by Gillian Tett
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
When Financial Times journalist Gillian Tett warned in 2006 of a coming crash in the financial market, hers was a lone voice in the wilderness, as Western economies were booming. Now, having interviewed J P Morgan chief Jamie Dimon, as well as leading Wall Street bankers, and politicians, she reveals how the seeds of recession were sown as long ago as 1994, when a team of bankers came up with a revolutionary new idea known as credit derivatives. Tett’s writing style is lively and incisive.
|Publication date:||1st May 2010|
|Publisher:||Abacus an imprint of Little, Brown Book Group|
|Categories:||True stories, Credit & credit institutions, Banking, Corruption in society,|
Gillian Tett is Assistant Editor for the FINANCIAL TIMES where she has worked for fifteen years. In 2008 she won the British Press Award for the Financial Journalist of the Year. She often appears on programmes such as TODAY and NEWSNIGHT and lectures widely.More About Gillian Tett