Reckless Endangerment How Outsized Ambition Greed and Corruption Led to Economic Armageddon (Audible Audio Edition) Gretchen Morgenson L J Ganser Joshua Rosner Audible Studios Books
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The New York Times' 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 hear.
Reckless Endangerment How Outsized Ambition Greed and Corruption Led to Economic Armageddon (Audible Audio Edition) Gretchen Morgenson L J Ganser Joshua Rosner Audible Studios Books
Most accurate description of the Great Recession I have read.I have had a long career in financial services ending with executive positions. I lived through, and implemented, many of the mandated changes that started with CRA, and lead through regulators punishing bankers for not making loans to high-risk borrowers.... just the opposite of their approach for many decades.
There are many myths in the public perception of what happened and very few business reporters who are unbiased, interested, and smart enough to actually look for the truth. This is a good effort.
The lead author here is a former New York Times reporter, so she's culturally unlikely to be a cheerleader for business or especially banks. The research is thorough and her analysis seems to me to be honest and unflinching.
What I think is underemphasized is the level of unpunished political corruption and insider dealing that created the environment for this massive failure. In spite of this gap, I give it five stars for being more accurate and honest than anything else I've read on the subject.
As we get further from the events I expect there will be more comprehensive analyses written, but this is the book I give to people today.
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Reckless Endangerment How Outsized Ambition Greed and Corruption Led to Economic Armageddon (Audible Audio Edition) Gretchen Morgenson L J Ganser Joshua Rosner Audible Studios Books Reviews
This is an extraordinary look at the mortgage securities and real estate bubbles, fueled by predatory lending and financial manipulations on financial reports that focus primarily on the GSEs, Fannie Mae and Freddie Mac. The two GSEs make a good focus for this story since so many housing loans came through the GSEs, bought from companies such as Country Wide. Fueled by the political desire to increase home ownership, a reasonable desire, the authors note that James Johnson, the CEO of Fannie Mae, recreated Fannie Mae to an aggressive lobbying force by spending millions on politicians, protecting their GSE status from government entities that wanted to remove their government connection that made the U.S. government and tax payers responsible for their financial failures. Identified as Fannie's great supporters are Larry Summers as Secretary of Treasurer, Barney Frank, Chris Dodd and Maxine Waters along with Henry Cisneros as Housing Secretary to relax requirements for home loans, that opened the gates for subprime loan. As the authors note, loans to the poor with high interest rates, some of which were by clear manipulation, were considered highly attractive due to higher yields. The political ability of the GSEs and mortgage lenders was so powerful that with the aid of Standard & Poors, they were able to turn back the state of Georgia predatory lending ban. One of the most amazing circumstances prevalent throughout the book is the manipulation of financial reports by so many companies, Enron style , that must also implicate the auditors unless they in turn were given false numbers. The repackaging of these high risk mortgage securities into CDOs, that were once considered safe due to their diversity, were a much greater risk since they now were composed of homogenous toxic loans that Wall Street sold and in the case of Goldman Sachs and others, insured through credit default swaps to insure the seller, betting against their own clients. The authors, as some critics of the book note, does focus on Fannie Mae; however, the sheer size of the market share that Fannie makes, continued by CEO Franklin Raines, the executives huge salaries, warrant that focus. Hopefully, the weakness of regulators, cross contamination of regulators and Wall Street, improvements with the rating companies who owned so much more by rating CDOs, the Dodd-Frank Act will have some positive impact. However, the authors list a number of the individuals associated with the causes of the mortgage shenanigans are still active and in some cases in government. Case in point, James Johnson, was on the short list for John Kerry's Secretary of Treasurer and was on Obama's economic team until the economic collapse that included the GSEs. The authors provide a wealth of information is a very readable style. After reading this book, I yearn for politicians like Senator Proxmire and his Golden Fleece Award, the GSes, due to their government subsidies, would be in his Hall of Fame (shame).
Gretchen is a mainstream author from New York Times, but I really liked her book. If you take all the books on the financial crisis there is a lot of overlap; in other words, authors talking about the same thing. But her book has less overlap than any other book on the crisis like regarding the Basel capital requirements and how asset backed securities came with lower capital requirements which created a feeding frenzy of demand because these asset now freed up capital. It shows the insanity of banks. If sewage lowered capital requirements these guys would be in the porta john business tomorrow morning. These people are insane about their capital set asides. So, I learned a lot reading this book because it does have some depth. I read this thing about 2 mph; it's slow readin' -- took me about a week, but for me it was worth it. I had this book on my shelf for over 4 years from time I bought it til I actually read it. I dreaded reading it; it's not an easy read, but she sure did her homework. Very informative book. One thing I didn't like about it is no chapter titles. No table of contents. Never seen that before; maybe they are getting lazy over there at Henry Holt. Chapter titles ..... I thought that was the fun part. Also, she spends a lot of time talking about Fannie and Freddie. I think if F&F never bought one shoddy mortgage, you still would have had a financial crisis. But they certainly added fuel to feeding frenzy. I'm a financial crisis junkie - this is one of the better ones. Don't bother buying Too Big To Fail, it's a book that lost its editor; they're still lookin' for him. This book is just the right size; Well done, Misses Gretchen.
Most accurate description of the Great Recession I have read.
I have had a long career in financial services ending with executive positions. I lived through, and implemented, many of the mandated changes that started with CRA, and lead through regulators punishing bankers for not making loans to high-risk borrowers.... just the opposite of their approach for many decades.
There are many myths in the public perception of what happened and very few business reporters who are unbiased, interested, and smart enough to actually look for the truth. This is a good effort.
The lead author here is a former New York Times reporter, so she's culturally unlikely to be a cheerleader for business or especially banks. The research is thorough and her analysis seems to me to be honest and unflinching.
What I think is underemphasized is the level of unpunished political corruption and insider dealing that created the environment for this massive failure. In spite of this gap, I give it five stars for being more accurate and honest than anything else I've read on the subject.
As we get further from the events I expect there will be more comprehensive analyses written, but this is the book I give to people today.
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