In the 1990s, a young team at Wall Street investment bank JP Morgan pioneered a new way of making money – credit derivatives. Within a decade, the market for these exotic securities had exploded to more than $12,000bn – and some people later blamed them for fuelling the global financial fiasco. In the first of two extracts from her book, Fool's Gold, the FT's Gillian Tett reveals how the innovation genie was first let out of the bottle – and eventually devoured the system, to the horror of its creators.
在20世纪90年代，华尔街投资银行摩根大通(JP Morgan)的一支年轻团队设计了一种新的营利方式信用衍生品。仅在十年之内，这些新奇证券的市场就膨胀到12万亿美元以上——一些人将manbetx app苹果 金融危机归咎于此。《金融时报》的吉莲•邰蒂(Gillian Tett)新近出版了《Fool's Gold》，在这本书中两段摘录的第一段中，她揭示了这个革新性的妖魔如何从瓶中被放出来——令它的创造者大为恐慌的是，它最终毁坏了这个系统。
您已阅读3%（716字），剩余97%（23976字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。