9 Financial Documentaries That Will Change the Way You Think About Money and Investing
By Vincent Trivett Sep 20, 2012 3:15 pm
From profiles of famous and infamous traders to sprawling economic oeuvres, here is our list of the best nonfiction must-sees for traders, investors, and other market observers.
The crisis didn't need have to happen.
Did the meltdown of the entire financial system truly blindside us all? Brooksley Born, the head of the Commodity Futures Trading Commission, wasn't surprised at all. She urged tighter regulation of over-the-counter derivatives in the 1990s, but was unheeded. A Washington Post profile compared Born to Cassandra, the mythical character that was blessed with the gift of prophesy, but cursed by Apollo so that no one would believe her.
"I was very concerned about the dark nature of these markets," Born said in the profile. "I didn't think we knew enough about them. I was concerned about the lack of transparency and the lack of any tools for enforcement and the lack of prohibitions against fraud and manipulation."
Eventually, despite pooh-poohing from Alan Greenspan and Larry Summers, Born presented her concept paper on regulating derivatives such as credit default swaps. She was swiftly decried. The Wall Street Journal claimed that "the nation's top financial regulators wish Brooksley Born would just shut up." And just a few months later, Long Term Capital Management found itself sunk by those very derivatives.
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Get The Minyanville
Daily Recap Newsletter
Daily Recap Newsletter