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The Devil's Derivatives: The Untold Story of the Slick Traders and Hapless Regulators Who Almost Blew Up Wall Street . . . an by Nicholas Dunbar

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Introduction: The Siren Song of the Men Who Love to Win

It is safer to be a speculator than an investor. . . a speculator is one who runs risks of which he is aware and an investor is one who runs risks of which he is unaware.

—John Maynard Keynes

On a chilly winter’s evening in 2003, I went out to an exclusive nightclub in London’s Knightsbridge district favored by bankers and hedge fund managers. My senses were assaulted by thumping dance music as I followed my friend who was weaving across a dance floor thronged with leggy Russian blondes and the men who love them. There were acquaintances under the strobe lights: I spotted the global head of interest rate trading at a big German bank shimmying up against a pair of microskirted brunettes who ...

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