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Fool's Gold

Updated on Aug 04, 2017   •   Gillian Tett   •   books  •  non-fiction

Wherever I read about the 2008 recession, I always found a demeaning attitude towards all bankers and regulatory bodies. This book took a mostly neutral stance, talking about how the people at J.P. Morgan were enthusiastic about derivatives and BISTRO schemes, which were foundations for the disastrous innovations CDO and CDS that caused the recession. I found this fascinating to read that all that economic boom in the couple decades before 2008 were heavily based on speculation and overrated predictions. Nevertheless, the author explained the whole build-up to 2008 in the form of a story and I would highly recommend you to read it!