Daily Archives: Nov 9, 2019 at 08:14 am EST

Book Bits | 9 November 2019

How Money Became Dangerous: The Inside Story of Our Turbulent Relationship with Modern Finance
By Christopher Varelas and Dan Stone
Review via Kirkus Review
Varelas charts the evolution—or, more, accurately, devolution—of the modern financial sector, noting that when banking firms went public there was no longer a personal stake in the game but instead only “employees looking to maximize annual compensation” without sufficient concern for risk, one of what Walt Disney called “the hard facts that have created America.” Other negatives in the system, writes the author, are time-sensitive algorithms whose speed divorces prices from “reality” and a corporate culture that turns the financial-sector worker into “merely a cog in a global delivery mechanism.” The author’s exercise in forensic accounting as he examines a case of government bankruptcy is particularly fascinating.

Continue reading