The Secret Club That Runs the World: Inside the Fraternity of Commodity Traders
| Author | : | |
| Rating | : | 4.75 (598 Votes) |
| Asin | : | 1591845467 |
| Format Type | : | paperback |
| Number of Pages | : | 288 Pages |
| Publish Date | : | 2016-12-23 |
| Language | : | English |
DESCRIPTION:
KATE KELLY, author of the New York Times bestseller Street Fighters, covers Wall Street for CNBC. . She spent ten years at the Wall Street Journal, where she won a Livingston Award and two Gerald Loeb awards. She lives in Brooklyn with her family
And the contracts they trade are still so loosely regulated that the correct combination of money and skill creates irresistible opportunity. Their astonishing wealth was created in near-total obscurity, because they dwelled either in closely held private companies or deep within large banks and corporations, where commodity profits and losses weren’t broken out.But if the individual participants in the great commodities boom of the 2000s went unnoticed, their impact did not. “Commodity players are a shrewd and indomitable lot. They don’t seek the media spotlight. They don’t want to be as famous as Warren Buffett or Bill Gross. What was really driving all those price spikes?Now Kate Kelly, the bestselling author of Street Fighters, takes us inside this secretive inner circle that controls so many things we all depend on. Though the practice of gaming out price changes in commodities goes back to ancient Mesopotamia, it had never before reached the extremes of the early to mid-2000s. She gets closer than any previous reporter to unde
Charlie Harig said Ambitious Undertaking. Kate Kelly took on a large task in attempting to piece together the world of commodities trading from scratch. This is noble of her, but my compliments related to this book end here.Overall, this was a very superficial glance at the commodities space. Rather than explain any inner-workings of the industry, Kelly just describes a few average bios of traders. This isn't necessarily bad (see: Market Wizards), but the bios themselves seemed contrived and were often uninteresting/unimportant (why was Fan even mentioned in this book? Because of her gender?). There are plenty of "ooey-gooey" stories out there amongst comm. "The text is good and readable, but the story is somewhat misleading from the big picture of fiscal monopoly." according to Elías Kristjánsson. What this book has in common with the play The Merchant of Venice, by Shakespeare, is that observant Jews play a big role.What is unusual, is that the book is full of names of the players and their family status.What is not mentioned is that the excess trading and risk taking was the product of Universities which thought monetarism as a religion and was often confirmed by the High Priest of FR. Allan GreenspanIn his book Wealth of Nations, Adam Smith makes an exception on free trade and advocates monopoly when risk is very high, as example The East India Company and The British South Africa Company, with both had o. Horrible book on the subject Tariq Albazzaz The good thing about the book is there are a few stories/names I hadn't heard of that I got to hear about. That leads to it being somewhat interesting at points. However, as someone who's in the industry, I can tell you this book is way over the top and exaggerated. The author also clearly does not have an understanding of trading and how markets work, which leads to bad writing on the subject. There were times in the book where I literally didn't know whether to be annoyed or just laugh at her writing.I would not recommend this book to anyone because it paints a false picture.
But the great commodities boom of the early 2000s attracted flamboyant risk-takers, whose transactions ultimately produced wild swings in prices on gasoline, food, and other essentials and prompted regulators to try to crack down. With exclusive access to the major players in the commodities market, Kelly offers fascinating portraits of huge egos and details of byzantine deals, including a massive merger aided by former UK prime minister Tony Blair. This is an absorbing inside look at the shady world of multinational brokers. CNBC market reporter Kelly (Street Fighters, 2009) unveils the secretive world of unregulated hedge funds, of banks and brokers who trade for their own accounts often against the