Many Wall Street experts have predicted that eventually the industry is headed for a financial meltdown, and Richard Bookstaber, who has spent his career designing derivatives, working on the street and running a hedge fund believes the same as well, according to The Wall Street Journal.“The financial markets that we have constructed are now so complex, and the speed of transactions so fast that apparently isolated actions and even minor events can have catastrophic consequences,” Bookstaber wrote in this new book, “A Demon of Our Own Design: Markets, Hedge Funds and the Perils of Financial Innovation.”

Bookstaber runs hedge fund FrontPoint Partners, which was bought by Morgan Stanley last year. 

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