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

Amazon.com Price:  $5.19 (as of 12/05/2019 17:32 PST- Details)

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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 one of the leading firms on Wall Street–from Morgan Stanley to Salomon and Citigroup–and a member of one of the world’s largest hedge funds, from Moore Capital to Ziff Brothers and FrontPoint Partners, Rick Bookstaber has seen the ghost throughout the machine and vividly shows us a world that may be even riskier than we think. The very things done to make markets safer, have, if truth be told, created a world that may be 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 one of the most powerful financial figures on the earth that led to catastrophe, and describes the affect of his own activities on markets and market crashes. Much of the innovation of the last 30 years has wreaked havoc at the markets and cost trillions of dollars. A Demon of Our Own Design tells the story of man’s try to manage market risk and what it has wrought. Within the process of showing what we’ve 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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