Infectious Greed

Infectious Greed

How Deceit and Risk Corrupted the Financial Markets

Book - 2009
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As the global financial crisis unfolds people everywhere are seeking to understand how markets devolved to this perilous, volatile state. In this dazzling and meticulously researched work of financial history, first published in 2003, and now thoroughly revised and updated, law professor and financial expert Frank Partnoy tells the story of how "classical" Wall Street securities like stocks and bonds were quietly eclipsed by ever more "quantum" products like derivatives. He documents how, starting in the mid-1980s, each new level of financial risk and complexity obscured the sickness of corporate America, and how Wall Street's evlving paradigm moved farther and farther beyond the understanding--and regulation--of ordinary investors and government overseers, leading inevitably to disaster.
Publisher: New York : PublicAffairs, 2009.
Edition: Rev. pbk. ed.
ISBN: 9781586487843
1586487841
Characteristics: xiv, 473 p. ; 21 cm.

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fpm
Jul 04, 2011

This is an "older" book - that is, it predates the world-wide fiscal crisis with its most obvious symptoms beginning in late 2008. That is all the more impressive, because it is extremely relevant, perhaps prescient, regarding the current fiscal mess.
As one not entirely tuned into the world of high finance, it is disturbing to see how the foundations of our current difficulties began years ago; and worse, how those in government and in the financial sector have known of many of the underlying problems for years - and have avoided changing things to correct the problems.
Strongly recommended for any voter, or anyone ever inspired to write to their government representatives.

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