Other People's Money

Other People's Money

The Real Business of Finance

Book - 2015
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"The finance sector of Western economies is too large and attracts too many of the smartest college graduates. Financialization over the past three decades has created a structure that lacks resilience and supports absurd volumes of trading. The finance sector devotes too little attention to the search for new investment opportunities and the stewardship of existing ones, and far too much to secondary market dealing in existing assets. Regulation has contributed more to the problems than the solutions"--Dust jacket flap.
Published: New York :, PublicAffairs,, [2015]
Edition: First US edition.
Copyright Date: ©2015.
ISBN: 9781610396035
1610396030
Branch Call Number: 332.6 KAY
Characteristics: xiii, 336 pages :,illustrations ;,25 cm

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StarGladiator
Nov 23, 2018

A really outstanding book on marco-level financial system reasoning - - by Prof. Kay!
Having recently read Crashed, by Adam Tooze, and found it quite lacking, I would heartily recommend this book, along with Chain of Title, by David Dayen, and Exteme Money, by Satyajit Das to comprehend the global financial crises of 2007 -- 2009.
Dayen's brilliant book, Chain of Title, explains the Secret Sauce - - still secret to too many, I'm afraid, while Das provides the trader's POV and Kay explains the top tier financial thinking - - all required for a minimal understanding of the truth!
[CORRECTION: The author accidentally lists the creator of the CDS as Brooke Masters, when her name is Blythe Masters, who was also involved with the creation of carbon derivatives and is presently involved with blockchain technology.]
https://thinkprogress.org/jp-morgan-invented-credit-default-swaps-to-give-exxon-credit-line-for-valdez-liability-dfe0333d25c7/
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OPM: Other People's Money
OPM: Oligarchy -- Plutocracy -- Monopoly
The Big Four investment firms [BlackRock, Vanguard, State Street and Fidelity] are the majority shareholders in the majority of major corporations, are also the majority shareholders in the top six banks which control the vast majority of credit derivatives - - but who are the select few investing through the Big Four?!

p
pm221
Dec 23, 2017

A scathing indictment of modern finance, this is also a gripping read. Unlike the investigative style expose or dry and confusing economics texts, Mr Kay speaks with the authority of an insider of the financial system, and the fluency of a regular contributor to the Financial Times.

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