Top Highlights

• Why did the bankers, regulators, and ratings agencies collaborate to build and run a system that was doomed to self-destruct? Did they fail to see the flaws, or did they fail to care?
• how an entire financial system went wrong as a result of flawed incentives within banks and investment funds, as well as the ratings agencies; warped regulatory structures; and a lack of oversight.
• Even today, after all the devastation, some of the tools and innovations developed during the credit boom should be seen as potentially valuable for twenty-first-century finance.
• most members of the banking and wider investing world had absolutely no idea how derivatives were producing such phenomenal sums, let alone what so-called swaps groups actually did.
• He viewed almost every aspect of the world around him as a complex intellectual puzzle to be solved,