other people's money book summary

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Maybe in light of events in the last 3 years or so, they need a good old laugh.

Who knew high finance could be this funny? He was born in South Africa and now lives in London.
Big Idea #2: The derivative market has driven finance further away from benefiting the real economy. He never accepted that a theory or method's position on the historical timeline was a marker of its place in an evolutionary march. Your email address will not be published. The elder son (known as the ‘hairy heir’) took off many years before.

John Kay is a British economist who once taught economics at Oxford and is now a professor at the London Business School and an editorial contributor to the Financial Times.His 2015 book Other People’s Money should be added to the long and sagging bookshelf on how the nature of the financial services industry (here denoted FSI, and including both commercial banking and shadow … Computers have made it possible to trade huge volumes of stocks at high speeds. April 12th 2011 So, we need intermediaries – people that make it easier for you to buy stocks. I never thought I’d say this about John Kay, but he needs to stop writing. Felt more high level and theoretical than pragmatic in its proposed solutions, but his opinions gave much food for thought.

At the start of the novel, the owner, Sir Henry Trevelyn-Tubal CBE, Bt., has suffered a crippling stroke and his … In fact, they’ve hurt us.

More Books, Published in USA  Making ‘money out of money’ fascinates and infuriates us and often reaches a peak of interest following the downturn of the business cycle. The 2008 financial crisis was a wake-up call for many countries, especially the United States. Read a quick 1-Page Summary, a Full Summary, or watch video summaries curated by our expert team. He harks back to a "golden age" of the bank manager knowing his clients individually, and making his loan book risk assessments on the golf course. The layers of inefficient rules have given birth to a regulation industry that is too complex for people outside of the financial sector to understand. SOME OF THE GRAPHS ARE NOT PROPERLY SCALED, SUCH THAT READING THEM IS REALLY HARD! A challenging book for me since I lack an economics or finance background, but incisive and understandable when read carefully. However, this technology can sometimes be harmful to the real economy. You'll love my new book summary product Shortform.

Marvelous book, lively and with welcome humor. It was a little slow going at first, but the story really draws you in. A multigenerational story about two families bound together by the tides of history. In most cases, the reviews are necessarily limited to those that were available to us ahead of publication. Your email address will not be published. Rich in language, with vivid characterization and sprinkled with witticisms, my only disappointment is with the cover of the book which does nothing to evoke the story or tone of "Other People's Money." Financial reform will make the industry better by focusing on serving real economy companies instead of just making money for itself.

These savants identify visual patterns in charts of price data, often favouring them with arresting names such as ‘head and shoulders’ or ‘double bottoms’. I read 'To Heaven By Water' earlier in the year and enjoyed it very much. But it was kind of hard to follow since I'm not familiar with banking history and regulation.

Have too much to read? However, it has to start somewhere. Who might you ask is Spears? Reprint of the 1953 ed. However, since the 1960s, the global financial industry has grown beyond its proper role. BookBrowse seeks out and recommends the best in contemporary fiction and nonfiction—books that not only engage and entertain but also deepen our understanding of ourselves and the world around us. What do these people do for living? And many of his main points rely on an audience who is already convinced of what he is saying ('preaching to the choir'). This means changing the financial sector so that professionals are not tempted to act in their own self-interest over clients’. We need to restore trust in order to avoid another crisis. I liked how Kay took nothing for granted and always questioned why things function as they do today. It allows us to buy the things we need and connect those who have money with those who need money. People who were previously in government positions often find lucrative jobs in the private sector. The finance sector currently operates in unnecessary, damaging, and self-serving ways that don't follow the purpose of finance: to facilitate the support of business growth; to maintain a payments system; to fund retirements; and to restore infrastructure.

The insights into the upper-class are keen. It's clever, and mostly well written, with a decent and believable assortment of characters, but I don't think it will date very well - it's very much about a certain time and place, and I'm not sure the world need another book on finance set in 2008. Just a moment while we sign you in to your Goodreads account.

