by Gillian Tett
Comdex, 51–52
compensation, see pay and incentives
complexity:
classification systems as means of dealing with, 28–29, 224
silos as means of dealing with, 14, 19
concurrent engineering, 65
conduits, 118–19, 121, 123–24, 268n
consumers, complacency of, ix
Cook, Tim, 64
Copernicus, Nicolaus, 129
Corcoran, Chris, 7
Cosgrove, Delos “Toby,” 198, 253
appointed Cleveland Clinic CEO, 193, 201
background of, 202
capacity for change of, 203
as cardio-thoracic surgery head, 201–2
Cleveland Clinic organizational tree revolutionized by, 197, 204–10
dyslexia of, 193, 202, 203–4
empathy and, 193–94, 211–12
Harvard Business School lecture of, 192–93, 196–97, 211
medical classification systems reimagined by, 204
medical innovations of, 193, 203
surgical skill of, 192–93, 201, 203
in Vietnam War, 202
Costas, John, 87, 88, 95–96, 99
Crédit Agricole, 230
credit bubble, ix, 2
credit card debt, ix
credit crisis, see financial crisis of 2007–8
credit default swaps, 219
Credit Suisse, 88, 94, 96
Crile, George Washington, 197–98, 199, 200
Crilly, Kim, 188
cultural anthropology, xi–xii
Bourdieu’s influence on, 46–48
insider-outsider perspective of, 26, 42, 43, 46, 50, 143, 251, 252
merger of sociology and, 48
participant observation in, 37, 38, 43, 48, 49, 186, 251
in split with physical anthropology, 38
understanding silos through, 19–21, 25–50, 250–53
cultural capital, elite’s power reinforced by, 44
cultural norms:
as reflection and reinforcement of mental maps, 28, 30, 44
seen as natural and inevitable, 32, 40–41, 42, 44, 55, 251
unstated rules in, 45
see also habitus
cultural translators, 248–49, 254
culture, anthropological definition of, 20
Dahl, Roald, 201
Da Nang, Vietnam, 202
Darwin, Charles, 35
Darwinism, 35–36
Davies, Howard, 108
Dean, Ben, 7
de Blasio, Bill, 245
Debrah, Yaw, 236
Debreu, Gerard, 112
debt, financial system as overloaded with, 128, 131, 134
Debt Management Office, British, 115
Diamond, Jared, 31
Dillon Read, 86
Dillon Read Capital Management, 95–96, 99
Dimon, Jamie, 218–19, 234
Distinction (Bourdieu), 43
doctors, see medicine
Dogra, Ami, 239–41
Dougan, Brady, 96
DuMerer, Danielle, 159, 160
Dunbar, Robin, 172–73, 200
Dunbar’s number, 172–73, 180, 200
Eastman, Caroline, 30
economists, economics, 107–35
classification systems of, 118–19, 121–22, 127, 196
efficient markets theory in, 112, 227
epistemology of, 110
and financial crisis of 2007–8, 108–9
holistic view needed in, 132
mathematical modeling in, 112–13, 132, 227–28
mental maps and, 125, 127, 130
money and banking downplayed by, 116–17
policy-shaping power of, 113–14
“rational expectations” theory in, 112, 115
silos and, 17, 18, 109, 110, 130–31, 133, 134–35, 222, 247, 249
tunnel vision and, 17, 122–23, 127–28, 130–31
see also financial system
economy, global, interconnectedness of, x, 12–13
efficiency:
premium put on, 253–54
silos and, 14, 254
Effron, Blair, 87
Elementary Structures of Kinship, The (Lévi-Strauss), 38
Elizabeth II, Queen of England, 107–9, 110, 130
Emanuel, Rahm, 158
Emanuel administration:
Goldstein as chief data officer in, 158–59
WindyGrid interactive map of, 159–60
empathy, in medicine, 193–94, 211–12
Enigma, 245
epistemology, 134, 249
of economists, 110
Ernst & Young, 94–95
ethnography, 37
evolution, 35
exchange traded funds (ETFs), 105
Facebook, xi, 80, 135, 200, 247
