All the Devils Are Here Read ↠ 105


10 thoughts on “All the Devils Are Here

  1. says:

    Along with Michael Lewis' The Big Short this is a must read if you want to understand the recent financial crisis The authors also did The Sma

  2. says:

    Once upon a time not so long ago really it was 1999 there was a group of three exceedingly smart men whom Time Magazine called The Com

  3. says:

    Shakespeare wrote Hell is empty and all the Devils are here I'm going to zombify this sentiment just a tad by saying what I know to be true There is no room in Hell and the Devils now walk the earth Oh yesthey do Is there any doubt?

  4. says:

    I re read this one because I think I’ll be assigning it in my class I’m worried we forgot about the stupidity greed and hubris that led to the crisis with the gov’t GSEs and banks all sharing the blame There are a lot of good financial crisis books out there I like this one better than most because it focuses on mortgage backed securities and has about Fannie and Freddie than others I also love 13 bankers which I assign So I guess I

  5. says:

    great read all explained in details

  6. says:

    The companies involved in the financial crisis Countrywide AIG Merrill Lynch Ameriuest Lehman Brothers and Bear Stearns didn't simply sprout horns and tails one night The elements personified in the title are inste

  7. says:

    This is a good survey of the 2007 08 financial meltdown and the events leading up to it The world of mortgage finance is arcane and to begin with and it was made even arcane by Wall Street’s groovy new inventions Joe No

  8. says:

    I pulled this off the bookshelf to go through again because it seems that we're heading for another one The 2008 one was the mortgage bundling What is happening now is car loans are lapsing at an extremely high r

  9. says:

    This book tells the tale of the 2008 financial crisis So far it's the most complete compilation of info on the subject that I have read I expected no less but I didn't expect it to start in the eighties Not to worry though it doesn't dwell th

  10. says:

    I must profess at the outset that I have a bit of a nerdy girl crush on Bethany McClean She is everything I wish I could be Intelligent articulate well versed on topics of financial and economic complexity and a respected journalist She's also very beautiful but I am what I am so far as that is concerned I continue to read as much as I can about the Crisis of 2008 Maybe it's because I am unemployed and grow and bitter with each da

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Free read ¹ PDF, eBook or Kindle ePUB free · Bethany McLean

All the Devils Are Here

Y promoting cronies and pushing out his smartest lieutenants• Lloyd Blankfein who helped turn Goldman Sachs from a culture that famously put clients first to one that made clients secondary to its own bottom line• Franklin Raines of Fannie Mae who like his predecessors bullied regulators into submission and let his firm drift away from its original noble mission• Brian Clarkson of Moody's who aggressively pushed to increase his rating agency's market share and stock price at the cost of its integrity• Alan Greenspan the legendary maestro of the Federal Reserve who ignored the evidence of a growing housing bubble and turned a blind eye to the lending practices that ultimately brought down Wall Street and inflicted enormous pain on the countryJust as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf so will All the Devils Are Here be remembered for finally making sense of the meltdown and its conseuences.. This is a good survey of the 2007 08 financial meltdown and the events leading up to it The world of mortgage finance is arcane and to begin with and it was made even arcane by Wall Street s groovy new inventions Joe Nocera NY Times business reporter and Bethany McClean The Smartest Guys in the Room Enron take on the task of transforming that world into a compelling story and succeed mostly My only criticism of the book would be that it never takes a step back from the events to take a broader economic or historical view The reader is left with the sense of doom How will we ever construct a useful credit system in the US when all the players are corrupt or incompetent I think a bit of historical context would have been useful here For one thing the climax of the story is a classic banking panic as the authors themselves observe In June 2007 Bear Stearns creditors tried to get their money all at once and couldn t There was no market for the debt As the author s put it it was a classic run on a bank except those racing to pull their money out weren t depositors They were bankers Not mentioned is the fact that banking panics on this scale had not been seen in the United States for 80 years Before that panics were common 1857 1873 1893 1907 1929 all years of financial panic followed by economic collapse Somehow we got the banking sector under control for several decades after that Maybe we can do it again

