Wheels of Fortune: The History of Speculation from Scandal to Respectability

Rating:
Summary: Whale of a Good Story
Review: Several members of my family are futures traders and this book captures the business perfectly. Also a good history, beginning before the Civil War and working its way toward the downfall of Long Term Capital Management. The author does a good job of mixing history, the markets and some great anecdotes together so you never get bored reading it. Valuable piece of history and worth the price.

Rating:
Summary: Thorough and Entertaining
Review: This book is a history of the futures and derivatives markets from the 1850s to the present. It painstakingly traces the history of the markets as they developed in Chicago and later in New York. What I liked was that the author mixed a good amount of the institutional history with stories about trading scandals to keep the reader interested and entertained. The markets showed that they were always two-faced -- dealing with the public and also for themselves. They got more mature after futures and options were introduced in the 1970's but were still seeing scandal until the late 1990s when the narrative ends. The book also discusses the battle between the markets and the government along the way and it is an interesting part of the story. Makes you wonder whether Enron would have happened if there had been stronger regulators in place. A highly recommended book since it is the first history that I know of that covers this material. Seems a vital part of American history that has been overlooked until now.