An exposé on the delusion, greed, and arrogance that led to America's credit crisis.
The collapse of America's credit markets in 2008 is quite possibly the biggest financial disaster in U.S. history. Confidence Game: How a Hedge Fund Manager Called Wall Street's Bluff is the story of Bill Ackman's six-year campaign to warn that the $2.5 trillion bond insurance business was a catastrophe waiting to happen. Branded a fraud by the Wall Street Journal and New York Times, and investigated by Eliot Spitzer and the Securities and Exchange Commission, Ackman later made his investors more than $1 billion when bond insurers kicked off the collapse of the credit markets.
Unravels the story of the credit crisis through an engaging and human drama
Draws on unprecedented access to one of Wall Street's best-known investors
Shows how excessive leverage, dangerous financial models, and a blind reliance on triple-A credit ratings sent Wall Street careening toward disaster
Confidence Game is a real world "Emperor's New Clothes", a tale of widespread delusion, and one dissenting voice in the era leading up to the worst financial disaster since the Great Depression.
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A PEEK INTO THE WORLD OF THE 1%
- ann "Ann."
Great book, greaty story, awful narration
Wouldn't listen to it again, but it was a good book and worth hearing once.
Love the detail the author goes into and doesn't have a problem with calling out the analysts that got it wrong.
Narration was awful, nobody helped the narrator properly pronounce financial terms. Have worked over 15 years in the investment industry and nobody pronounces a BBB bond as "Bee Bee Bee", people say "triple B". Also a "Tranche" is pronounced "Tron-ch" not "tran-ch". However, she did do a very overly stylized "filet mignon" which lets me know she has the ability to say french words correctly so a little confused on why she couldn't say "tranche". I know this sounds petty but for the amount of times she says "bee bee bee" i thought my ears were going to start bleeding.
Made me cry every time the narrator said bee bee bee.
- B Franklin