Bootcamp of, 164–68, 174–76, 178
brainstorming encouraged at, 177
“clustering” on, 171
coding teams at, 176–78
competitive threats to, 188
Dunbar’s number and, 172, 173
email crash at, 167
founding of, 169–70
Goldfein at, 164–68
Hackamonth at, 178–79, 248, 254
hackathons at, 181–83, 186–87, 190–91
Hacker Square at, 181, 186
Instagram bought by, 189
interaction of computing and social code at, 169
IPO of, 189
managers’ posts encouraged at, 183–85
Menlo Park campus of, 180–81
mobile technology missteps at, 188–89
News Feed feature of, 170, 176–77, 179
Q&A sessions at, 181
quantitative analysis of social interactions by, 171, 188
real-name policy of, 183
silo-busting at, 17–18, 164–91, 247–48
social engineering experiments at, 17–18, 169, 174, 181, 188, 190–91
social interaction reshaped by, 170–71
Timeline feature of, 179
Farmer, Paul, 195
Favaloro, René, 199, 202
FBI:
data hoarding by, 145
silos at, 145, 147
Weis at, 144–45, 146–47
Federal Reserve, U.S., 17, 106, 109, 114, 117, 123, 126
silos at, 196
Federal Reserve Bank of Kansas City, Jackson Hole conference of, 125, 126–27
Federal Reserve Bank of New York, shadowbanking system diagrammed by, 128–29
Feinblatt, John, silo-busting approach of, 3–4
Feldstein, Andrew, 220–21, 235, 237, 238, 242
background of, 223–24
BlueMountain Capital co-founded by, 222, 223
complexity studied by, 224
at JPMorgan, 222–23
London Whale and, 232
silos (buckets) studied by, 221
see also BlueMountain Capital
finance industry:
blindness to risk in, ix, 14, 81–106
classification systems in, 92–93, 97, 101–2, 221–22, 235–44, 249
“eat what you kill” philosophy of, 60, 61, 92, 205, 238, 248
entrenched classification system in, 92–93, 97
habitus of, 93
lending bubble of 2006–7 in, 94
pay and incentives in, ix, 60, 61, 91, 92, 93, 205, 223, 225–26, 227, 237, 238, 244, 248
silo-busting in, 218–44
silos in, ix–x, 14, 16, 17, 18, 107–35, 221, 222, 223, 224, 227, 242–44
Financial Conduct Authority, U.K., 132
financial crisis of 2007–8, ix, xii, 14, 16, 73, 105–6, 107, 132, 218, 226, 229–30
mortgage-backed securities price collapse in, 125–26
shadow banks and, 127–28
silos and, x
tunnel vision and, 108–9
financial policy, 132
Financial Services Authority, British (FSA), 116, 132
bank regulation as responsibil
ity of, 115, 118, 119, 124
Financial Stability Board, shadow banking system measured by, 129–30
Financial Stability Oversight Council, U.S., 133
Financial Stability Report, 118
financial system, 107–35
classification in, 118–19, 121–22
cultural patterns in, 223–24
debt overload in, 128, 131, 134
shadow banks in, 126–30
silos in, 109, 110, 130–31, 133, 134–35, 222
specialized jargon of, 124–25
Financial Times, ix, x, 117
First Boston, 88
Flaubert, Gustave, 32
Flowers, Mike, 250, 252
Bloomberg administration joined by, 5, 7
data on housing fires collected by, 7, 8–9
silo-busting approach of, 3–4, 10–12, 245–46
Forbes, company ranking list of, 77–78
Fortune, 73
Fox, Kate, 46–47
Fox, Robin, 46
France, social stratification in, 33, 42–43
Fraternal Order of Police, 144
Frazer, James, 36, 42
Friedman, Alex, 104
Fukushima reactor accident, 73
Furstenberg, Diane von, 212
Garcia, Christian, 1, 2
Garcia, Christina, 1
Garcia, Katia, 2
Gardner, Rod, 149, 163
Garicano, Luis, 108–9
Gates, Bill, 52
Geertz, Clifford, 20, 37
Gellner, Ernest, 35, 36
