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A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation By Richard Bookstaber

A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation
by Richard Bookstaber

Why do markets keep crashing and why are financial crises worse than ever? As a leading Wall Street risk manager, Rick Bookstaber has seen the ghost inside the machine and vividly shows us a world that is even riskier than we think.

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A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation Summary


Inside markets, innovation, and risk Why do markets keep crashing and why are financial crises greater than ever before? As the risk manager to some of the leading firms on Wall Street-from Morgan Stanley to Salomon and Citigroup-and a member of some of the world's largest hedge funds, from Moore Capital to Ziff Brothers and FrontPoint Partners, Rick Bookstaber has seen the ghost inside the machine and vividly shows us a world that is even riskier than we think. The very things done to make markets safer, have, in fact, created a world that is far more dangerous. From the 1987 crash to Citigroup closing the Salomon Arb unit, from staggering losses at UBS to the demise of Long-Term Capital Management, Bookstaber gives readers a front row seat to the management decisions made by some of the most powerful financial figures in the world that led to catastrophe, and describes the impact of his own activities on markets and market crashes. Much of the innovation of the last 30 years has wreaked havoc on the markets and cost trillions of dollars. A Demon of Our Own Design tells the story of man's attempt to manage market risk and what it has wrought. In the process of showing what we have done, Bookstaber shines a light on what the future holds for a world where capital and power have moved from Wall Street institutions to elite and highly leveraged hedge funds.

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Additional information

GOR003335402
A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation
Richard Bookstaber
Used - Very Good
Paperback
John Wiley and Sons Ltd
2008-11-14
304
0470393750
9780470393758
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
This is a used book - there is no escaping the fact it has been read by someone else and it will show signs of wear and previous use. Overall we expect it to be in very good condition, but if you are not entirely satisfied please get in touch with us.