Traders, Guns And Money: Knowns And Unknowns In The Dazzling World Of Derivatives

Paperback | January 6, 2013

bySatyajit Das

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A sensational and compelling insider’s view that lifts the lid on the fast-paced and dazzling world of derivatives, now in a smaller, paperback format.

Traders Guns and Money is a wickedly comic exposé of the culture, games and pure deceptions played out every day in trading rooms around the world. And played out with other people’s money.

This sensational insider’s view of the business of trading and marketing derivatives, explains the frighteningly central role that derivatives and financial products played in the global financial crisis.

This worldwide bestseller reveals the truth about derivatives: those financial tools memorably described by Warren Buffett as ‘financial weapons of mass destruction’. Traders, Guns and Money will introduce you to the players and the practices and reveals how the real money is made and lost.

 ‘The sexier side of finance ... at last ... a convincing picture of what life is like in today’s modern financial industry.’

Corporate Financier

 

‘....more riveting than the Da Vinci Code...in the mould of Liars’ Poker...an insider’s account of how derivatives markets work...’

Goola Warden, The Edge

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From the Publisher

A sensational and compelling insider’s view that lifts the lid on the fast-paced and dazzling world of derivatives, now in a smaller, paperback format. Traders Guns and Money is a wickedly comic exposé of the culture, games and pure deceptions played out every day in trading rooms around the world. And played out with other people’s m...

Satyajit Das is a globally known and respected consultant in the area of financial derivatives and risk management. He is the author of bestselling Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives and Extreme Money.

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Format:PaperbackDimensions:440 pages, 8 × 5.15 × 1 inPublished:January 6, 2013Publisher:Pearson EducationLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0273776762

ISBN - 13:9780273776765

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Extra Content

Table of Contents

List of figures and tables

Prologue   

   Miracles and mirages

   Serial crimes  

   Beginning of the end/end of the beginning  

   Knowns and unknowns   

   Unreliable recollections   

   Summary judgment  

  1   Financial WMDs – derivatives demagoguery

   School days  

   It’s all Chinese to me  

   A derivative idea   

   Betting shops  

   Secret subtexts   

   Leveraged speculations   

   Under the radar  

   Whole lotta swapping going on

   The golden age/LIBOR minus 50  

   Warehouses

   Serial killings

   Forbidden fruit   

   Derived logic   

  2   Beautiful lies – the ‘sell’ side  

   Smile and dial   

   Market colour  

   Rough trade  

   Analyze this  

   Class wars  

   Ultra vires  

   Feudal kingdoms   

   Uncivil wars  

   Golden rules  

   Business models   

   The medium is the message  

   Bondage  

   Tabloid cultures

   Conspicuous currency  

   Ethnic cleansing

   Foreign affairs

   FILTH   

   Lost in translation

   A day in the life  

  3   True lies – the ‘buy’ side  

   Turn of the fork  

   Risky business   

   Magic kingdoms   

   Stripping or stacking/hedging perils, again   

   Me too  

   ‘Zaiteku’ or the bride stripped bare

   The gamble in P & G   

   Tobashi, baby

   Gnomes of Zermatt and Belgian dentists

   Death swaps

   Investment fashions   

   Alpha, beta, zeta   

   Looking after the relatives  

   Agents all   

   Unique selling propositions  

  4   Show me the money – greed lost and regained  

   Money uncertainty  

   Toll booths   

   Take a seat

   Efficient markets

   On the platform  

   A day at the races

   Black swans, black sheep   

   Trading places

   Secret intelligence

   Overwhelming force   

   Oracle of Delphi

   Free money   

   The colour of money  

   In reserve   

   A comedy of errors  

   Black holes

   What’s the number?   

   Nothing like excess  

   Nice work if you can get it  

   Dukes of Hazard

  5   The perfect storm – risk mismanagement by the numbers  

   Shock therapy

   Holy risk!

   Risk spin  

   Risqué matters

   Placebo effects   

   Among the unbelievers   

   Risk cults

   In the long run . . .

   Modus operandi   

   Secret trader’s business  

   Let the good times roll  

   The perfect storm  

   Weather forecasts   

   Endgame  

   Mean risk   

   Extreme sports

  6   Super models – derivative algorithms

   Out of the sheltered workshops

   Rocket science   

   Culture wars  

   Conveyor belts   

   Trivial pursuits   

   Grand oprey  

   The quest   

   Genesis

   Gospels

   Greek tragedies   

   Failing the model test

   CSI (Crime Scene Investigation) 1987 – ‘Oh LOR-dy!’  

   CSI 1992 – ERM (extremely risky, man!)   

   CSI 1998 – selling England by the pound   

   CSI 1998 – Asian fever  

   Model envy  

   Omitted variable bias  

  7   Games without frontiers – the inverse world of structured products

   Driving over lemons   

   The best of times . . . the worst of times   

   Ghostbusters   

   It wasn’t me, sir  

   Heaven and hell

   Split personality

   Golfing holidays

   The flood

   Power to the people

   Recycling junk

   Six packs  

   Take no prisoners

   The usual suspects

  8   Share and share alike – derivative inequity  

   Billion dollar baby

   Self arbitrage

   Arbitraging others   

   Taking it over  

   Buying back the farm

   Who’s fooling who?

   Strippers  

   Pearls of wisdom   

   Own goals  

   Taxing times  

   Fund times

  9   Credit where credit is due – fun with CDS and CDO   

   Credit wars

   Credit epiphanies  

   First-to-credit derivatives   

   Remote credit  

   Mistaken identity  

   Heard it on the grapevine   

   Guaranteed delivery   

   Re-re-re-re-restructuring – CDS stutters  

   Beyond the push and pull  

   Imitation and flattery  

   Tranche warfare

   It’s super

   A capital idea   

   The arbitrage age  

   Hangovers

   UFOs  

   Geeks with Greeks

   Never believe your own lies  

   Russian dolls   

   Black holes

Epilogue

   The Asian century redux   

   Vexatious litigation

   The more things change  

   Hot tubbing  

   Rogue trader

   Bangs and whimpers  

   The China Club  

   BOAT (Best of all time)

   Knowns and unknowns   

Afterword: Credit crunch – the new known   known of financial markets

Living in the Age of Kali …   

Supersize my debt!  

Would you like debt with that?

The new liquidity factory  

Lying NINJA mortgagors  

The lines of transmission  

It’s different this time!   

The bear comes out of hibernation

Waiting for the other shoe to fall …

Financial shell games

The short and long of it all

Model shock   

Missing the mark

Truth in labelling 

Regulatory irregularities  

Reversion to mean   

Credit crunch  

Notes  

Index