General Motors:
ignition switch scandal at, 15
silos at, x, 15, 168
George, Eddie, 114, 115
Gerstner, Lou, 51, 71, 74
Ghosn, Carlos, 68
Gildan, 239, 240
globalization, x, 12, 86–87
Golden Bough, The (Frazer), 36
Goldfein, Jocelyn, 171, 172, 182, 188–90
email crash caused by, 167
at Facebook Bootcamp, 164–68
Facebook posts of, 183–85
News Feed team headed by, 176–78, 179
Task Reaper program of, 166–67
“triggering” coding bugs as specialty of, 165, 166
at VMware, 164–65, 172
Goldin, Ian, 12
Goldman Sachs, 228
Goldsmith, Stephen, 6–7, 10
Goldstein, Brett, 168, 250, 252
and centralization of information flows, 155–56
Chicago crime data analyzed by, 153–54
as Chicago patrolman, 149–50
at Chicago Police Academy, 147–49, 152
in desire to join Chicago Police, 141, 144
as Emanuel administration chief data officer, 158–59
hackathons run by, 182
murder map of, 155–56, 157, 160–61, 162
murder suspect arrested by, 150–51
“nerd herd” of, 159–60, 182
9/11 as wakeup call for, 140, 158
OpenTable and, 139, 140–41, 152–53, 159
racism accusations against, 161
as silo-buster, 17, 135, 154, 155–56, 157, 160–61, 162–63
Goldstein, Sarah, 141–42, 150, 162
Goodhart, Charles, 108, 110, 112, 116, 117
Google, 187
Goolsbee, Austan, 16
Government of Singapore Investment Corporation, 242
Great Stability (2000–2010), 120
Greenspan, Alan, 114, 119, 126, 132, 134
habitus, 212, 254
in finance industry, 93
as reflection and reinforcement of mental maps, 44
see also cultural norms
Hackamonth, 178–79, 248, 254
hackathons, 181–83, 186–87, 190–91
Hacker Square, 181, 186
Haldane, Andy, 119, 133
Hancock, Peter, 222
HanesBrands:
analyst classification of, 239–41
BlueMountain’s investment in, 238–41, 242
Hann, Chris, 111
Hart, Keith, 111
Harvard Business School, 192–93, 196, 211
Harvard University, 109
health, as cultural phenomenon, 195
healthcare.gov, 16
heart catheters, 206–7
hedge funds, 118, 119, 123
trading strategies of, 226
see also BlueMountain Capital
Herodotus, 35
Herzig, Michael, 237
Hirai, Kazuo, 78
Ho, Karen, 47, 93
Holmes, Douglas, 47
Honourable Artillery Company, 120
housing bubble of 2006–7, U.S., 82, 94, 95, 96, 97, 99, 100–101
Hudson, Jennifer, 151
Hugh-Jones, Stephen, 20
Hume, David, 35
IBM:
Gerstner’s silo-busting reforms at, 71, 74
silos at, 70–71
Ibuka, Masaru, 56–58, 59, 62
Idei, Nobuyuki, 51–52, 54, 58, 59–60, 62, 66–67, 70
Sony’s silos introduced by, 60–61
IG9 index, 219, 220
London Whale and, 231–33
price distortion in, 230–31, 232–33
Iksil, Bruno, 219, 220
individuals, as silo-busters, 139–63, 168, 247
information flows:
in Chicago Police Department, 155–56
digital revolution and, x, 12–13
silos and, 14, 248
innovation:
as fostered by silo-busting, 215, 221
silos in stifling of, 14, 51–80, 143, 204, 250
insider-outsider perspective, 25, 42, 43, 46, 50, 143, 145, 251, 252, 253
Instagram, 189
Institute for New Economic Thinking, 131–32
institutions, silo-busting in, 168–69
intelligence services, data hoarding by agencies of, 15, 145
Interest and Prices (Woodford), 116
interest rates, 123
Internet, x, 63, 64, 246, 253
Internet bubble, 94
Iny, Alan, 29
iOS, 189
iPod, 54, 65–66, 222
Iraq, U.S. occupation of, 4–5
Isaacson, Walter, 64, 65
iTunes store, 65
Janeway, Bill, 112
Japan:
Fukushima reaction accident in, 73
hierarchical and conformist culture of, 55–56, 70
