About this title: This title deals with topics such as: inside markets, innovation, and risk. Why do markets keep crashing and why are financial crises greater than ever before? As the risk manager to some of the leading firms on Wall Street - from Morgan Stanley to Salomon and Citigroup - and a member of some of the world's largest hedge funds, from Moore Capital ...
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Description: Very Good. 0471227277 inscription on first page. All orders ship same/next day. Orders before 2: 00 PM EST ship same day. Satisfaction guaranteed or your money back. read more
Binding: Paperback
Publisher: Wiley
Date Published: 2008
ISBN-13:9780470393758ISBN:0470393750
Description: Very Good+ 9780470393758. Light wear to cover; top open corner has gentle crease, hint of folding. Still a very good copy; pages are clean with NO markings, binding tight. Business. Pasadena's finest independent new and used bookstore.; 0.9 x 8.9 x 5.9 Inches; 304 pages. read more
Binding: Hardcover
Publisher: Wiley
Date Published: 2007
ISBN-13:9780471227274ISBN:0471227277
Description: Good-Used in Good jacket. / 9780471227274. Dj has some shelf wear. Top of cover has worn corner and is sunned, Book is clean and tight. Ships with confirming email. 100% money back guarantee. read more
Binding: Hardcover
Publisher: John Wiley & Sons
Date Published: 2007
ISBN-13:9780471227274ISBN:0471227277
Description: Fine in very good dust jacket. Hard cover with a tight binding to book. Boards are in fine condition. Light shelf edge wear to the DJ. Pages are bright and crisp. No markings to book. Glued binding. Paper over boards. With dust jacket. 276 p. Audience: General/trade. read more
Binding: Paperback
Publisher: John Wiley and Sons Ltd
Date Published: 2008
ISBN-13:9780470393758ISBN:0470393750
Description: New. Why do markets keep crashing and why are financial crises worse than ever? This book shows us a world that is even riskier than we think. read more
Binding: Softcover
Publisher: John Wiley & Sons Inc
Date Published: 2008-12-10
ISBN-13:9780470393758ISBN:0470393750
Description: NEW. Softcover. From an inventory that is 100% brand-new, 100% direct from the publishers' distribution channel. We carry NO pre-owned, NO remaindered. We pack in CARDBOARD to ensure the pristine quality is maintained. (Bubble-wrap alone is NOT sufficient to protect from USPS equipment. ) Guaranteed brand-NEW, protected with CARDBOARD, your satisfaction is guaranteed. BKLUVID: 9780470393758. read more
"Started this, but didn't finish it. It's basically the story of a guy who has been in the middle of a lot of wall street hijinx. Lots of name dropping, lots of detail, but you definitely have to be in the mood. I have other things to read."
"Good account of the financial crises earlier this decade and some pretty interesting ideas on why modern finance is going to continue to be struck by these crises."
"This book helps explain why the financial markets collapsed. Basically, when complex systems (like space shuttles, suspension bridges and nuclear power plants) fail, they fail catastrophically (meaning it happens fast and they stay broke). This physical principle seems as reasonable to the civil engineer as to the financial engineer.
It also helped me understand the mindset of the financial engineers (who prefer to call themselves quants) who use their particular cleverness with mathematical modeling to send our financial system in search of a "RESET" button from the government (the bailout). Using modeling skills and manipulating Black-Scholes to ever-risker and thinner margins requiring billions of dollars to "make" millions, they upset a cardinal rule of real engineers - Use a Factor of Safety!
The author is unapologetic and smug, but lays out the facts and does little to hide from the reality of what they did. The real take-away for me is this aspect of the approach. What they did and how it happened makes sense in retrospect in a way it did not it real time. Adjustments to policy by regulators are approached in the same manner - as after-the-fact Monday morning quarterbacking.
The real question we should be asking is - is there a way to align the inevitable actions of the margin-seeking reality of the financial engineer with the needs of the real economy? And when it comes to "money" - what is real?"
"If you are wondering how all this economic mess was hidden from view for so long, read this book. Seriously. This book lays out, clearly and succinctly, the culture that made deregulation a terrible, terrible idea.
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