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    Other People's Money: The Real Business of Finance
    Other People's Money: The Real Business of Finance
    Other People's Money: The Real Business of Finance
    Audiobook11 hours

    Other People's Money: The Real Business of Finance

    Written by John Kay

    Narrated by Walter Dixon

    4/5

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    About this audiobook

    The finance sector of Western economies is too large and attracts too many of the smartest college graduates. Financialization over the past three decades has created a structure that lacks resilience and supports absurd volumes of trading. The finance sector devotes too little attention to the search for new investment opportunities and the stewardship of existing ones, and far too much to secondary-market dealing in existing assets. Regulation has contributed more to the problems than the solutions.

    Why? What is finance for? John Kay, with wide practical and academic experience in the world of finance, understands the operation of the financial sector better than most. He believes in good banks and effective asset managers, but good banks and effective asset managers are not what he sees.

    In a dazzling and revelatory tour of the financial world as it has emerged from the wreckage of the 2008 crisis, Kay does not flinch in his criticism: we do need some of the things that Citigroup and Goldman Sachs do, but we do not need Citigroup and Goldman to do them. And many of the things done by Citigroup and Goldman do not need to be done at all. The finance sector needs to be reminded of its primary purpose: to manage other people's money for the benefit of businesses and households. It is an aberration when the some of the finest mathematical and scientific minds are tasked with devising algorithms for the sole purpose of exploiting the weakness of other algorithms for computerized trading in securities. To travel further down that road leads to ruin.
    LanguageEnglish
    PublisherAscent Audio
    Release dateOct 1, 2015
    ISBN9781469063102
    Other People's Money: The Real Business of Finance
    Author

    John Kay

    John Kay is a visiting professor at the London School of Economics, and a Fellow of St John's College, Oxford. He is a director of several public companies and contributes a weekly column to the Financial Times. He chaired the UK government review of Equity Markets which reported in 2012 recommending substantial reforms. He is the author of many books, including the best-selling Obliquity (2010).

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    • 4/5
      John A. Kay is an economist, an emeritus fellow of St. John’s College, Oxford, and a writer. His academic area of interest includes the relationships between economics and business. Other Peoples Money is about banking. He considers that investment bankers do not add value to corporate dealings, but extract large fees that support the large incomes earned by traders and senior employees at investment banks. He says that investment banking involves “bezzle” in the senses of the difference between the current market value of an asset and its true long-term worth, and the time between when a confidence trickster has stolen money from a unsuspecting person and when that person realizes the money has been stolen.Most people need banks to deposit funds and draw funds. Banks that lend depositers’ funds to fund investment transactions put depositers’ funds at risk. Changes in banking culture have made complex bank regulations almost pointless.