The Asylum: Inside the Rise and Ruin of the Global Oil Market Paperback – Illustrated, March 19, 2013

The book is great. I just wish people would get out of the mind-set that we need to rely so heavily on fossil fuels. That's the only reason that shenanigans like this are able to occur. What do you think is going to happen when you idolize something so much? Make the priests rich, that's what! Why don't people understand that cars don't have to run on gas? Cars rely on an internal combustion engine. All that basically is is a little controlled fire going on under your hood. Why does it have to burn gas?! Lots of other things burn. Have you ever seen a forest fire? Why don't we take something that we have a lot of and burn that instead? Like take grass for instance. The planet is literally covered in grasses of all different sorts. AND THEY ALL BURN! If we took all the time and money that we spend on creating/overthrowing dictatorships and governments that sit on top of fossil fuels or drilling thousands of feet into the ocean to extract oil and put it into figuring out how to make an internal combustion engine that runs on grass, we would have one by now. There are lots of other things that burn too. Wood burns, but it would take more time to figure out how to put it into a gas tank. And the hoses and such would probably have to be a lot bigger. Paper burns, but we need paper for other things and it would take a lot of chemicals to process enough to run everyone's cars on. No, I think grass is clearly the answer. Anyway, you should read this book!

A great read. The book manages to give a history of NYMEX, a layman's explanation of futures trading, and a clear look at some of the actual oil traders and their scandalous practices. I'm not surprised that there are negative pot shots being taken at Goodman, obviously from some of the shaky players in and around NYMEX who don't like the sun shining on them. This is a fascinating account which gives facts and detail regarding the "oil speculators" so frequently complained of in the general press which never explains who they are or what they do. Goodman makes it clear that the price platform is created at NYMEX, even though the traders never intend to take actual delivery of the product, and that 85% the final purchases for real delivery occur late in the game at the very secretive over the counter market. This fact does not negate the truly powerful influence that the exchange has on prices we pay at the pump. She also notes that attempts at regulation have been useless due to government timidity, or more frequently, by exempting the worst practices from any regulation at all. Her solution, don't let these transactions go forward at 10% down, raise the margin so traders have to put more skin in the game. She gives more and better information on the subject than you will ever find in the regular press.

Boring read.

About once a decade I pick up a book that I just can't put down. Liars Poker was one of those books, Market Wizards was one of those Books, and The Asylum is also one of those books. A very engaging read. The author talks to the reader about a very complex subject, futures trading, and makes it comprehendable to the average joe on the street. I worked at NYMEX myself and can say that Ms. McGrath has done her homework with the observational reporting skills of a seasoned journalist. She penetrates a world very few have privy to and exposes both the good and bad of the futures pits. I find her writing entertaining and informational at the same time and can't wait to see what she writes next. If you have any interest in Wall Street or trading this is a must read, if you are just looking for a well written book about a facinating aspect of our financial markets I would also highly reccomend this book.

Right on target. Tell it like it is and was no holds barred. Highly recomend for anyone in the financial markets. Would make a great movie.

"The Asylum", by Leah Goodman, is an exciting ride through the complex inner workings of NYMEX, commodities trading, and the oil markets, especially for a novice like myself who is unfamiliar with this world. I couldn't put the book down and read it cover-to-cover over the weekend. The author's skillful turn of phrase and weaving together of the personal and professional lives of the major players made for compelling reading. What a fascinating and riveting story! A must-read for both Wall Street insiders and outsiders! I wonder if there's a sequel? In any event, I eagerly look forward to Ms. Goodman's next book, whatever the subject. She is a truly gifted and talented writer who really knows how to tell a story!

After finally sitting down to read the whole book, all I can say is that Leah Mcgrath Goodman has done a wonderful job in collecting, verifying, and documenting what might be one of the most eye opening realities we face today. I shook my head in disbelief for a good portion of the book. How is it possible that such a small group of people have that much power. Between the drug use, pornography, and boys club mentality, all I can say is wow. While we plebeians simply try to complete and honest days work, there are those with such power and wealth that have so much control of the energy we use to get to and from work, play, life. One part that got me was when one of the traders complained that he only made $10k that day!They only work fro 0930-2PM for crying out loud! Anyhow, this book is a must read if you really want to know how oil prices are controlled in today's world. Good job Leah.

I don't see who can NOT love this book, it is told in such an entertaining and humorous way by the other, and deals with such an important topic (global energy)... shows also how the 'system' puts vital issues in the hands of sometimes not-that-sane individuals (hence the title).A must-read!

You will be shocked, or maybe not, how do i know what you've read before but it certainly shed some light on the oil market.

good

A good insight into the formation and history of Nymex, barely scratches the surface in regards to the physical market however a good view on formation of paper futures markets specifically from the Nymex perspective. An enjoyable read for anyone interested in this area and the oil markets in general. Note that it is about an American exchange, written by an American so please don't be surprised that is 'Americanised'.