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8 of 8 people found the following review helpful:
5.0 out of 5 stars
Finally, I understand the credit crunch!, 30 April 2009
For quite a while now, I've been trying to pin down my understanding on what exactly it is I think we should all be learning about the credit crunch. It's not so much about the existence of dodgy mortgages in the States, but more about what does it all mean - for governments, finance industries, bankers, citizens and, last but (hopefully) not least, me. I know what's been going on; I've read Robert Peston's illuminating blog on the BBC website; I've even made my way through Vince Cable's book on the subject ... but knowing isn't the same as understanding. I may have a knowledge of what nifty manoeuvres Barclays did to avoid indebting themselves to the government, but what's my take on it all? With all this knowledge, I did not know how to react to the news that comes forth from the media every day.
And now, at last, having read `How I Caused the Credit Crunch', I do.
The author may be an ex-banker, but we all have to live with our sins, and that does mean he was actually there. He has the first-hand experience of the background and build-up to the turmoil that we all now live with, he wasn't sitting in a removed office, directing events from afar - he was there, trading, creating products, getting up in the early hours to get into the office, staying up late the next night with clients in salubrious bars and `other venues'. And from this platform, he delivers a clear, clever, precise and (although it may not be bothering the Booker judges for literariness) utterly gripping account of the breathless world of banking. It is a work of `faction' and his character, Andrew Dover, is a compelling creation, swinging over the six-year period when it all came to a head in the finance world from youthful innocence to hardened seven-figure-salary banker. Along the way he gives the reader brilliantly simple snapshots of what CDOs, SIVs and other acronyms are (hand-drawn diagrams, neat analogies and, if you're still not sure, a helpful glossary - brilliant!). He allows us to breath in the atmosphere of the trading floor. And as we get to grips with what actually happened, we're also treated to the hedonistic delights of strip clubs, celebrity chefs and the high-pressured, adrenaline-driven, completely riveting world of high finance.
The author himself was made redundant having worked at Goldman Sachs and Morgan Stanley. And in the book he does not moralise or make excuses - Andrew Dover is forthright in his acceptance of the role he played in the credit crunch. It may be written by an ex-banker, but it is all the better for it - it is the most truthful, honest and frank account of the credit crunch I have read. It is also the most revealing and the one from which I actually learnt the most about the whole situation. Robert Peston move over, this is the Liar's Poker of the 21st century. I now not only know about the credit crunch, I know about it in much more detail and, more importantly, I understand my knowledge. I simply cannot recommend this book highly enough, especially when it's such a thoroughly engrossing read as well!
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