Rent 9780273704744 | Traders, Guns and Money : Knowns and Unknowns in the Dazzling World of Derivatives

Summary Table of Contents

I had been in derivatives for over 25 years. Many traders hadn't been born when I stumbled accidentally into the arcane world of derivatives trading. The Indonesians were at the fag end of that career. How did I get there? I had followed the money. I had ridden the tide and currents of financial markets. I had not known very much then. Even now I only knew the many unknowns. How did I get here? It was a very long story. Send Traders, Guns and Money is that story.....�Warren Buffet once labelled derivatives financial weapons of mass destruction�... MORE. Unlike the military kind, financial WMD are not hard to find. Many great companies use them. These businesses use derivatives to make money or protect them from risk. It's a simple case of greed or fear. Or is it?In derivatives, whoever you are, there are things that you don't know that you don't know. These are the real risks of derivatives. They're generally left to the client to discover. So, if you're entering the dazzling world of derivatives, ask yourself this: What do I know? What do I need to know? What don't I know? What am I doing?You can find the answers in Traders, Guns & Money , a sensational and controversial first-person account of the business of derivatives trading and the financial products industry in the spirit of Liar's Poker . It is a true insider's view of the business of trading and marketing derivatives for a living. It details the nature of the business, the players, how money is made and lost, and the deceptions that underlie the entire process.Funny and poignant, and written in a wry and wickedly comic style, the book provides the ordinary reader with an insight into the seeming madness that underlies financial markets and the out-of-control process that is trading in complex financial products that few understand.Traders, Guns & Money throws light on the culture, games, and pure deceptions played out every day in trading rooms around the world, and played out with other people's money. It describes the processes by which a small group of gifted, if avaricious, individuals parlay their knowledge of the arcane world of financial products into wealth, leaving shareholders, clients, regulators, and the tax paying ordinary public to bear most of the risk.This is the story of how one set of clients discovered the perils of unknowns in a derivatives deal. This tale will leave you amazed, and this book will make it all clear.In the sometimes dazzling world of derivatives , Traders Guns & Money shows you how we got here and tells it how it is. Go on, follow the money.An accessible companion and a wise counsel, Traders, Guns & Money weaves together three core themes:Known unkowns : if you're entering the dazzling world of derivatives, ask yourself this: What do I know? What do I need to know? What don't I know? What am I doing? This book will make it all clear.Follow the money : an insider's, expert witness account of the rise and rules of the world of derivatives. This book will show you how we got here and tell it how it isSend traders guns & money : the story of how one set of clients discovered the perils of unknowns in a derivatives deal . This tale will leave you amazed, but wiser."Ever since Warren Buffett memorably described derivatives as "financial weapons of mass destruction" there has been a thriller waiting to be written about them. Derivatives have frightened otherwise right-thinking people for some time. In part this reflects a natural tendency to fear what we do not understand." Financial Times

Warren Buffet once memorably described derivatives as "financial weapons of mass destruction". Read this sensational and controversial account of the often dazzling business of derivatives trading, and see if you agree.

Das presents a wry and wickedly comic expos of the culture, games, and pure deceptions played out every day in trading rooms around the world, usually with other people's money.