Summary All the Devils Are Here

Devils Are Epub #181 Hell is empty and all the devils are here Shakespeare The TempestAs soon as the financial crisis erupted the finger pointing began Should the blame fall on Wall Street Main Street or Pennsylvania Avenue On greedy traders misguided regulators sleazy subprime companies cowardly legislators or clueless home buyersAccording to Bethany McLean and Joe Nocera two of America's most acclaimed business journalists the real answer is all of the above and Many devils helped bring hell to the economy And the full story in all of its complexity and All the Epubdetail is like the legend of the blind men and the elephant Almost everyone has missed the big picture Almost no one has put all the pieces together All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done It explores the motivations of everyone from famous CEOs cabinet secretaries and politicians to anonymous. Once upon a time not so long ago really it was 1999 there was a group of three exceedingly smart men whom Time Magazine called The Committee to Save the World In fact these three men Alan Greenspan Larry Summers and Robert Rubin seemed to think they were the smartest people in the whole wide world Together they had put in place the economic policies of the Clinton Administration and boy did things look rosy then back in 1999 with a big budget surplus and the Dow Jones averages heading for NeptuneSo here we are in the closing days of 2010 a good time to reassess those three men in light of the economic events of the past three years The result of course is that they don t look so smart any But guess what Larry Summers has yet to exit the Obama White House where he s been the driving force behind this Administration s economic policymaking and Robert Rubin is reported to be on the short list to replace himOf the three men only Alan Greenspan now retired as head of the Federal Reserve Bank after serving under Ronald Reagan Bill Clinton and two generations of Bushes has actually apologized after a fashion for his stubborn refusal to face economic facts that were obvious at the time to anyone well versed in finance who wasn t blinded by greed willful incompetence stupidity or right wing ideology The other two men Well we haven t heard so much as a hint of an admission of responsibility from themSo what did The Committee to Save the World do to lay the foundations for the 2008 financial crisis As best I can tell collectively they made three fateful errors 1 they engineered the repeal of consumer protections put in place during the Great Depression the Glass Steagall Act 2 they routinely deferred to Wall Street when shaping economic policy paying special attention to the effect of their actions on the bond market where the really big money is to be found and 3 they stubbornly refused to recognize the dangers in the alarming growth of the unregulated derivatives market If you don t understand what a derivative is don t sweat it Nobody else does either not reallyNot so incidentally these same three geniuses were also instrumental in fashioning The Washington Consensus that guided the work of the International Monetary Fund and the World Bank and caused tens of millions of people to starve in dozens of developing nations over the last decade and a half But back to Topic A the financial crisisWe ve identified three of the principal culprits But in fairness to Greenspan Summers and Rubin there were many other characters who played leading roles in this still unfolding tragedy Some of their actions merely reflected changes set in motion years before And nobody in any government position including the Oval Office calls all the shots But the buck stops somewhere When it comes to the public policy that foreshadowed the financial crisis the committee that saved the world bears a lot of the blameNow about those other leading characters in this modern immorality play Chief among them as best I can tell were a mixed bag of people both in and out of government On Wall Street there were dozens of senior executives at such financial powerhouses as Goldman Sachs Merrill Lynch Lehman Brothers Bear Stearns AIG Citibank and many others whose shared delusion that money is life s greatest good helped set the course for economic ruin Some of these men and a very few women were brilliant and found ways to make lots of money even when conditions were really really bad Others were well not to put too fine an edge on things downright stupid Their firms principally Bear Stearns Lehman AIG and Merrill Lynch either disappeared entirely in a whirlwind of worthless paper or took refuge under someone else s wing By contrast the champion money maker Goldman Sachs racked up billions in profits by victimizing some of its biggest clients Being Goldman Sachs of course none of its partners faced criminal charges as they clearly would have done in a marketplace guided by reason and fairness On Main Street there were also dozens of co conspirators For the most part these were the people who ran the non bank financial companies like Countrywide and other firms that sold mortgages to people who couldn t possibly afford them Some were outright crooks running fly by night operations many of them classic bucket shops others simply self deluding or again that word stupid Most of them got filthy rich though at least for a time Dozens should have gone to jail but did they What do you think Back in our nation s capital two institutions unfamiliar to most of the American public found themselves in the middle of the maelstrom the two uasi private mortgage repositories Fannie Mae and Freddie Mac Don t feel sorry for them though because to cop a phrase from an earlier practitioner of misdirection mistakes were made The leadership of both institutions grabbed at opportunities to make a uick buck They succeeded for a time but only until the profits disappeared and we taxpayers are now footing the bill to the tune of hundreds of billions of dollars Don t forget George W Bush The decider in chief may not have played a meaningful role in economic decision making if only because it s highly doubtful he had a clue about what was going on But dazzled by the argument that the free market would regulate the financial sector all by itself Bush II deliberately appointed to key regulatory positions such world class ignoramuses as Christopher Cox to head the Securities and Exchange Commission It wasn t enough that the regulatory agencies teeth had dulled considerably over the years and that the powers that were in the Clinton Administration had refused to sharpen them No George W Bush insisted on appointing financial regulators whose stated intention was not to do their jobsSo what does all this bloviating have to do with All the Devils Are Here This is after all ostensibly a book review It s simple really Bethany McLean and Joe Nocera s superb book brought into high relief the roots of the financial crisis like no other book I ve read and made it possible for me to untangle in my mind the complex interrelationships among Wall Street Main Street the Fed and the Treasury Department In previous months I d read Too Big to Fail The Inside Story of How Wall Street and Washington