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.

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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)

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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.
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- 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.
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- Adrian

Book Details

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