List of figures and tables	p. xii
Preface	p. xiii
Prologue	p. 1
Miracles and mirages	p. 2
Serial crimes	p. 5
Beginning of the end/end of the beginning	p. 9
Knowns and unknowns	p. 12
Unreliable recollections	p. 13
Summary judgment	p. 17
Financial WMDs - derivatives demagoguery	p. 19
Sc... MOREhool days	p. 21
It's all Chinese to me	p. 22
A derivative idea	p. 23
Betting shops	p. 25
Secret subtexts	p. 27
Leveraged speculations	p. 29
Under the radar	p. 32
Whole lotta swapping going on	p. 33
The golden age/LIBOR minus 50	p. 37
Warehouses	p. 40
Serial killings	p. 43
Forbidden fruit	p. 45
Derived logic	p. 50
Beautiful lies - the 'sell' side	p. 53
Smile and dial	p. 55
Market colour	p. 56
Rough trade	p. 59
Analyze this	p. 62
Class wars	p. 64
Ultra vires	p. 66
Feudal kingdoms	p. 67
Uncivil wars	p. 68
Golden rules	p. 70
Business models	p. 71
The medium is the message	p. 74
Bondage	p. 75
Tabloid cultures	p. 76
Conspicuous currency	p. 77
Ethnic cleansing	p. 79
Foreign affairs	p. 80
FILTH	p. 81
Lost in translation	p. 82
A day in the life	p. 83
True lies - the 'buy' side	p. 87
Turn of the fork	p. 88
Risky business	p. 89
Magic kingdoms	p. 91
Stripping or stacking/hedging perils, again	p. 95
Me too	p. 97
'Zaiteku' or the bride stripped bare	p. 98
The gamble in P & G	p. 101
Tobashi, baby	p. 105
Gnomes of Zermatt and Belgian dentists	p. 107
Death swaps	p. 108
Investment fashions	p. 110
Alpha, beta, zeta	p. 112
Looking after the relatives	p. 115
Agents all	p. 116
Unique selling propositions	p. 117
Show me the money - greed lost and regained	p. 121
Money uncertainty	p. 122
Toll booths	p. 123
Take a seat	p. 125
Efficient markets	p. 126
On the platform	p. 127
A day at the races	p. 129
Black swans, black sheep	p. 130
Trading places	p. 131
Secret intelligence	p. 133
Overwhelming force	p. 134
Oracle of Delphi	p. 135
Free money	p. 137
The colour of money	p. 138
In reserve	p. 140
A comedy of errors	p. 141
Black holes	p. 143
What's the number?	p. 146
Nothing like excess	p. 148
Nice work if you can get it	p. 149
Dukes of Hazard	p. 151
The perfect storm - risk mismanagement by the numbers	p. 153
Shock therapy	p. 154
Holy risk!	p. 155
Risk spin	p. 156
Risque matters	p. 158
Placebo effects	p. 160
Among the unbelievers	p. 162
Risk cults	p. 164
In the long run...	p. 167
Modus operandi	p. 169
Secret trader's business	p. 170
Let the good times roll	p. 171
The perfect storm	p. 172
Weather forecasts	p. 173
Endgame	p. 175
Mean risk	p. 176
Extreme sports	p. 177
Super models - derivative algorithms	p. 181
Out of the sheltered workshops	p. 182
Rocket science	p. 184
Culture wars	p. 185
Conveyor belts	p. 187
Trivial pursuits	p. 188
Grand oprey	p. 189
The quest	p. 190
Genesis	p. 193
Gospels	p. 196
Greek tragedies	p. 198
Failing the model test	p. 200
CSI (Crime Scene Investigation) 1987 - 'Oh LOR-dy!'	p. 202
CSI 1992 - ERM (extremely risky, man!)	p. 203
CSI 1998 - selling England by the pound	p. 204
CSI 1998 - Asian fever	p. 206
Model envy	p. 208
Omitted variable bias	p. 209
Games without frontiers - the inverse world of structured products	p. 211
Driving over lemons	p. 212
The best of times...the worst of times	p. 214
Ghostbusters	p. 216
It wasn't me, sir	p. 217
Heaven and hell	p. 217
Split personality	p. 220
Golfing holidays	p. 222
The flood	p. 224
Power to the people	p. 226
Recycling junk	p. 230
Six packs	p. 232
Take no prisoners	p. 234
The usual suspects	p. 236
Share and share alike - derivative inequity	p. 241
Billion dollar baby	p. 242
Self arbitrage	p. 245
Arbitraging others	p. 246
Taking it over	p. 248
Buying back the farm	p. 249
Who's fooling who?	p. 250
Strippers	p. 253
Pearls of wisdom	p. 254
Own goals	p. 257
Taxing times	p. 260
Fund times	p. 262
Credit where credit is due - fun with CDS and CDO	p. 265
Credit wars	p. 266
Credit epiphanies	p. 267
First-to-credit derivatives	p. 269
Remote credit	p. 271
Mistaken identity	p. 274
Heard it on the grapevine	p. 276
Guaranteed delivery	p. 277
Re-re-re-re-restructuring - CDS stutters	p. 279
Beyond the push and pull	p. 281
Imitation and flattery	p. 282
Tranche warfare	p. 285
It's super	p. 287
A capital idea	p. 289
The arbitrage age	p. 290
Hangovers	p. 291
UFOs	p. 292
Geeks with Greeks	p. 293
Never believe your own lies	p. 295
Russian dolls	p. 297
Black holes	p. 298
Epilogue	p. 301
The Asian century redux	p. 302
Vexatious litigation	p. 305
The more things change	p. 308
Hot tubbing	p. 310
Rogue trader	p. 313
Bangs and whimpers	p. 316
The China Club	p. 317
BOAT (Best of all time)	p. 318
Knowns and unknowns	p. 319
Notes	p. 321
Index	p. 325
Table of Contents provided by Ingram. All Rights Reserved.

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