All the Devils Are Here: The Hidden History of the Financial Crisis
All the Devils Are Here: The Hidden History of the Financial Crisis
- ISBN13: 9781591843634
- Problem: New
- Notes: BRAND NEW FROM PUBLISHER! 100% Satisfaction Guarantee. Tracking supplied on most orders. Buy with Self-assurance! Millions of books sold!
“Hell is empty, and
all the devils are right here.”
-Shakespeare, The Tempest
As soon as the economic crisis erupted, the finger-pointing started. Really should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime organizations, cowardly legislators, or clueless property buyers?
According to Bethany McLean and Joe Nocera, two of America’s most acclaimed enterprise journalists, the real resolution is all of the above-and more. Numerous devils helped bring hell to the economy. And the complete tale, in all of its complexity and detail, is like the legend of the blind guys and the elephant. Nearly every self has missed the large picture. Virtually no one has place all the pieces with each other.
All the Devils Are Here goes back numerous decades to weave the hidden history of the financial crisis in a way no prior book has completed. It explores the motivations of everyone from well-known CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the impressive American mythology of homeownership. And it proves that the crisis ultimately wasn’t about finance at all it was about creature nature.
Among the devils you will meet in plain detail:
• Angelo Mozilo, the CEO of Countrywide, who dreamed of spreading homeownership to the masses, only to succumb to the peer difficulty-and the outsized earnings-of the sleaziest subprime lending.
• Roland Arnall, a respected philanthropist and civil servant, who made his fortune constructing Ameriquest, a subprime lending empire that relied on blatantly deceptive lending practices.
• Hank Greenberg, who built AIG into a Rube Goldberg contraption with an undeserved triple-A rating, and who ran it so tightly that he was the only one who knew where all the bodies had been buried.
• Stan O’Neal of Merrill Lynch, aloof and suspicious, who suffered from “Goldman envy” and drove a proud ancient firm into the ground by promoting cronies and pushing out his smartest lieutenants.
• Lloyd Blankfein, who helped turn Goldman Sachs from a culture that famously place clients very first to a single that made clients lesser to its very own bottom line.
• Franklin Raines of Fannie Mae, who (like his predecessors) bullied regulators into submission and let his firm drift away from its original, noble mission.
• Brian Clarkson of Temperamental’s, who assertively pushed to boost his rating agency’s promote place impart and stock price, at the cost of its integrity.
• Alan Greenspan, the legendary maestro of the Federal Reserve, who ignored the evidence of a growing housing bubble and twisted a blind eye to the lending practices that ultimately brought down Wall Street-and inflicted huge ache on the country.
Just as McLean’s The Smartest Guys in the Space was hailed as the very best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally generating sense of the meltdown and its penalty.
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