Fought to Save the Financial System and Themselves by Andrew Ross Sorkin The Big Short Inside the Doomsday Machine by Michael Lewis The Devil s Casino Friendship Betrayal and the High Stakes Games Played Inside Lehman Brothers by Vicky Ward and others all of them excellent books But McLean and Nocera s treatment of the crisis from a long term perspective with its roots in the evolution of housing policy as well as greed and excess on Wall Street put the whole uestion into perspective If you re looking for the best way to begin understanding the financial meltdown of 2007 2008 that came close to tanking the global economy start with All the Devils Are Here Promises in Tumble Creek years The result of course is that they don t look so smart any But guess what Larry Summers has Mischief and Marriage yet to exit the Obama White House where he s been the driving force behind this Administration s economic policymaking and Robert Rubin is reported to be on the short list to replace himOf the three men only Alan Greenspan now retired as head of the Federal Reserve Bank after serving under Ronald Reagan Bill Clinton and two generations of Bushes has actually apologized after a fashion for his stubborn refusal to face economic facts that were obvious at the time to anyone well versed in finance who wasn t blinded by greed willful incompetence stupidity or right wing ideology The other two men Well we haven t heard so much as a hint of an admission of responsibility from themSo what did The Committee to Save the World do to lay the foundations for the 2008 financial crisis As best I can tell collectively they made three fateful errors 1 they engineered the repeal of consumer protections put in place during the Great Depression the Glass Steagall Act 2 they routinely deferred to Wall Street when shaping economic policy paying special attention to the effect of their actions on the bond market where the really big money is to be found and 3 they stubbornly refused to recognize the dangers in the alarming growth of the unregulated derivatives market If Cold Case, Hot Accomplice (Men of Wolf Creek, you don t understand what a derivative is don t sweat it Nobody else does either not reallyNot so incidentally these same three geniuses were also instrumental in fashioning The Washington Consensus that guided the work of the International Monetary Fund and the World Bank and caused tens of millions of people to starve in dozens of developing nations over the last decade and a half But back to Topic A the financial crisisWe ve identified three of the principal culprits But in fairness to Greenspan Summers and Rubin there were many other characters who played leading roles in this still unfolding tragedy Some of their actions merely reflected changes set in motion Blackmailed Into the Greek Tycoons Bed (International Billionaires, years before And nobody in any government position including the Oval Office calls all the shots But the buck stops somewhere When it comes to the public policy that foreshadowed the financial crisis the committee that saved the world bears a lot of the blameNow about those other leading characters in this modern immorality play Chief among them as best I can tell were a mixed bag of people both in and out of government On Wall Street there were dozens of senior executives at such financial powerhouses as Goldman Sachs Merrill Lynch Lehman Brothers Bear Stearns AIG Citibank and many others whose shared delusion that money is life s greatest good helped set the course for economic ruin Some of these men and a very few women were brilliant and found ways to make lots of money even when conditions were really really bad Others were well not to put too fine an edge on things downright stupid Their firms principally Bear Stearns Lehman AIG and Merrill Lynch either disappeared entirely in a whirlwind of worthless paper or took refuge under someone else s wing By contrast the champion money maker Goldman Sachs racked up billions in profits by victimizing some of its biggest clients Being Goldman Sachs of course none of its partners faced criminal charges as they clearly would have done in a marketplace guided by reason and fairness On Main Street there were also dozens of co conspirators For the most part these were the people who ran the non bank financial companies like Countrywide and other firms that sold mortgages to people who couldn t possibly afford them Some were outright crooks running fly by night operations many of them classic bucket shops others simply self deluding or again that word stupid Most of them got filthy rich though at least for a time Dozens should have gone to jail but did they What do Her Husbands Christmas Bargain you think Back in our nation s capital two institutions unfamiliar to most of the American public found themselves in the middle of the maelstrom the two uasi private mortgage repositories Fannie Mae and Freddie Mac Don t feel sorry for them though because to cop a phrase from an earlier practitioner of misdirection mistakes were made The leadership of both institutions grabbed at opportunities to make a uick buck They succeeded for a time but only until the profits disappeared and we taxpayers are now footing the bill to the tune of hundreds of billions of dollars Don t forget George W Bush The decider in chief may not have played a meaningful role in economic decision making if only because it s highly doubtful he had a clue about what was going on But dazzled by the argument that the free market would regulate the financial sector all by itself Bush II deliberately appointed to key regulatory positions such world class ignoramuses as Christopher Cox to head the Securities and Exchange Commission It wasn t enough that the regulatory agencies teeth had dulled considerably over the The Geography of Witchcraft years and that the powers that were in the Clinton Administration had refused to sharpen them No George W Bush insisted on appointing financial regulators whose stated intention was not to do their jobsSo what does all this bloviating have to do with All the Devils Are Here This is after all ostensibly a book review It s simple really Bethany McLean and Joe Nocera s superb book brought into high relief the roots of the financial crisis like no other book I ve read and made it possible for me to untangle in my mind the complex interrelationships among Wall Street Main Street the Fed and the Treasury Department In previous months I d read Too Big to Fail The Inside Story of How Wall Street and Washington Fought to Save the Financial System and Themselves by Andrew Ross Sorkin The Big Short Inside the Doomsday Machine by Michael Lewis The Devil s Casino Friendship Betrayal and the High Stakes Games Played Inside Lehman Brothers by Vicky Ward and others all of them excellent books But McLean and Nocera s treatment of the crisis from a long term perspective with its roots in the evolution of housing policy as well as greed and excess on Wall Street put the whole uestion into perspective If Hold On To Me you re looking for the best way to begin understanding the financial meltdown of 2007 2008 that came close to tanking the global economy start with All the Devils Are Here

