Other People's Money
- The Real Business of Finance
- Narrated by: Walter Dixon
- Length: 11 hrs and 54 mins
- Unabridged Audiobook
- Release date: 15-09-15
- Language: English
- Publisher: Gildan Media, LLC
John Kay, with wide practical and academic experience in the world of finance, understands the operation of the financial sector better than most. He believes in good banks and effective asset managers, but good banks and effective asset managers are not what he sees.
In a dazzling and revelatory tour of the financial world as it has emerged from the wreckage of the 2008 crisis, Kay does not flinch in his criticism: We do need some of the things that Citigroup and Goldman Sachs do, but we do not need Citigroup and Goldman to do them. And many of the things done by Citigroup and Goldman do not need to be done at all.
The finance sector needs to be reminded of its primary purpose: to manage other people's money for the benefit of businesses and households. It is an aberration when some of the finest mathematical and scientific minds are tasked with devising algorithms for the sole purpose of exploiting the weakness of other algorithms for computerized trading in securities. To travel further down that road leads to ruin.
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Customer ReviewsMost Helpful
By Alan Mcmeechan on 09-01-17
Enjoyable overview of new finance
Have listened to this 3 times now as it can be enjoyed on different levels . Very entertaining if you are interested in finance but don't really know how or why these mad new financial instruments work.
Customer ReviewsMost Helpful
By Tristan on 18-01-16
Listened twice. Everyone must read this.
I never felt like I understood what's actually happening in the finance markets until I read this book.
Kay has a wonderfully grounded approach which asks, what is the good work the financial sector supposed to perform? And, is it performing it?
The answer is largely, scandalously, that most of what the financial sector does offers no service while causing enormous risks for the economy at large.
It was counterintuitive to hear that more regulations don't help. Instead, we need basic, fundamental structural changes in how the finance system works, rather than attempts to monitor every aspect of what bankers do. Laws and regulators can never keep up with the banks, and further complexity only creates greater distortions.
The book includes a whole chapter on clear, specific reforms. Everyone must read this book. That way, we could get the reforms we need.
2 of 2 people found this review helpful
By Justin on 21-10-16
Grab a pillow
Did a computer narrate this story? The narrator's voice is so monotone, it almost puts me to sleep. There's probably good information in this audiobook, but the narrator kills any desire to pay attention.
1 of 1 people found this review helpful