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Other People's Money

the Real Business of Finance
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Nov 23, 2018StarGladiator rated this title 5 out of 5 stars
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/ ___________________________________________________________________________ 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?!