In 2001, Goldman Sachs structured a financial contract to allow the Greek government to appear to have less debt than it actually did. Years later, when the Eurozone crisis erupted, Goldman's actions were seen to be technically legal but the inevitable question of whether they were ethically wrong arose. In Something for Nothing, Maureen O'Hara examines the murky moral universe of modern finance and its foundational technique: arbitrage. Examining key cases, including the Lehman Brothers' collapse, O'Hara reveals the ways arbitrage can transgress ethical lines.

In its assessment of the mechanics of markets today and its call for more transparent and sound financial practices, Something for Nothing powerfully engages with the moral decision-making inherent in the financial system.

About the Author
Maureen O'Hara is the Robert Purcell Professor of Finance at the Johnson Graduate School of Management, Cornell University. She is recognized as one of the leading researchers in academic finance, with particular expertise in market microstructure, banking, and law and finance.

Reviews
"Something for Nothing joins and extends a worthy tradition dating back at least to Adam Smith-who was both an eminent philosopher and an eminent economist-in wrestling with how markets do or don't succeed in channeling some of our baser traits, greed and deception, in socially useful directions. Events surrounding the financial crisis and the ongoing project or crisis to construct a stable Euro zone have brought these always-present issues to the fore. Maureen O'Hara's distinction as an economist who knows what makes sophisticated 'high frequency' markets work lends especial credibility to her analysis. Getting these things right is important if the general public is to support wise regulation of these markets." -- Thomas J. Sargent, winner of the Nobel Prize in Economics and William R. Berkley Professor of Economics and Business at New York University "In Something for Nothing, Maureen O'Hara takes on the vitally important, and sometimes controversial, topic of 'legal vs ethical' for financial professionals and firms in a practical, balanced, educational, and most enjoyable way. This book should be mandatory reading for people entering our business and for anyone interested in how to restore-and retain-trust in the financial services industry and its people." -- Jack Brennan, former chairman and CEO of the Vanguard Group "Something for Nothing teaches finance from a moral perspective, integrating morals into the theory. This should be essential reading for people seeking an introduction to finance, who feel they can't really understand it properly if they can't square it with their deep values." -- Robert J. Shiller, winner of the Nobel Prize in Economics and Sterling Professor of Economics at Yale University



Book Information
ISBN 9780393285512
Author Maureen O'Hara
Format Hardback
Page Count 240
Imprint WW Norton & Co
Publisher WW Norton & Co
Weight(grams) 395g
Dimensions(mm) 218mm * 147mm * 25mm