How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon
Gretchen Morgenson & Joshua Rosner
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A Washington Post Notable Nonfiction Book for 2011
One of The Economist's 2011 Books of the Year
The New York Times's Pulitzer Prize-winning columnist reveals how the financial meltdown emerged from the toxic interplay of Washington, Wall Street, and corrupt mortgage lenders
In Reckless Endangerment, Gretchen Morgenson, the star business columnist of The New York Times, exposes how the watchdogs who were supposed to protect the country from financial harm were actually complicit in the actions that finally blew up the American economy.
Drawing on previously untapped sources and building on original research from coauthor Joshua Rosner--who himself raised early warnings with the public and investors, and kept detailed records--Morgenson connects the dots that led to this fiasco.
Morgenson and Rosner draw back the curtain on Fannie Mae, the mortgage-finance giant that grew, with the support of the Clinton administration, through the 1990s, becoming a major opponent of government oversight even as it was benefiting from public subsidies. They expose the role played not only by Fannie Mae executives but also by enablers at Countrywide Financial, Goldman Sachs, the Federal Reserve, HUD, Congress, the FDIC, and the biggest players on Wall Street, to show how greed, aggression, and fear led countless officials to ignore warning signs of an imminent disaster.
Character-rich and definitive in its analysis, this is the one account of the financial crisis you must read.
Publishers Weekly Review
© Publishers Weekly
Actually Lays the blame where it's deserved!
I have done my research on what really happened and I can tell you, you are not getting the truth from most of the media.
This well researched book gives real answers as to what really happened.
It started in housing!
Hint,...it's not wall street, although they had a part, it's not the bankers, they were forced to make home loans to people that could not repay by the community reinvestment act and community organizers.
Fannie Mae and Frannie Mac were huge players, the truth is out there if you wish to see it!
If you have ever worked in the financial services sector as a licensed professional where compliance officers scrutinize everything, read this book. Then ask; "How could so many people make that many immoral and borderline criminal decisions and get away with it"?
Hard to believe there had to be so many sweet hearth back room deals where no one goes to jail. It does not seem to matter what party is in power they all come out the same as crooks. Is there any honest people left in politics???