1 of 1 people found the following review helpful
5.0 out of 5 stars
All you need to know about high finance and greed, 27 Nov. 2013
This is a very clear exposition first, of how banking ought to work and second, how it actually does (or more accurately doesn't) under the impulse of greed. He explains how lenders have steadily distanced themselves from their borrowers making the assessment of risks more and more difficult, until the notorious CDOs were freely traded without the traders having the remotest idea of what they were really buying and selling. There are clear explanations of literally dozens of topics in the field of finance that the layman would, unaided, be very hard put to understand and furthermore how greed and unregulated markets enabled bankers to carve out hugely profitable business under the umbrella of protection from the downside of their bad deals provided by the fact that the Government would not allow the big banks to fail for fear of a run on the banks.