It also makes insurance possible, giving people a chance to protect themselves from disasters or emergencies, as well as allowing them to organize their personal assets so that they can pass them along. John Kay is plainly an angry man. In a world still uneasy after the financial turmoil of 2008, Justin Cartwright puts a human face on the dishonesties and misdeeds of the bankers who imperiled us. The book came to me through the LibraryThing Early Reviewers Program, and when I got the notice I was getting it, I couldn't remember requesting it. Financial institutions are complex and difficult to understand. This book is an example of a screed. Witty, thoughtful, briskly paced and entertaining - a terrific novel about excess, hubris, class and the age-old (usually one-sided) tussle between art and commerce." The financial sector is too complicated and should be streamlined. The system should be easy to use and not require too much knowledge of the stock market. Article by PublicAffairs, Other People's Money: The Real Business of Finance. Big Idea #5: Through lobbying and donations, financial institutions have a massive influence on government policy. In 1914, the articles were collected in book form and published under the title Other People's Money--and How the Bankers Use It. The government provides taxpayer money for trading through loans to financial institutions, but taxpayers do not receive any benefits from trading activity and should not have to guarantee its structure. - Kirkus Reviews It’s hard to see what else would happen when banks are run by corporations, because the executives of those corporations won’t be as careful with their decisions. This is a difficult book to rate. Fun if you want to read some good writing in a lighter mode, taking on a heavy subject of old money, shady money and other people's money. Author Wonderfully drawn characters and a flowing story that makes the point... there are many beginnings and endings. Was it because of banks or businesses?
Apr 2011 Foreign coins that fluctuated in value from town to town. As an example, he comes back again and again to collaterilized debt obligations (CDOs).

As a result, we have a much riskier economy than before. Getting no answers from Julian, he goes to the local press, and an eager young reporter begins asking questions.

“The great muckraker Upton Sinclair had expressed a deep insight into the relationship between the world of ideas and the world of practical men: ‘It is difficult to get a man to understand something, when his salary depends on his not understanding it.’34”, “Investors look at economic fundamentals; traders look at each other; ‘quants’ look at the data. There are no discussion topics on this book yet. I read 'To Heaven By Water' earlier in the year and enjoyed it very much. One example of this is that we’ve made progress in several centuries.

Banks are more specialized and diversified than ever before. Another great book by a favorite author. As an example, he comes back again and again to collaterilized debt obligations (CDOs). Tweet on Twitter. They focus on pursuing the course that their own national finance sectors prefer, as urged by lobbyists.

Want to get smarter, faster? This increased fragility in the system because of interdependencies between different parts of the financial world. June 15, 2015. Regulatory policies helped cause the problems of 2008, and the system still doesn’t address it. I was born in Edinburgh, Scotland in 1948, and completed my schooling and undergraduate education in that city: I am fortunate to have lived most of my life in beautiful places. I did enjoy it very much. This led to moral hazard problems (where people don’t feel they need to take responsibility for their actions), which is what Geithner was referring when he said that some people were “Old Testament fundamentalists.”. from an interdependent collaborative long-term customer-serviceprovider relationship towards a short-term grab-all-you-can i'll-be-gone-and-you'll-be-gone mentality, and how this short-termism has unanticipated repercussions . Chapter V of the book ("What Publicity Can Do") contains in its opening section a well-known line that has frequently been cited in support of regulation through disclosure obligations: "Sunlight is said to be the best of disinfectants; electric light the most efficient policeman. It's the trader's shout of glee that greets a deal gone bad. I was born in Edinburgh, Scotland in 1948, and completed my schooling and undergraduate education in that city: I am fortunate to have lived most of my life in beautiful places. But Kay doesn't help us understa. I worked there under James Mirrlees, who was in due course to win the Nobel Prize for his contributions to economic theory. "Spear’s is the multi-award-winning wealth management and luxury lifestyle media brand whose flagship magazine has become a must-read for the ultra-high-net- worth (UHNW) community." This amount of money is a lot. Goodreads helps you keep track of books you want to read. - The Telegraph (UK). I have enjoyed all the novels I have read previously by Mr Cartwright but this is my favourite to date, full of astute observations, impressively drawn characters and humour which is often all the funnier for its deadpan delivery. You may think that a long serving, and distinguished, writer for the FT would be sympathetic to the City. Before financialization, executives had a great incentive to invest in their banks because they were personally invested as well. However, during the time of financialization, they began making their own deals and profiting from them. And if FT says this book takes us behind closed doors into the heart of the insider banking practices that apparently rule our world, who am I to argue?

This novel deserves a much wider readership, and would make an excellent movie. I’ve been a fan of Justin Cartwright for some years.

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