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A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation
by Richard Bookstaber
from Wiley
Customer Reviews:
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Avg. Customer Rating: 4.0 / 5.0 
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A good read in these troubled times we are at 
I read this book back in December 07, the perfect timing for it would have been now, however.
A very simple conclusion from this book is that despite all the good intentions that the current bailout (TARP) might have, what we are doing is creating a new demon that will provoke a new crisis, with a different twist, anytime in the future.
Crisis are inevitable and we cannot go against financial innovations (like in the last 10 years with derivatives, CDS, MBOs, CDOs, etc.)
A better... more info
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Want to understand the current financial crisis?
Bookstaber has written a cogent, understandable and witty guide to the structural and human underpinnings of the current financial crisis. While this book requires thoughtful reading, it does not assume that the reader is technically savvy about markets or the plethora of financial instruments that have come to have such a dramatic impact on U.S. and world economies. I unhesitatingly recommend this book to anyone wishing a deeper understanding of the problems that can and have been created by financial... more info
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Thought-provoking reflection on Wall Street risk today
This book is part memoir, part reflection on risk, part tell-all, part recapitulation of recent financial crises and part polemic. If you fret that all these parts might blur author Richard Bookstaber's objectives and message, you are right, but, if you have the patience, keep reading. Enjoy the somewhat diffuse anecdotes and observations in the first few chapters until you reach the author's straightforward presentation of his case that the U.S. financial system is at risk from complexity and tight... more info
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GLB 
I have had great difficulty reading this book firstly as I am not a quant nerd. Secondly, the author deems fit to draw comparisons with hedge funds and a host of unrelated topics eg. Chernobyl, Two Mile Island and the military and the Post Office (for heaven's sake)! The less said about the ill fated shuttles the better!! Third, the book is poorly written and/or badly edited as there are many duplications throughout the text an example of which is LTCM which crops up in every other chapter. Nevertheless, I... more info
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