Free read ¹ PDF, eBook or Kindle ePUB free · Bethany McLean

Lenders borrowers analysts and Wall Street traders It delves into the powerful American mythology of homeownership And it proves that the Devils Are ePUB #9734 the crisis ultimately wasn't about finance at all it was about human natureAmong the devils you'll meet in vivid detail• Angelo Mozilo the CEO of Countrywide who dreamed of spreading homeownership to the masses only to succumb to the peer pressure and the outsized profits of the sleaziest subprime lending• Roland Arnall a respected philanthropist and diplomat who made his fortune building Ameriuest a subprime lending empire that relied on blatantly deceptive lending practices• Hank Greenberg who built AIG into a Rube Goldberg contraption with an undeserved triple A rating and who ran it so tightly that he was the only one who knew where all the bodies were buried• Stan O'Neal of Merrill Lynch aloof and suspicious who suffered from Goldman envy and drove a proud old firm into the ground b. great read all explained in details Let Sleeping Dogs Lie you'll meet in vivid detail• Angelo Mozilo the CEO of Countrywide who dreamed of spreading homeownership to the masses only to succumb to the peer pressure and the outsized profits of the sleaziest subprime lending• Roland Arnall a respected philanthropist and diplomat who made his fortune building Ameriuest a subprime lending empire that relied on blatantly deceptive lending practices• Hank Greenberg who built AIG into a Rube Goldberg contraption with an undeserved triple A rating and who ran it so tightly that he was the only one who knew where all the bodies were buried• Stan O'Neal of Merrill Lynch aloof and suspicious who suffered from Goldman envy and drove a proud old firm into the ground b. great read all explained in details

  • Hardcover
  • 380
  • All the Devils Are Here
  • Bethany McLean
  • English
  • 06 April 2018
  • 9781591843634

About the Author: Bethany McLean

Devils Are Epub µ Bethany McLean is a contributing editor to Vanity Fair magazine and known for her work on the Enron scandal She had been an editor at large and columnist for Fortune magazineMcLean grew up in Hibbing and received her BA in English and mathematics at Williams College in After college and prior to joining Fortune she worked as an investment banker for Goldman Sachs.