Description
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Condition: BRAND NEW
ISBN: 9780470393758
Year: 2008
Publisher: John Wiley & Sons Inc (US)
Pages: 304
Description:
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.
Condition: BRAND NEW
ISBN: 9780470393758
Year: 2008
Publisher: John Wiley & Sons Inc (US)
Pages: 304
Description:
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.