by Gillian Tett
First published 2009
A team of JP Morgan financial experts develops what they believe are revolutionary investment instruments designed to eliminate risk from banking. These bankers work feverishly to perfect their creation, convinced they have solved one of finance's oldest problems. Their innovation spreads rapidly through Wall Street as other institutions rush to adopt and expand upon their methods. The banking world embraces these new investments with unprecedented enthusiasm. However, the very instruments meant to protect the financial system begin to undermine it. As market conditions shift, the supposed safety nets reveal dangerous flaws. The team watches their creation spiral beyond their control, contributing to a crisis that shakes global markets. The story explores how brilliant minds can create unintended consequences when innovation outpaces understanding.
Genres: business, economics, non-fiction, 21st-century, finance
Vibes: suspenseful, thought-provoking
Tropes: unintended-consequences
Setting: Wall Street
Period: 21st-century
293 pages · Hardcover · Free Press