I'm eager to read the remaining three parts of this series. Very well written, this piece provides a superficial yet understandable introduction to derivatives and structured financial instruments.

In order to understand what happened with AIG, once a premier leader in the insurance industry, Robert O'Harrow Jr. and Brady Dennis (along with Bob Woodward’s contribution,) have written an investigative historical account of AIG in a three-part story, which started Monday, December 29, 2008. The first part of the series takes place between 1987 and 1998. “Greed on Wall Street and blindness in Washington certainly helped cause the financial system's crash. But a deeper explanation begins 20 years ago with a bold experiment to master the variable that has defeated so many visionaries: Risk.” This story is a narrative of AIG’s history investigation based on public and internal documents such as “Securities and ... More »

Wow! What a fascinating story. Though he doesn't actually say so, the use of quotes seems to indicate this story comes directly from the people involved. As such, it presents a unique inside look on how this complex house of cards was built and how it fell.

Captivating account of early hedge mechanisms and innovation on Wall Street. The main players have been interviewed recently, and their thoughts and insights are included. Extremely well written and key financial concepts are clearly explained. Lots of context help readers understand that this epic financial crisis we're facing is long in the making. The first of three in a series -- very in-depth.