( Free ) ♀ How I Caused the Credit Crunch: An Insider's Story of the Financial Meltdown ♊ MOBI eBook or Kindle ePUB free

2.5 stars rounded up to 3Despite reading this book with no expectations of what it was going to be like, I am still a bit disappointed The author starts off with an introduction where he supposedly sets the tone for the book and explains the purpose behind writing this book Let s be honest here, there is no larger purpose The author would need to be delusional to genuinely believe that anyone would read this book and learn from mistakes made in the past to avoid making them again Moving 2.5 stars rounded up to 3Despite reading this book with no expectations of what it was going to be like, I am still a bit disappointed The author starts off with an introduction where he supposedly sets the tone for the book and explains the purpose behind writing this book Let s be honest here, there is no larger purpose The author would need to be delusional to genuinely believe that anyone would read this book and learn from mistakes made in the past to avoid making them again Moving on when an ex investment banker writes a book about the credit crunch, the best parts for a reader would be to understand exactly what happened and the major players involved Right at the outset, Ishikawa declares that he will not be naming any of the key players since he does not want to take the responsibility for apportioning blame So, this ends up being a fictionalized account of the banking experience Additionally, he seems to have initially wanted to make the book a lottechnical in its explanation Apparently, the feedback he got on the initial manuscript from his friends made him add in all those references to the crazy partying, making out with Brazilian strippers, and cocaine snorting sequences in the book To be fair to Ishikawa, the book might have been an easier read had he stuck to his original manuscript This is not to imply that fiction is a bad medium for this topic I enjoyed watching The Big Short it was well constructed and engaging yet to read the book, though But this book ends up being neither here nor there it is not a comprehensive account of the financial crisis due to the fact that it omits using real names of relevant institutions and fictionalizes the narrative Neither is it a well rounded piece of fiction the eyeball grabbing passages included in the book to please Ishikawa s friends seem forced in, reflecting the fact that they were an afterthought Bottom line is that if someone wants an explanation of the technical aspects of the causes of the financial crisis, there are far better,succinct explanations out there I remember reading some very well written articles online during the 2008 10 period which did a great job analyzing causes It s tough for a part fiction part real book to compete with the thoroughness and clean ness of cause and effect diagrams and flowcharts Again, let me be fair to Ishikawa he does try initially to explain the basics of securitization and Mortgage Backed Securities MBSs at the outset But as the story drags on, he expends lesser and lesser effort to explain things in a relatable manner, and the content gets drier as a reader turns the pages I ended up skimming through the the last 30 or so pages in an attempt to finish the by now very boring book quickly At times, Ishikawa does illustrate a few points well greed and how people can get trapped in the vicious cycle without their knowledge, how the inflow of vast sums of money at a young age can cocoon that person in a bubble removed from reality, the objectification of women by men with money in this case, bankers , and the propensity of a large section of humankind to value people s worth on a purely monetary basis.But these revelations are few and far between This is a balancing act gone wrong it doesn t work as educational non fiction, and it definitely doesn t make the cut for good fiction So not significantly different from Cityboy, the fact that it was a rushed job is evident throughout the book Parts of it flow decently well, others are shoe horned in or just plain over written Another pass by a severe editor would ve helped enormously, and as much as I would like to rate books on their potential What I did appreciate was his getting down into the details of the CDO s and related instruments, though I think his explanations became less rigorous and drier as the book w So not significantly different from Cityboy, the fact that it was a rushed job is evident throughout the book Parts of it flow decently well, others are shoe horned in or just plain over written Another pass by a severe editor would ve helped enormously, and as much as I would like to rate books on their potential What I did appreciate was his getting down into the details of the CDO s and related instruments, though I think his explanations became less rigorous and drier as the book wore on rush job His early analogies were powerful and explanative, but later on they really fell short of the task.The final chapter s moralizing was astonishing Firstly, for its lack of self awareness at least two of his points were directly contradicted earlier in his own text , and secondly, for running almost entirely contrary to his feebly stated goal of atonement at the outset It should ve been axed, or at least significantly re written to better coincide with the introductory chapter.I think the story was written, and then the first and final sections were shoe horned on as almost an afterthought as the sheer scale of the unfolding calamity was realized Overall, it was an interesting glimpse into the crisis, from an insider, but the technical explanations fell short of the mark, and the lurid drugs hookers cash trifecta of the financial industry s excesses was better captured in other books So it s OK, but it didn t excel in any particular area What a letdown Ishikawa spent six years selling CDOs for ABN Amro, Goldman Sachs and Morgan Stanley, giving him a front row seat for the credit bubble s inflation eventual crash And yet his narrative is thoroughly unsatisfying, partly because it s a roman clef, which makes discerning real from fabricated events difficult But worse still, his accounting is so superficial and or larded with bullsht as to render it near worthless At the outset he declares I didn t want to blame anyone, l What a letdown Ishikawa spent six years selling CDOs for ABN Amro, Goldman Sachs and Morgan Stanley, giving him a front row seat for the credit bubble s inflation eventual crash And yet his narrative is thoroughly unsatisfying, partly because it s a roman clef, which makes discerning real from fabricated events difficult But worse still, his accounting is so superficial and or larded with bullsht as to render it near worthless At the outset he declares I didn t want to blame anyone, let alone run the risk of over burdening some and under burdening others with responsibility for