Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable
The credit crunch is affecting every investor and every consumer, every industry and every government program, yet few people truly understand how it happened. Subprime mortgages have been center stage, but behind the scenes a conspiracy of greed among bankers, investors, rating agencies and regulators has imperiled everyone's financial future. We need to know what went wrong and how to change the practices that led to this calamity.\ Bloomberg columnist Mark Gilbert shows how Wall Street's...
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The credit crunch is affecting every investor and every consumer, every industry and every government program, yet few people truly understand how it happened. Subprime mortgages have been center stage, but behind the scenes a conspiracy of greed among bankers, investors, rating agencies and regulators has imperiled everyone’s financial future. We need to know what went wrong and how to change the practices that led to this calamity. Bloomberg columnist Mark Gilbert shows how Wall Street’s tolerance for extremes made the global credit crunch both foreseeable and inevitable. He offers a blow-by-blow account of what went wrong and what lessons need to be learned from the crisis.
1 Bubbles Are For BathtubsThe Real Estate Boom2 Unsafe at Any RatingCDOs and the Companies that Judged Them3 Priced For PerfectionThe Financial Gene Pool Economic Darwinism Couldn't Improve4 Bubbles, Bubbles EverywhereGlobal Liquidity's Search for a Profitable Home5 Judgment or LuckThe Profits Banks Couldn't Understand - or Protect Against6 Knight in Rusty ArmorAn Ill-Advised Rescue Helps Show Banks Just How Much Value Their Collateralized Debt Has Lost7 The Noose TightensFrozen Money Markets Confound Central Bankers, Hurt Consumers, and Drive Imploding Investments Back onto Bankers' Books8 Central Banks, UnbalancedCaught Off Guard, the Financial Authorities Make Up the Rules as They Go Along9 Et Tu, Money Markets and Municipals?The Crunch Catches Vanilla Investments10 Giants FallThe Credit Crisis Reaches Its Climax11 Conclusions and Policy PrescriptionsIndex
