And Then the Roof Caved In: How Wall Street's Greed and Stupidity Brought Capitalism to Its Knees
And Then the Roof Caved In skillfully explores the causes and consequences of the recent financial collapse. Written by David Faber—the award-winning CNBC correspondent—this compelling account is filled with the candid reflections of the people who brought the crisis to life. Expanded from the CNBC documentary that the New York Times called "broad, comprehensive, and compelling," and that Frank Rich noted as "superbly done," this book is a must-read.\ "Historians investigating the financial...
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And Then the Roof Caved In skillfully explores the causes and consequences of the financial collapse that has affected us all. Written by David Faber—the award-winning CNBC correspondent—this compelling account is filled with the candid reflections of the people who brought the crisis to life. Expanded from the CNBC documentary that the New York Times called "broad, comprehensive, and compelling," and that Frank Rich noted as "superbly done," this book is a must-read. "Historians investigating the financial collapse of '08–'09 must begin by reading this book. This is close-range reporting . . . the work of a veteran financial journalist who was 'present at the creation' of this crisis. Faber has it all, up close—the people, failures, and greed. He tells us what it was like to be on the inside when the roof caved in."—Brian Williams, Anchor and Managing Editor, NBC Nightly News "Faber has written a masterful insider's guide to the implosion of the American financial system. He takes you as close as Greenspan's early worries and then shows you how the disastrous hair-triggers built into the system fired off—and how a few bright minds turned disaster into great fortunes. Faber brings readers right inside his notebook—long regarded as the best in financial news—and emerges with a story that is breathtaking."—Joshua Ramo, author, The Age of the Unthinkable and Managing Director, Kissinger Associates "There is no one better than David Faber when it comes to following the financial services business. His incredible access and valuable insights make his reporting a must-see for millions of viewers around the world. Now, he's written a book that is a must-read for anyone who wants to understand how a housing bubble turned into a worldwide economic crisis."—Joe Kernen, coanchor, CNBC's Squawk Box
Acknowledgments xiPrologue: "On the Verge" 1Chapter 1 Bubble to Bubble 11Greenspan's Shock and Awe 13Houses Built on Cow Dung 19Chapter 2 Home Sweet Home 23Opening Doors 24An Industry Is Born 27Subprime Returns 29Chapter 3 The Subprime Machine 33From Delivering Pizza to Delivering Mortgages 41Living the Dream 44Diving into Deep Trouble 45Chapter 4 Eyes Wide Shut 49A Warning Unheeded 50A Dream No More 55Chapter 5 The Great Enabler 57Fannie Mae and Freddie Mac Hit the Scene 61Fannie and Freddie Get a Timeout 63Wall Street Takes Over 66A Tsunami of Mortgages 71From Ownit to Out of It 74Back from the Grave 77Chapter 6 Complicity 81Moody's the Money Maker 85Repeat Customers 88Chapter 7 The Securitization from Hell 95The Making of a CDO 96Tough to Kill 98Turning "Crap into Triple-A" 101From CDS to CDO 103Insanity Sets In 106Chapter 8 Narvik and Me 111CDOs: An American Export 113The Truth Revealed-But Does It Matter? 118Chapter 9 Mortgaging Merrill's Future 121Climbing Out of Poverty 122A Strong Start 124The Secret Weapon 125Raking It In 127Taking Big Risks 130Chapter 10 A House of Cards 135Digging for God 136Building a Case 139The Investment of a Lifetime 147Chapter 11 And Then the Roof Caved In 155The Wheels Coming Off 157The Call 159A Crisis Begins 161The CDO Blues 165Lights Out 167Epilogue 171A Note on Sources 181Resources from CNBC 183Index 187
