Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon

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Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon

Format:  Hardcover,

331 pages

Publisher: Henry Holt & Co

Publish Date: May 2011

ISBN-13: 9780805091205

ISBN-10: 0805091203

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Book Information

The following content was provided by the publisher.

A "Washington Post" Notable Nonfiction Book for 2011
One of "The Economist"'s 2011 Books of the Year

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.

Specifications

Publisher: Henry Holt & Co
Publish Date: May 2011
ISBN-13: 9780805091205
ISBN-10: 0805091203
Format: Hardcover
Number of Pages: 331
Shipping Weight (in pounds): 1.35
Product in Inches (L x W x H): 6.5 x 9.75 x 1.25

About the author

Biography of Morgenson, Gretchen

Gretchen Morgenson was born in State College, Pennsylvania on January 2, 1956. She received a B.A. degree in English and history from Saint Olaf College in 1976. She began her career as an assistant editor at Vogue magazine in 1976, but by the time she left the magazine 1981, she was a writer and financial columnist. She worked as a stockbroker for Dean Witter Reynolds in New York from 1981 to 1984. She decided to return to the field of journalism and held numerous positions in the field including a staff writer at Money magazine, the executive editor at Worth magazine, and an investigative business writer and editor at Forbes magazine.

She also served as the press secretary for the Forbes for President campaign from September 1995 to March 1996. She has been working at the New York Times since 1998 as assistant business and financial editor and a columnist. She won the Pulitzer Prize in 2002 for her "trenchant and incisive" coverage of Wall Street. She has written several books including Forbes Great Minds of Business, The Capitalist's Bible, and Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon.

Book description

A Washington Post Notable Nonfiction Book for 2011

One of The Economist’s 2011 Books of the Year

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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