The Asylum

The Asylum

The Renegades Who Hijacked the World's Oil Market

Book - 2010
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They were a band of outsiders unable to get jobs with New York's gilded financial establishment. They would go on to corner the world's oil market, reaping unimaginable riches while bringing the economy to its knees. Meet the New York Mercantile Exchange--a secretive, members-only club of men and women who live lavish lifestyles; cavort with politicians, strippers, and celebrities; and blissfully jacked up oil prices to nearly $150 a barrel while profiting off the misery of the working class. Many come from working-class families themselves--the progeny of immigrants who escaped war-torn Europe, they take pride in spurning Wall Street. Under an all-powerful oil cartel, the energy market had long eluded the grasp of America's hungry capitalists, but the rough-and-tumble traders of Nymex went after this Goliath and won, creating the world's first free oil market. Their stunning journey from poverty to prosperity belies the brutal and violent history that is their legacy.--From publisher description.
Published: New York : William Morrow, c2010.
Edition: 1st ed.
ISBN: 9780061766275
0061766275
Branch Call Number: 332.6092 GOO
Characteristics: xvii, 398 p. :,ill. ;,24 cm.

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NewYorkViews Dec 30, 2012

This was a fast paced read about the history and stability of the futures markets that includes agricultural and metals among others, not just oil. The culture of the futures trading pits reads like a speedway of yuppy variety dedicated to creating their own futures markets' extreme culture that suits their tastes and is mysterious and portrayed as also full of offbeat and sometimes empty numbers, existencelessness. As this book may try to make the Wall Street areas look "dirty," it can look cleaner than other areas of NYC as it has its own private sanitation...

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