ePub The Devil's Derivatives: The Untold Story of the Slick Traders and Hapless Regulators Who Almost Blew Up Wall Street . . . an download

by Nicholas Dunbar

Author:

Nicholas Dunbar

ISBN13:

978-1422177815

ISBN:

1422177815

Language:

English

Publisher:

Harvard Business Review Press; First Edition first Printing edition (July 12, 2011)

Category:

Business

Subcategory:

Biography & History

ePub file:

1491 kb

Fb2 file:

1343 kb

Other formats:

mobi txt azw lrf

Rating:

4.4

Votes:

382

Nicholas Dunbar Biography and History English

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The Devil’s Derivatives is a bold book written by a hardnosed journalist with a stiff backbone. With guts and nerve, Nick Dunbar investigates the gamblers and speculators who contributed to the latest financial crisis. At last, a book on the subject that shows true grit.

The Devil’s Derivatives is a bold book written by a hardnosed journalist with a stiff backbone. Jules Kroll, founder of Kroll In. and Chairman and cofounder of K2 Global Consulting. Nicholas Dunbar is one of the most respected financial journalists in the United Kingdom, covering complex derivatives and risk management.

Derivatives charts the untold story of modern financial innovationhow investment banks invented. 53 MB·76,326 Downloads·New! from which legal evidence is typically derived and by providing examples of cases in which. Quality Management for the Technology Sector. 33 MB·31,276 Downloads·New! There are many standards, methods and perhaps most confusing, but most importantly of all acronyms. The Nature Fix: Why Nature Makes us Happier, Healthier and More Creative. 03 MB·85,565 Downloads.

The Devil's Derivatives book. 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 the people who hated to lose were persuaded to accept risk by the people who loved to win. Why did people come to trust and respect arcane financial tools?

In The Devil’s Derivatives, Nicholas Dunbar charts the untold story of financial innovation and its role in. .He identifies the bankers who competed to assemble the basic components into increasingly intricate machines.

In The Devil’s Derivatives, Nicholas Dunbar charts the untold story of financial innovation and its role in the global downturn. He demystifies the revolution that briefly gave finance the same intellectual respectability as theoretical physics.

Author Nicholas Dunbar demystifies the revolution that briefly gave finance the same intellectual respectability as theoretical physics. He explains how bankers created a secret trillion-dollar machine that delivered cheap mortgages to the masses and riches beyond dreams to the financial innovators. Provocative and intriguing, "The Devil's Derivatives" sheds much-needed light on the forces that fueled the most brutal economic downturn since the Great Depression. Provocative and intriguing, The Devil’s Derivatives sheds much-needed light on the forces that fueled the most brutal economic downturn since the Great Depression.

the near-meltdown of the financial system

Nicholas Dunbar2011年7月12日.

Nicholas Dunbar2011年7月12日. Harvard Business Press.

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A compelling narrative on what went wrong with our financial system—and who’s to blame.From an award-winning journalist who has been covering the industry for more than a decade, The Devil’s Derivatives charts the untold story of modern financial innovation—how 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 “the people who hated to lose” were persuaded to accept risk by “the people who loved to win.” 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 momentum—ending in collapse, bailouts, and a public outcry against the giants of finance?Provocative and intriguing, The Devil’s Derivatives sheds much-needed light on the forces that fueled the most brutal economic downturn since the Great Depression.

Dangerous

The demonic analog seems apt in this gripping account of the history of financial innovation, or mystificatiion, and its denouement in the crash(es) of 2007 to 2008. The response of the OWS is in context in this saga of the strange overdose on casino capitalism in exact timing with the resurgence of neoliberalism in the past generation. One of the issues is the complexity of the new game, and the way that it paralyzes normal reactions (such as indignation at the swindels underway). It is perhaps for this reason that politicians, without the transparency of the usual criminality, were forced to take advice from the perps themselves, who should have gone to jail, cf. Obama and his Mephisto'd sidekick, and demon's apprentice, Geithner. This is a strange tale of meritocracy in failure, as the very intelligent find themselves outsmarted in a game that defeated them, even as others have profited from the disaster.
The envoi of the book: "What started out as an arcane twist of high finance--derivatives--has now corrupted the entire financial world, and has set a hellish trap for taxpayers and their representatives that offers no way out'. The Mepisto analogy works only so far, and is unfair to the victims who are not devil worshippers: the passage to hell is for the common citizen who trusted market capitalism, while the perps have survived handily. Such a game, with a grotesque Social Darwinist leitmotif must wind down, sooner or later, lawfully or else: the disillusion with markets will soon be beyond repair. Next.

Kirizius

This book is a tell all for those wondering where , why, and how the market roller coasters as it does. And when traders in the know decide to get off with their clients money... Beware there still around wearing different hats

olgasmile

Very few do, but Mr Dunbar has the chops to write about this topic. I expected a lot from this book. He explains things well. I wish he would eschew the usual hype - the breathless - 300Trillion of interest-rate swaps! So-what? for every change in rates, someone makes and someone else looses and equivalent amount. no market takes long to go from 'hedging' to speculating. whether rates or credit derivatives. the issue worth discussing is concentration or liquidity. now, that is something to be alarmed about. I wish there was a more in-depth analysis of whether the regulators were aware or not that one outfit (AIG) had singularly sold protection (long risk) against the street. akin to what LTCM had done when they had bet the farm on the on and off-the-run treasury spreads reverting to normal - AGAINST the street. now that we have trade repositories, has that problem been ameliorated. THAT would be interesting. There is enough CNBC quality reporting in the world. You are better than that Mr Dunbar

Maman

Fascinating.

Kirimath

good book

Malaris

Must-read...Anyone in the financial sector should absorb/Clear understanding of mkt. as it truly is! Many revelations & factoids. Marvellous!. Engaging.

Landarn

This pretty much explains everything from a highly qualified industry journalist who was right in the middle of the derivatives storm. The only criticism I have is that, even with my Economics degree, I was still confused by some of the financial instruments like credit default swaps, CDO's, SPV's. I think the journalist is so used to talking to insiders he forgets that the average American needs much more explanation for what a SPV or credit default swap is and how it works in simple terms. The whole point is that you shouldn't need a Masters in Financial Engineering to understand how derivatives work and how dangerous they are. I know an airplane traveling at 500 MPH flying into a building is dangerous without knowing everything about aeronautics and chemistry and physics. I'd like an epilogue that goes more into detail of Frank-Dodds and explains how nothing much has really changed.

The second half on subprime mortgages, ABS and ABS CDO were trapped in accounts of personalities than the big picture. The first half was exceptionally good on synthetic CDO and the Basle accord formulation. Many insider view and not that many books would dare to say derivatives sales are 'rent seeking' outright.

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