the credit crunch After all, I m not one to say who s guilty or not, and ultimately it doesn t help us to move on anyway pp 2 3 Thus, given Ishikawa s adherence to the ethos that one does not get ahead in business by sternly judging the moral character of others, the reader wonders why he has written a 344 page tale of how the credit crunch was caused if he intended to be nonjudgmental To tolerate something one first has to judge it, which would require thinking, fact gathering, writing rewriting too little of which, unfortunately, are evidenced in this book Such a shame He had the experience but missed the meaning Billed as an insider s story of the financial meltdown , Ishikawa changes names to protect individual and corporate privacy, to construct a fictionalised account of what it was like being one of the key players during the credit boom, whilst working in investment banking Ishikawa really tries to make the reader understand what was happening in credit financing and how the collective confidence and greed ultimately resulted in the collapse of the sub prime market which eventually led to the wor Billed as an insider s story of the financial meltdown , Ishikawa changes names to protect individual and corporate privacy, to construct a fictionalised account of what it was like being one of the key players during the credit boom, whilst working in investment banking Ishikawa really tries to make the reader understand what was happening in credit financing and how the collective confidence and greed ultimately resulted in the collapse of the sub prime market which eventually led to the world banking crisis ( Free ) ♶ How I Caused the Credit Crunch: An Insider's Story of the Financial Meltdown ♵ Anticipate brisk sales this book succeeds as a lesson on the credit mess BloombergTaking in everything from subprime mortgages in the United States to international trading floors, How I Caused the Credit Crunch is a vivid and personal account of twenty first century banking excess Tracing seven years at the forefront of the credit markets, it is both a powerful tale of lost innocence and an explanation of how the collective folly, frailty, and greed at the heart of the banking crisis were able to happenTetsuya Ishikawa grew up in London and has worked at Goldman Sachs, Morgan Stanley, and ABN AMRO Whilst it may have been how some investment bankers lived, it won t be representative of many, it was nevertheless an ok book to read about the excesses of some in the industry and the pressures they were under. A vivid and personal account of 21st century banking excess.How I Caused the Credit Crunch traces seven years at the forefront of the credit markets, a tale from the heart of the bewildering banking maelstrom whose catastrophic collapse has plunged the world towards the worst recession since the 1930s.Tetsuya Ishikawa s story reveals how a young Oxford graduate finds himself in command of vast sums of other people s money how a novice to the mysteries of hedge funds, subprime mortgages and CDOs A vivid and personal account of 21st century banking excess.How I Caused the Credit Crunch traces seven years at the forefront of the credit markets, a tale from the heart of the bewildering banking maelstrom whose catastrophic collapse has plunged the world towards the worst recession since the 1930s.Tetsuya Ishikawa s story reveals how a young Oxford graduate finds himself in command of vast sums of other people s money how a novice to the mysteries of hedge funds, subprime mortgages and CDOs can fix complex deals for billions of dollars in the exclusive bars, brothels and trading floors of London, New York, Frankfurt and Tokyo, and reap the benefits in a colossal annual bonus and an international luxury lifestyle.Ishikawa s book, which deftly explains the arcane financial instruments now grimly associated with the credit crunch, is both a powerful tale of lost innocence and an expos of the disturbing truth of the collective folly, frailty and greed at the heart of the banking crisis Anticipate brisk sales this book succeeds as a lesson on the credit mess Bloomberg.com How I Caused the Credit Crunch is worth reading The Times Sets a high standard for others to follow Creditflux If you liked Liar s Poker, Michael Lewis seminal book on the financial excesses of the 1980 s, then this book is for you www.uk analyst.com taking the bestseller lists by storm Ishikawa s book is a vital reminder that financial markets are not the workings of cold mechanical forces, but of warm flesh and blood www.transformingbusiness.net Told in a riveting manner The narrative promises to grip the reader Business India Very very bad book which tries, inexplicably, to make technical descriptions of the 2008 credit crunch interesting by fictionalising them and interspersing them with scenes in strip clubs I would award it one star, but the option doesn t exist There are many better books Read Michael Lewis The Big Short for a great explanation of why the credit crunch happened Read Cityboy Beer and Loathing in the Square Mile if you really really REALLY want to read about banking sales guys snorting coca Very very bad book which tries, inexplicably, to make technical descriptions of the 2008 credit crunch interesting by fictionalising them and interspersing them with scenes in strip clubs I would award it one star, but the option doesn t exist There are many better books Read Michael Lewis The Big Short for a great explanation of why the credit crunch happened Read Cityboy Beer and Loathing in the Square Mile if you really really REALLY want to read about banking sales guys snorting cocaine off the buttocks of a Brazilian prostitute sprawled over the bonnet of a Ferrari Or whatever At least Cityboy is funny I was surprised, though it is not even a biographies kind of book but there are still relevant points raised by author I do admit some of the grammar and it is not that I could give five star but, it is interesting book to read It give me another hint to read another book that I guess it would be interesting also.This book soundspractical to me personally compares to other from practitioner and academician type of book It is soundsdirects However, am a bit confuse of this book, i I was surprised, though it is not even a biographies kind of book but there are still relevant points raised by author I do admit some of the grammar and it is not that I could give five star but, it is interesting book to read It give me another hint to read another book that I guess it would be interesting also.This book soundspractical to me personally compares to other from practitioner and academician type of book It is soundsdirects However, am a bit confuse of this book, if you look only to its cover This isn t a biography, or non fiction It s a poorly written fictionalisation of the events leading up to the subprime crisis, almost embarrassing in its contrived simplicity I was sorely disappointed.