As an Amazon Associate I earn from qualifying purchases.

All of the Devils Are Right here: The Hidden Historical past of the Monetary Disaster

Added to wishlistRemoved from wishlist 0


Worth: points - Particulars)


“Hell is empty, and all of the devils are right here.”–Shakespeare,
The Tempest

As quickly because the monetary disaster erupted, the finger-pointing started. Ought to the blame fall on Wall Road, Principal Road, or Pennsylvania Avenue? On grasping merchants, misguided regulators, sleazy subprime firms, cowardly legislators, or clueless dwelling patrons?

In keeping with Bethany McLean and Joe Nocera, two of America’s most acclaimed enterprise journalists, the true reply is the entire above-and extra. Many devils helped deliver hell to the financial system. And the complete story, in all of its complexity and element, is just like the legend of the blind males and the elephant. Nearly everybody has missed the large image. Nearly nobody has put all of the items collectively.

All of the Devils Are Right here goes again a number of many years to weave the hidden historical past of the monetary disaster in a manner no earlier e book has performed. It explores the motivations of everybody from well-known CEOs, cupboard secretaries, and politicians to nameless lenders, debtors, analysts, and Wall Road merchants. It delves into the highly effective American mythology of homeownership. And it proves that the disaster in the end wasn’t about finance in any respect; it was about human nature.

Among the many devils you may meet in vivid element:

• Angelo Mozilo, the CEO of Countrywide, who dreamed of spreading homeownership to the plenty, solely to succumb to the peer pressure-and the outsized profits-of the sleaziest subprime lending.

• Roland Arnall, a revered philanthropist and diplomat, who made his fortune constructing Ameriquest, a subprime lending empire that relied on blatantly misleading lending practices.

• Hank Greenberg, who constructed AIG right into a Rube Goldberg contraption with an undeserved triple-A score, and who ran it so tightly that he was the one one who knew the place all of the our bodies had been buried.

• Stan O’Neal of Merrill Lynch, aloof and suspicious, who suffered from “Goldman envy” and drove a proud outdated agency into the bottom by selling cronies and pushing out his smartest lieutenants.

• Lloyd Blankfein, who helped flip Goldman Sachs from a tradition that famously put shoppers first to 1 that made shoppers secondary to its personal backside line.

• Franklin Raines of Fannie Mae, who (like his predecessors) bullied regulators into submission and let his agency drift away from its unique, noble mission.

• Brian Clarkson of Moody’s, who aggressively pushed to extend his score company’s market share and inventory worth, at the price of its integrity.

• Alan Greenspan, the legendary maestro of the Federal Reserve, who ignored the proof of a rising housing bubble and turned a blind eye to the lending practices that in the end introduced down Wall Road-and inflicted monumental ache on the nation.

Simply as McLean’s
The Smartest Guys within the Room was hailed as one of the best Enron e book on a crowded shelf, so will
All of the Devils Are Right here be remembered for lastly making sense of the meltdown and its penalties.

User Reviews

0.0 out of 5
0
0
0
0
0
Write a review

There are no reviews yet.

Be the first to review “All of the Devils Are Right here: The Hidden Historical past of the Monetary Disaster”

All of the Devils Are Right here: The Hidden Historical past of the Monetary Disaster
Mass Rob
Logo
Shopping cart