Other People's Money: The Real Business of Finance Hardcover – 22 Sep 2015

Review

"Thanks for writing this book. Only [John Kay] could have done it. This is going to be a classic." --Frank Partnoy, Professor of Law and Finance, University of San Diego School of Law and bestselling author of F.I.A.S.C.O. and WAIT
"Kay is an admirable debunker of myths and false beliefs--he can see substantial things that others don't." --Nassim Nicholas Taleb, author of "The Black Swan"
"Kay is both a first-class economist and an excellent writer." --"the Financial Times"
"[O]ne of Britain's leading economists." --"The Economist"


Thanks for writing this book. Only [John Kay] could have done it. This is going to be a classic. Frank Partnoy, Professor of Law and Finance, University of San Diego School of Law and bestselling author of "Fiasco" and "Wait"
Kay is an admirable debunker of myths and false beliefshe can see substantial things that others don t. Nassim Nicholas Taleb, author of "The Black Swan"
Kay is both a first-class economist and an excellent writer. "the Financial Times"
[O]ne of Britain s leading economists. "The Economist"
"

A challenging book that will add to ongoing discussion and debate. "Booklist"
Thanks for writing this book. Only [John Kay] could have done it. This is going to be a classic. Frank Partnoy, Professor of Law and Finance, University of San Diego School of Law and bestselling author of "Fiasco" and "Wait"
Kay is an admirable debunker of myths and false beliefshe can see substantial things that others don t. Nassim Nicholas Taleb, author of "The Black Swan"
Kay is both a first-class economist and an excellent writer. "Financial Times"
[O]ne of Britain s leading economists. "The Economist"
"

["Other People's Money"] should be read by everyone concerned with preventing the next crisis...[Kay] skewers the pretensions of the finance sector and questions whether its high rewards reflect its true economic contribution. Barely a page goes by without an acute observation or pithy aphorism. ... Above all, the finance sector should be judged on the same basis as other industries; if an activity is unprofitable without taxpayer support, it should not occur. Our willingness to accept uncritically the proposition that finance has a unique status has done much damage, the author wisely says. Let us hope those in authority will listen. "The Economist"
A challenging book that will add to ongoing discussion and debate. "Booklist"
Thanks for writing this book. Only [John Kay] could have done it. This is going to be a classic. Frank Partnoy, Professor of Law and Finance, University of San Diego School of Law and bestselling author of "Fiasco" and "Wait"
Kay is an admirable debunker of myths and false beliefshe can see substantial things that others don t. Nassim Nicholas Taleb, author of "The Black Swan"
Kay is both a first-class economist and an excellent writer. "Financial Times"
[O]ne of Britain s leading economists. "The Economist"
"

Mr. Kay is a brilliant writer with an ability to explain the role in the 2007-08 financial crisis of such concepts as credit default swaps, collateralized debt obligations and moral hazard [He] is at his best in reminding us that the financial system is still fragile and in explaining that more regulation is not the answer We can applaud his call for a cultural change that will enhance ethical standards and put the customer first. "Wall Street Journal"
["Other People's Money"] should be read by everyone concerned with preventing the next crisis...[Kay] skewers the pretensions of the finance sector and questions whether its high rewards reflect its true economic contribution. Barely a page goes by without an acute observation or pithy aphorism. ... Above all, the finance sector should be judged on the same basis as other industries; if an activity is unprofitable without taxpayer support, it should not occur. Our willingness to accept uncritically the proposition that finance has a unique status has done much damage, the author wisely says. Let us hope those in authority will listen. "The Economist"
A challenging book that will add to ongoing discussion and debate. "Booklist"
Thanks for writing this book. Only [John Kay] could have done it. This is going to be a classic. Frank Partnoy, Professor of Law and Finance, University of San Diego School of Law and bestselling author of "Fiasco" and "Wait"
Kay is an admirable debunker of myths and false beliefshe can see substantial things that others don t. Nassim Nicholas Taleb, author of "The Black Swan"
Kay is both a first-class economist and an excellent writer. "Financial Times"
[O]ne of Britain s leading economists. "The Economist"
"

