Overview
Inside markets, innovation, and risk
Why do markets keep crashing and why are financial crisesgreater than ever before? As the risk manager to some of theleading firms on Wall Street–from Morgan Stanley to Salomonand Citigroup–and a member of some of the world’slargest hedge funds, from Moore Capital to Ziff Brothers andFrontPoint Partners, Rick Bookstaber has seen the ghost inside themachine and vividly shows us a world that is even riskier than wethink. The very things done to make markets safer, have, in fact,created a world that is far more dangerous. From the 1987 crash toCitigroup closing the Salomon Arb unit, from staggering losses atUBS to the demise of Long-Term Capital Management, Bookstaber givesreaders a front row seat to the management decisions made by someof the most powerful financial figures in the world that led tocatastrophe, and describes the impact of his own activities onmarkets and market crashes. Much of the innovation of the last 30years has wreaked havoc on the markets and cost trillions ofdollars. A Demon of Our Own Design tells the story ofman’s attempt to manage market risk and what it has wrought.In the process of showing what we have done, Bookstaber shines alight on what the future holds for a world where capital and powerhave moved from Wall Street institutions to elite and highlyleveraged hedge funds.
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