Fool's Gold

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 by Gillian Tett


My rating: 4 of 5 stars
If you're like me, making sense of the economic implosion has been difficult. I am lucky if I can balance my checking account. So, the whole world of "derivatives" and "complex investment vehicles" generally soars right above my head.

That is, until I stumbled upon Gillian Tett's book, Fool's Gold. Now, I am still no economic expert, but I feel like Tett has provided me with a primer to sort through the mess brought about by a small band of investment bankers who left a devastating trail of destruction through the livelihoods of many.

Fool's Gold tells the story of how a small group of investment bankers cooked up a scheme that ultimately led to the crash of 2008. It is not a pretty story. It is one filled with greed, arrogance and blind faith in the so-called "free market." Although the narrative sometimes gets bogged down in acronyms, it is worth the effort. Highly recommend for those of us who don't hang out on Wall Street.


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