Reckless Endangerment: How Outsized Ambition, Greed,
and Corruption Led to Economic Armageddon
by Gretchen Morgenson & Josh Rosner
published by Times Books
© 2011 by Gretchen Morgenson & Josh Rosner
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From Reed Business Information
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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