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How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon
Henry Holt and Co.
June 2011
On Sale: May 24, 2011
335 pages ISBN: 0805091203 EAN: 9780805091205 Hardcover
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Non-Fiction
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.
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