JP Morgan's Tribal Warriors: Gillian Tett's new book, Fool's Gold, brings an anthropologist's perspective... (via @thedailybeast)

"When the real-estate bubble burst in 2006, derivatives and securities tied to subprime mortgages began to lose value. As it turned out, the fact that the derivatives had spread the risks throughout the system only worsened things. Dubious debt was all over the place, and nobody knew exactly where."

[Sent from my iPhone 3GS]