{"product_id":"a-demon-of-our-own-design-markets-hedge-funds-and-the-perils-of-financial-innovation-2","title":"A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation","description":"Inside markets, innovation, and risk\nWhy do markets keep crashing and why are financial crises greater than ever before? As the risk manager to some of the leading firms on Wall Street–from Morgan Stanley to Salomon and Citigroup–and a member of some of the world’s largest hedge funds, from Moore Capital to Ziff Brothers and FrontPoint Partners, Rick Bookstaber has seen the ghost inside the machine and vividly shows us a world that is even riskier than we think. The very things done to make markets safer, have, in fact, created a world that is far more dangerous. From the 1987 crash to Citigroup closing the Salomon Arb unit, from staggering losses at UBS to the demise of Long-Term Capital Management, Bookstaber gives readers a front row seat to the management decisions made by some of the most powerful financial figures in the world that led to catastrophe, and describes the impact of his own activities on markets and market crashes. Much of the innovation of the last 30 years has wreaked havoc on the markets and cost trillions of dollars. A Demon of Our Own Design tells the story of man’s attempt to manage market risk and what it has wrought. In the process of showing what we have done, Bookstaber shines a light on what the future holds for a world where capital and power have moved from Wall Street institutions to elite and highly leveraged hedge funds.\u003cbr\u003eASIN: 0471227277\u003cbr\u003eVSKU: DBV.0471227277.G\u003cbr\u003eCondition: Good\u003cbr\u003eAuthor\/Artist:Bookstaber, Richard\u003cbr\u003eBinding: Hardcover\u003cbr\u003e\u003cb\u003eNote:\u003c\/b\u003e Any images shown are stock photographs and product may differ from what is shown.  \u003cbr\u003e\u003cb\u003eCondition Notes\u003c\/b\u003e: Gently used with minimal wear on the corners and cover. A few pages may contain light highlighting or writing, but the text remains fully legible. Dust jacket may be missing, and supplemental materials like CDs or codes may not be included. May be ex-library with library markings. Ships promptly!  \u003cbr\u003e","brand":"Dream Books Co.","offers":[{"title":"Default Title","offer_id":41901312868410,"sku":"DBV.0471227277.G","price":8.29,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0555\/6011\/0138\/files\/0471227277-0_e3944675-ca7c-4b08-a062-f2f735b1c926.jpg?v=1794026641","url":"https:\/\/shop.dreambooksco.com\/products\/a-demon-of-our-own-design-markets-hedge-funds-and-the-perils-of-financial-innovation-2","provider":"Dream Books Co.","version":"1.0","type":"link"}