Fool's Gold

  • by Gillian Tett
  • Narrated by Stephen Hoye
  • 10 hrs and 7 mins
  • Unabridged Audiobook

Publisher's Summary

How unrestrained greed corrupted a dream, shattered global markets and unleashed a catastrophe....A best seller on both sides of the Atlantic, Fool's Gold is a key commentary on the causes of the recent financial crisis. Taking readers back to the invention of credit-derivative obligations (CDOs) at J. P. Morgan in 1994, and the subsequent exponential growth of that market, Tett explains how credit derivatives seemed a win-win for the financial world, freeing up capital, increasing profits, and diversifying risk.In her own inimitable style, Tett makes the missteps clear as the industry hurtles toward a largely unforeseen wave of loan defaults...the worst since the Great Depression. Fool's Gold was named Financial Book of the Year 2009 at the inaugural Spear's Book Awards.


What the Critics Say

"A truly gripping narrative....The fact that Tett is able to reproduce such raw private communications is a tribute to her journalistic abilities." (Sunday Times)
"At once a gripping narrative, an education in derivatives, and a most lucid origin-story for the current financial meltdown, it's no surprise the author of this volume is an award-winning Financial Times journalist. Tett's explosive, illuminating narrative is the one to read for anyone confused by the present financial mess." (Publishers Weekly)


See More Like This

Customer Reviews

Most Helpful

Very revealing of corporate greed

I downloaded this book on the strength of the excellent articles by the author in the FInancial TImes. There's a lot of detail, much use of acronyms, that I kept forgetting, and many names to keep track of. However, as someone who has lost money because of the reckless behaviour of these scoundrels in banking I was interested to hear how they did it. I only wish there was an epilogue where they get their comeuppance.

The narrator delivered difficult material competently.
Read full review

- Kirstine

Very informative

A really good listen, if a little hard to follow sometimes with a lot of the players having similiar names.

It really does bring home how good intentions can be seized on by others with lower morals.
Read full review

- Adrian

Book Details

  • Release Date: 24-09-2009
  • Publisher: Audible Studios