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)


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Customer Reviews

Most Helpful

Excellent but with one criticism....

This book is very well written and researched, and probably as clear and well-organized as possible given the technical nature of the subject matter and the furious cascade of events. I liked the fact that the author had no obvious bias but treats her subjects with scrupulous fairness. She also eschewed taking too much of an ideological stance, leaving readers to ponder the events and personalities and allowing us to come to our own conclusions. Other than the prologue which is also even-handed she mostly refrains from telling us what she thinks.

One slightly more than minor annoyance: the reader, who was otherwise excellent, decided to affect an upper-class British accent for all the English-born characters in the story but he couldn't quite pull it off. The effort sounded like an intentional mockery of the person he was quoting, which, I'm sure, was not the intention of the author.

Other than that, I enjoyed this book so much that I intend to read it again, in part because I still do not have an adequate grasp of these astounding events which occurred, presumably, while we were all asleep.
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- Karin

Now I can explain derivatives

Does a remarkable job of helping me to understand more about the financial world without being overly technical.
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- Jane Ng

Book Details

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