. The goal of portfolio selection is the construction of portfolios that maximize expected returns consistent with individually acceptable levels of risk.