Rigged – Ben Mezrich

Wonderful story of a Harvard guy who just after graduating got job with NYMEX and was shocked on seeing those meatheads fighting on trading floor. He had a hard time getting adjusted to that environment and everybody thought he won’t survive for more than a week there.

Mendelson rightly described to John that traders are savants, who know numbers the same way a gambler knows cards – instinctively. And more importantly, they have got balls. You have to know the math and you have to be scrapper. You have to know how to fight. These were Mendelson’s words.

It explains the system inside the Merc, which was something like family business and no way you can get in without a solid connection. People who were already in were very influential and didn’t want to change the system; didn’t want to let exchange go electronic as that meant for them going out of business.

John who was made VP of Strategy at 27 years of age met Khaled in Dubai and in spite of all the restrictions from the most powerful people in this industry went ahead to create Dubai Mercantile Exchange.

Rigged shows good picture of Dubai and how in reality it is divided into two Dubais. One for outsiders and the other for insiders. One where everything is legal and the other where all that legal is illegal.

I think Ben could have cut short as one starts feeling reading same things again, especially about Dubai and its life.

Good one for the long July 4 weekend!


About Danish Kapur

Danish Kapur is a writer, commentator and actively follows the global financial markets.

No comments yet... Be the first to leave a reply!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: