I do a lot of driving, so to make the time in my car productive, I listen to a
lot of audio books. Last month, I listened to The 4-Hour Workweek after already
having read the printed version of the book. My audio book for the last couple
weeks has been Fool's Gold: The Inside Story of J.P. Morgan and How Wall St.
Greed Corrupted Its Bold Dream and Created a Financial Catastrophe by Gillian
Tett. This is by far the most thorough and complete book on the financial
meltdown. The book has widespread depth and breath of what took place, not only
in the United States but also in Europe. The book covers in extensive detail
SIVs, CDOs, super senior tranches, senior tranches, mezzanine tranches, junior
tranches, ABSs, CSOs, CBOs, synthetic CDOs, shadow banks, and much, much more.
(Don't worry if you don't understand what any of this means, the book will
explain it to you.) I personally like all this detail, because it gives me a
better understanding of what went on. But the book is not about definitions, it
is about the people and the companies involved, the investment banks and the
commercial banks. J.P. Morgan wasn't unscathed, but it survived, now as JP
Morgan Chase (JPM). The book covers the complete history of the bank and the
economy going back to the 1980's all the way to the present. Although I haven't
read the book in printed form, I think Fool's Gold would be an interesting
volume whether you listen to it or read it.
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