in World War II, 55–56
Jeddah, Saudi Arabia, 194
Jenkins, Huw, 96
Jobs, Steve, 139, 143
silos opposed by, 64
Joint Improvised Explosive Device Defeat Organization (JIEDDO), 5
Jonsson, Jon Gunnar, 236–37
journalists, mental maps of, 125
JPMorgan Chase, 228
Chief Investment Office of, 219–20, 231–34
Feldstein at, 222–23
risk management at, 233, 218, 234
silos at, 219–20, 234
2012 derivatives losses at, see London Whale
unwinding of credit derivatives holdings of, 234–35
Kabyle (Berber tribesmen), 40–41, 42, 55, 69, 92
Kahneman, Daniel, ix, 1, 29
Kay, Paul, 30
Keyani, Pedram, 182–83, 186–87, 190–91
Kim, Jim Yong, 195
King, Mervyn, 108, 114, 115, 116, 119, 122–23, 124, 126, 133, 134
Klein, Eric, 203, 207, 212, 214, 215–16
Kula, 37
Kutaragi, Ken, 67, 75
Kwan, Catherine, 7
Lagarde, Christine, 13
Lean In (Sandberg), 185
Leijonhufvud, Axel, 112–13
Letterman, David, 70
leveraged buy-outs, 236
Lévi-Strauss, Claude, 20, 35, 38–39, 43, 45, 107
“Life Among the Econ” (Leijonhufvud), 112–13
linguistics, 38
Loeb, Daniel, 78
Lofts, Phil, 95, 101, 103–4
London, police use of predictive analytics in, 162
London School of Economics (LSE), 107, 108, 109, 110, 114, 117, 130
London Whale, 219–20
BlueMountain Capital as beneficiary of, 220–21
derivative losses of, 218–20
derivative products held by, 231–32
IG9 index and, 231–33
Long-Term Capital Management, 86, 94, 118
Loop, Floyd, 201
Lopez, Juan, 1, 2
Los Angeles Police Department, predictive analytics used by, 162
Lower, William, 197–98, 200
Lucas, George, 52–53
Lucas, Robert, 112, 115
Lutova, Marina, 238, 240–41
Lytle, Bruce, 193, 204, 206–7, 216
McCulley, Paul, 126–27, 129
McDermott, Jeff, 87
MacKenzie, Donald, 227–28, 234
Macpherson, Nick, 130
macroeconomics, 116–17, 132
broad money and, 122
Maldonado, Jeff, Jr., 151
Malinowski, Bronislaw, 36–37, 43, 186
Malthus, Thomas, 111–12
markets, efficient, 112, 227
Markowitz, Harry, 112
Masters, Michael, 152, 155, 156, 160
maturity mismatch, 268n
Mayo, William and Charles, 198
Mayo Clinic, 198, 214, 215
Mead, Margaret, 20, 37, 48–49
media, silos and classification systems in, x, 125, 249
medical anthropology, 195–96
medicine:
classification systems in, 196, 204, 217
distinction between physicians and surgeons in, 204–5, 206–7, 210
doctors’ vs. patients’ perception of, 194–95, 196, 207–8, 211–12
empathy in, 193–94, 211–12
fee-for-services model in, 206, 217
group practices in, 198
silos in, 205
memory, grouping of data in, 28–29
Memory Stick Walkman, 53, 63
Memphis Police Department, 162
mental maps, 110, 125, 169, 194
cultural norms as reflection and reinforcement of, 44
economists and, 125, 127, 130
gap between reality and, 224
reimagining of, 45–46, 196, 197, 249–54
silos and, 17, 142
tunnel vision and, 125, 127
Merleau-Ponty, Maurice, 33, 34
Merlino, James, 212
Merrill Lynch, 103
London hedge fund conference of, 123, 124–25
silo-busting attempts at, 236–37
Microsoft, silos at, x, 18, 70, 79, 80, 168, 174, 247
Mill, John Stuart, 111–12
Miller, George, 28–29
Minsky, Hyman, 128
mnemonics, 29
Modic, Mike, 208, 213, 217
monetary policy, 116, 123, 132
Money, Information, and Uncertainty (Goodhart), 116
Money, Interest and Prices (Patinkin), 116
Morita, Akio, 56–58, 59
mortgage-backed securities, 82–83, 87–88, 89, 219, 264n–65n
price collapse of, 125–26
see also collateralized debt obligations
