THE DEVIL’S DERIVATIVES: MY DECADE FOLLOWING THE FINANCIAL ALCHEMISTS AND THEIR FAILED REGULATORS ON THE ROAD TO PERDITION

Book ID/图书代码： 13000510B36385

English Summary/英文概要： THE DEVIL’S DERIVATIVES reveals the untold inside story of modern financial innovation: how investment banks, rating agencies and hedge funds constructed the most toxic financial products of all time, how investors from Hamburg to Seattle were wooed into buying them, and how regulators were seduced by the political rewards of easy credit and let the bankers to loot and pillage the financial system.

Nicholas Dunbar popularizes this technical complex world by explaining the revolution that briefly gave finance the same intellectual respectability as theoretical physics. He explains how by juggling risks and rewards like atoms and molecules, bankers created a secret trillion-dollar machine that delivered cheap mortgages to the masses and riches beyond dreams to the innovators – and thus replaced traditional banks with armies of Cayman Island androids created by computer programs. Along the way he introduces the compelling characters behind this financial revolution, from Machiavellian investment bankers who concocted the schemes, to the blinkered government bureaucrats who were too cowed to intervene.

Fundamental to his story is how ’the people who hated to lose’ were persuaded to accept risk by ’the people who loved to win’. Why in the first place did people come to accept that the use of arcane financial tools was safe and positive for society? How did bankers compete to assemble the basic components into increasingly complex machines, and how did this process achieve its own unstoppable momentum? Why were regulatory whistleblowers sidelined, rating agencies corrupted and how did a handful of hedge funds make a killing from the near collapse of the financial system?

In answering these and other questions, Nicholas Dunbar reveals how, after convincing so many people of its benign nature, the financial industrial revolution turned on its creators and triggered the credit crisis that began in the summer of 2007. With exclusive access to key participants, he shows how what started out a breakdown in one arcane corner of the market spread like an atomic chain reaction. By the autumn of 2008, when Lehman Brothers collapsed and the world’s mightiest financial institutions had to be bailed out by the taxpayer, the danger and intellectual overreach of the trillion-dollar machine was obvious to all.

Nicholas Dunbar is uniquely placed to tell this story. As well as proven narrative skills, he worked for a decade as technical editor at a key industry journal that brought him far closer to the risk management industry and its regulators than most mainstream financial journalists. THE DEVIL’S DERIVATIVES will therefore be of interest to a broad range of readers, from business and finance professionals, through policymakers and researchers, to individual savers and borrowers, as well as to the millions of ordinary people around the world who have been affected by the crisis and are looking for answers.

Chinese Summary/中文概要： 金融毒藥 - 令人震驚的金融詐欺黑幕！

這陣子國際間吵的最沸沸揚揚的金融話題莫過於高盛案，美國證券管理委員會指控高盛詐欺投資人，將複雜金融衍生產品包裹成證券並隱匿關鍵事實，造成美國此次的次級房貸風暴。
許多投資銀行、國際信評機構（rating agencies）及對沖基金（hedge fund）常使用許多相當新的金融產品，使投資者在還搞不清狀況下，就已損失慘重，這些銀行家們用價值幾百萬美元的商品，以廉價的包裝吸引廣大消費者，從中獲取可觀的利潤。
書中作者將敘述事件的方式揭露這金融界令人震驚的黑幕，包含這複雜金融產品的由來，銀行如何吸引投資者及金融制度的弊端等。 (Vincent)

Awards/获奖情况：Rights Sold:
Yale University Press (UK)
Harvard Business School Press (US)
Kobunsha (Japan)

Praise for Nicholas Dunbar’s Inventing Money ’Inventing Money’ is a brave and ambitious book… a highly readable account of a financial drama of the highest kind---INDEPENDENT

A substantial primer on the history of financial theory, not least because of Mr Dunbar’s knack for colorful parallels that illuminate his arguments---THE NEW YORK TIMES

About the Author/作者介绍： Nicholas Dunbar是個財經方面的自由作者，擁有牛津及哈佛大學的物理學位。1998年起擔任《風險雜誌》Risk（有衍生性金融產品界的聖經之稱）的編輯。曾在1999年時出版過INVENTING MONEY。目前專職寫作外，也為路透社頗具權威的財經網站breakingviews.com撰寫專欄。

Format:HARDCOVER

Rights Status/版权销售情况：Simplified Chinese/简体中文：AVAILABLE(到期可授)

Complex/Traditional Chinese/繁体中文：AVAILABLE(到期可授)

Sales in other countries/其他国家销售情况：

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