Product Description

On 13 September 2007, Robert Peston broke the news that Northern Rock had become a victim of the global credit crunch and was seeking an emergency loan from the Bank of England. It was the latest in a long line of scoops by this award-winning journalist. Over the weeks that followed, the Government found itself exposed to the Rock to the tune of 57 billion, or almost £2000 for every taxpayer.

As Robert Peston shows in his fascinating new book, the seeds for the collapse of Northern Rock and the upheavals in the financial markets were sown years before.

WHO RUNS BRITAIN? is the first time anyone has drawn all the threads together to weave a story that's rich in extraordinary characters and outrageous feats of economic bravado. This book is about the widening gap between the super-rich and the rest of us. It explores and explodes the myth that the financial creativity of those who are amassing these vast fortunes is good for the wider economy and for all of us. Whether you're a financial expert or just have a bank account, WHO RUNS BRITAIN? is a book you must read. (20080202)

Product Details

• Amazon Sales Rank: #4058 in Books
• Published on: 2008-10-30
• Original language: English
• Binding: Paperback
• 368 pages

Review
'This remains the most riveting book on finance you may ever bother to read.'
--Evening Standard

Review
'A compelling portrait of early 21st century casino capitalism ... essential reading.' (Howard Davies, The Times 20081101)

'Fluent, incredibly up to the minute look at Britain ... Peston, in relaxed, conversational style is a great travelling companion along the highways of finance.' (Observer 20081116)

'This lucid and timely guide to the world of turbo-capitalism ... absorbing book, essential reading for anyone who wants to know how the British economy now operates.' (Peter Wilby, Guardian 20081123)

'starkly lucid' (Polly Toynbee, Guardian 20081123)

'Peston catches the zeitgeist of Britain and the paradox that is Gordon Brown.' (Financial Times )

'engaging' (Harry Mount, Telegraph )

'Peston is our rock... The triumph of Robert Peston makes me proud of my old paper, the BBC and of journalism in general.' (Sarah Sands in Independent on Sunday )

'This remains the most riveting book on finance you may ever bother to read.' (Evening Standard )

'I recommend this book' (Nicholas Lezard in The Guardian )

'wonderful clarity' (Sunday Telegraph )

'this remains the most riveting book on finance you may ever bother to read' (Scotsman )

Book of the year (Financial Times )

About the Author
Robert Peston is the BBC's Business Editor. In 2007, he won the Royal Television Society’s Television Journalism Award for Scoop of the Year and the Wincott Award. He was Journalist of the Year in the Business Journalism of the Year Awards for 2007/8. Previously the Sunday Telegraph’s City Editor and Political Editor at the Financial Times, he won the ‘What The Papers Say’ award for investigative journalism. www.bbc.co.uk/robertpeston. (20080202)

Customer Reviews

The Credit Crunch: who dunnit?: a good read
To predict the future it is necessary to understand the past and Robert Peston's book is a valuable, well written and easy to read way to do this. It is the recent background to the business elite of a Britain that now faces an unprecedented financial mess

It gives colourful insight into the big personalities ( Philip Green, Stuart Rose, Allan Leighton ) the big financial organizations ( hedge funds private equity firms, and globalised investment banks) and the big politics which provide the backdrop to the dance of excess and greed that led us into the current melt down.

Much of the material is not new but it is very well told. It's a journalist's book rather than that of an historian. In truth it is really a number of different short books pulled together between one set of covers. It is a series of stand alone stories: Arcadia Group, Marks & Spencer's, Royal Mail, a who's who of hedge funds and private equity and the background to the sale of honours.

Peston has had a ringside seat for the past few years and this book allows us to share his privileged access. Most of the individual stories are fascinating, well written and related by a deeply well connected and knowledge insider. Although, to be honest, the chapter on pensions is rather hard going and only for real enthusiasts like Lord Turner who gets numerous mentions.

The title is a little misleading and echo perhaps of the seminal "Anatomy of Britain". by Anthony Sampson. "Credit Crunch: The Suspects" might have been a better alternative.

And finally in one sense the book is a mystery story. Does Peston like Gordon Brown and the Labour party or not? He seems unsure himself but at least it keeps the reader guessing.

All in all an adornment to any book shelf.

worth it
I got the impression that Peston was urged to put out a book quickly, so he used a lot of his old archive material (Green, M and S etc). But it's worth it as there are some good chapters on hedge funds, and a reminder that our banks were actually borrowing to buy all that toxic waste, which somehow drove home the stupidity of it all.
Not as good as his scoops!

A clear explanation of why the financial crisis has happened
I liked this book a lot because it does not treat the reader like an idiot
What is also good is that he evidently has talked to the people involved and so it includes a huge amount of personal views from some of the main protagonists. His explanation of the greed of the finacial wizards, the wrong headed approach of the government and the effects on you and I is very clear - the only problem after reading this is that the depths of the problems in the financial sector look a lot worse and its clear that we as individuals will pay for this collective failure.
I did not give it five stars because of a style issue is that certain things were repeated a number of times so that it read a bit like a collection of essays but overall if you want to understand why we have the problems in the financial sector and now the real world economy then I can recommend this. Think of the plus when someone asks you what a Structured Investment Vehicle (SIV) is - and thanks to this you will know. You'll be bemused was to why it was ever thought a good idea, but you will know what it was and why valuing them became such a problem.
And finally it comprehensively shows the failings of the Prime Minister when he was chancellor - he may not have caused all the problems but the policies he pursued have made the problem worse for us all - and our grandchildren as well. Read this and I suspect that you will not see him as 'Super Gordon' after this.
Damm good read - making financial economics interesting !