"Other People s Money" is not merely another broadside content to denounce finance s dysfunction, but rather a masterly attempt to locate its various origins and connect them with analytical and theoretical rigor. Kay provides by way of context a panoptic overview of the history, evolution and structure of the financial system in the United States and Britain, one that is impressive in its ability to weave together a comprehensive range of material, from the mechanics of banking to the Gaussian copula, in elegant, jargon-free prose. "New York Times Book Review"
Mr. Kay is a brilliant writer with an ability to explain the role in the 2007-08 financial crisis of such concepts as credit default swaps, collateralized debt obligations and moral hazard [He] is at his best in reminding us that the financial system is still fragile and in explaining that more regulation is not the answer We can applaud his call for a cultural change that will enhance ethical standards and put the customer first. "Wall Street Journal"
["Other People's Money"] should be read by everyone concerned with preventing the next crisis...[Kay] skewers the pretensions of the finance sector and questions whether its high rewards reflect its true economic contribution. Barely a page goes by without an acute observation or pithy aphorism. ... Above all, the finance sector should be judged on the same basis as other industries; if an activity is unprofitable without taxpayer support, it should not occur. Our willingness to accept uncritically the proposition that finance has a unique status has done much damage, the author wisely says. Let us hope those in authority will listen. "The Economist"
Kay's insistence on stepping back, on judging finance by the humdrum standards of any other industry, with its self-serving mystique and aura of inevitability stripped away, makes "Other People's Money" one of the best two or three books I've read on the crash. Clive Crook, "Bloomberg View"
This important book is simultaneously a clear primer on modern financial systems and a scathing indictment of them. "Foreign Affairs"
An important new book. Robert Lenzner, TheAtlantic.com
A challenging book that will add to ongoing discussion and debate. "Booklist"
Thanks for writing this book. Only [John Kay] could have done it. This is going to be a classic. Frank Partnoy, Professor of Law and Finance, University of San Diego School of Law and bestselling author of "Fiasco" and "Wait"
Kay is an admirable debunker of myths and false beliefshe can see substantial things that others don t. Nassim Nicholas Taleb, author of "The Black Swan"
Kay is both a first-class economist and an excellent writer. "Financial Times"
[O]ne of Britain s leading economists. "The Economist"
"

A Financial Times Book of the Year, 2015
An Economist Best Book of the Year, 2015
A Bloomberg Best Book of the Year, 2015
"Other People s Money" is not merely another broadside content to denounce finance s dysfunction, but rather a masterly attempt to locate its various origins and connect them with analytical and theoretical rigor. Kay provides by way of context a panoptic overview of the history, evolution and structure of the financial system in the United States and Britain, one that is impressive in its ability to weave together a comprehensive range of material, from the mechanics of banking to the Gaussian copula, in elegant, jargon-free prose. "New York Times Book Review"
Mr. Kay is a brilliant writer with an ability to explain the role in the 2007-08 financial crisis of such concepts as credit default swaps, collateralized debt obligations and moral hazard [He] is at his best in reminding us that the financial system is still fragile and in explaining that more regulation is not the answer We can applaud his call for a cultural change that will enhance ethical standards and put the customer first. "Wall Street Journal"
["Other People's Money"] should be read by everyone concerned with preventing the next crisis...[Kay] skewers the pretensions of the finance sector and questions whether its high rewards reflect its true economic contribution. Barely a page goes by without an acute observation or pithy aphorism. ... Above all, the finance sector should be judged on the same basis as other industries; if an activity is unprofitable without taxpayer support, it should not occur. Our willingness to accept uncritically the proposition that finance has a unique status has done much damage, the author wisely says. Let us hope those in authority will listen. "The Economist"
Kay's insistence on stepping back, on judging finance by the humdrum standards of any other industry, with its self-serving mystique and aura of inevitability stripped away, makes "Other People's Money" one of the best two or three books I've read on the crash. Clive Crook, "Bloomberg View"
This important book is simultaneously a clear primer on modern financial systems and a scathing indictment of them. "Foreign Affairs"
An important new book. Robert Lenzner, TheAtlantic.com
A challenging book that will add to ongoing discussion and debate. "Booklist"
The theme of broken governance and accountability is echoed in economist John Kay s "Other People s Money: The Real Business of Finance," which provides an accessible expose of the complex and layered modern financial system and the failure of laws and regulations to protect the public. Whether his specific proposals are the best approach, policy won t change unless many more people recognize the issues and demand better. Lack of political will remains the biggest challenge. Anat Admati, George G.C. Parker Professor of Finance and Economics, Stanford Graduate School of Business
Thanks for writing this book. Only [John Kay] could have done it. This is going to be a classic. Frank Partnoy, Professor of Law and Finance, University of San Diego School of Law and bestselling author of "Fiasco" and "Wait"
Kay is an admirable debunker of myths and false beliefshe can see substantial things that others don t. Nassim Nicholas Taleb, author of "The Black Swan"
Kay is both a first-class economist and an excellent writer. "Financial Times"
[O]ne of Britain s leading economists. "The Economist""

