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How Three Decades of Wall Street Greed and Government Mismanagement Destroyed the Global Financial System
HarperBusiness
November 2009
On Sale: November 3, 2009
576 pages
ISBN: 0061697168
EAN: 9780061697166
Hardcover
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Non-Fiction
The definitive account of Wall Street's stunning collapse From critically acclaimed investigative journalist and CNBC
personality Charles Gasparino comes a sweeping examination
of the most recent volatile, anxiety-ridden era in our
nation's socioeconomic history. The Sellout traces the
implosion of the financial services business back to its
roots in the late 1970s when Wall Street embraced a new
business model predicated on taking enormous risks. It
shows how a backwater business involving the trading of
risky bonds packed with mortgages showered countless
billions in profits on the financial industry but sowed the
seeds of its ultimate demise. Gasparino walks readers
through Wall Street's three-decades' love affair with risk,
revealing a trail of culpability—from the government
bureaucrats who crafted housing policies that encouraged
homeownership, to the Wall Street firms that underwrote and
invested in risky debt, to the mortgage sellers who handed
out loans to people without the financial wherewithal to
pay them back, to the homeowners who became convinced they
could afford mansions on blue-collar wages. The ongoing
tumult in financial markets and the global economy began
when some of our most esteemed financial institutions, our
government, and even average citizens abdicated their
collective responsibilities, eventually selling out
investors and selling off the American Dream itself. In the spirit of classics such as Barbarians at the Gate
and Liar's Poker, this page-turning narrative captures how
avarice, arrogance, and sheer stupidity eroded Wall
Street's dominance and profoundly weakened the financial
security of millions of middle-class Americans. Eye-opening
and engrossing, The Sellout provides the most thorough
investigation to date of this latest gilded era.
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