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
Gillian Tett $26.00 Little Brown
A small group at JP Morgan “came up with the idea of creating ‘derivatives that enabled banks to place bets on whether a loan or bond might default in the future’ – what became known as credit derivatives.
And so began the unprecedented financial ‘creativity’ that eventually led to global financial meltdown and worldwide recession.” From a review of this book on www.ThisIsMoney.co.uk. The author is a first-rank editor at the U.K.’s Financial Times.