A Financial Times Book of the Year, 2015
An Economist Best Book of the Year, 2015
A Bloomberg Best Book of the Year, 2015
Other People s Money is not merely another broadside content to denounce finance s dysfunction, but rather a masterly attempt to locate its various origins and connect them with analytical and theoretical rigor. Kay provides by way of context a panoptic overview of the history, evolution and structure of the financial system in the United States and Britain, one that is impressive in its ability to weave together a comprehensive range of material, from the mechanics of banking to the Gaussian copula, in elegant, jargon-free prose. New York Times Book Review
Mr. Kay is a brilliant writer with an ability to explain the role in the 2007-08 financial crisis of such concepts as credit default swaps, collateralized debt obligations and moral hazard [He] is at his best in reminding us that the financial system is still fragile and in explaining that more regulation is not the answer We can applaud his call for a cultural change that will enhance ethical standards and put the customer first. Wall Street Journal
[Other People's Money] should be read by everyone concerned with preventing the next crisis...[Kay] skewers the pretensions of the finance sector and questions whether its high rewards reflect its true economic contribution. Barely a page goes by without an acute observation or pithy aphorism. ... Above all, the finance sector should be judged on the same basis as other industries; if an activity is unprofitable without taxpayer support, it should not occur. Our willingness to accept uncritically the proposition that finance has a unique status has done much damage, the author wisely says. Let us hope those in authority will listen. The Economist
Kay's insistence on stepping back, on judging finance by the humdrum standards of any other industry, with its self-serving mystique and aura of inevitability stripped away, makes Other People's Money one of the best two or three books I've read on the crash. Clive Crook, Bloomberg View
This important book is simultaneously a clear primer on modern financial systems and a scathing indictment of them. Foreign Affairs
An important new book. Robert Lenzner, TheAtlantic.com
A challenging book that will add to ongoing discussion and debate. Booklist
The theme of broken governance and accountability is echoed in economist John Kay s Other People s Money: The Real Business of Finance, which provides an accessible expose of the complex and layered modern financial system and the failure of laws and regulations to protect the public. Whether his specific proposals are the best approach, policy won t change unless many more people recognize the issues and demand better. Lack of political will remains the biggest challenge. Anat Admati, George G.C. Parker Professor of Finance and Economics, Stanford Graduate School of Business
Thanks for writing this book. Only [John Kay] could have done it. This is going to be a classic. Frank Partnoy, Professor of Law and Finance, University of San Diego School of Law and bestselling author of Fiasco and Wait
Kay is an admirable debunker of myths and false beliefshe can see substantial things that others don t. Nassim Nicholas Taleb, author of The Black Swan
Kay is both a first-class economist and an excellent writer. Financial Times
[O]ne of Britain s leading economists. The Economist"

About the Author

John Kay, is a visiting professor of economics at the London School of Economics and a fellow of St John s College, Oxford University. He is a director of several public companies and contributes a weekly column to the Financial Times. Kay is the author of nine previously published books and coauthor of The British Tax System with Mervyn King. John Kay lives in London. Follow him at @JohnKayFT and johnkay.com."