All the Devils Are Here The Hidden History of the Financial Crisis

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  • Format: Hardcover
  • Copyright: 2010-11-16
  • Publisher: Portfolio Hardcover
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The definitive narrative of two decades of folly that led to the financial crisis.

"The authors succeed in pulling the jumbled pieces of the financial crisis together and showing how it flowed from human foibles." -Bloomberg BusinessWeek

"Two of our finest business journalists have written a thorough account of the origins of the financial crisis. More than offering just a backward look, it helps explain the most troubling business headlines of the moment, as well as those that are certain to come." -The New York Times Book Review

"Hell is empty, and all the devils are here." -Shakespeare, The Tempest

Before the dust even settled, competing theories emerged to explain the financial crisis. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, clueless homeowners, or timid regulators? Or on foreign culprits in London, Beijing, or Tehran?

Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, offer the definitive answer: all of the above and more. Many devils helped bring hell to the economy. This surprising narrative goes back more than twenty years to reveal, in rich, anecdotal detail, how Wall Street, the mortgage industry, and the government conspired to change the way Americans bought their homes, creating a perfect storm.

The authors take us inside elusive institutions such as Goldman Sachs, AIG, and Fannie Mae, to reveal who changed the game and why. With new, sometimes startling details, and a surprising cast of characters, they get for the first time to the real roots of the financial crisis. It wasn't about credit default swaps, collateralized debt obligations, or other complexities.

It was about basic human psychology-from the poorest Florida home buyer to the richest CEO. Just 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 road to the meltdown.

Author Biography

Bethany McLean is a writer for Vanity Fair and co-author of the national bestseller The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron. She lives in Chicago.

Joe Nocera is a business columnist for The New York Times, a staff writer for The New York Times Magazine and the author of Good Guys and Bad Guys and A Piece of the Action. He lives in New York City.

Table of Contents

Cast of Charactersp. ix
Key Acronymsp. xvii
Prologuep. 1
The Three Amigosp. 4
˘Ground Zero, Baby÷p. 20
The Big, Fat Gapp. 38
Risky Businessp. 52
A Nice Little BISTROp. 69
The Wizard of Fedp. 82
The Committee to Save the Worldp. 96
Why Everyone Loved Moody'sp. 110
˘I Like Big Bucks and I Cannot Lie˘p. 125
The Carnival Barkerp. 138
Goldman Envyp. 151
The Fannie Folliesp. 168
The Wrapp. 187
Mr. Ambassadorp. 204
˘When I Look a Homeowner in the Eye …÷p. 219
Hank Paulson Takes the Plungep. 232
˘I'm Short Your House÷p. 251
The Smart Guysp. 267
The Gathering Stormp. 285
The Dumb Guysp. 308
Collateral Damagep. 322
The Volcano Eruptsp. 342
Epilogue: Rage at the Machinep. 358
Acknowledgmentsp. 365
Indexp. 369
Table of Contents provided by Ingram. All Rights Reserved.

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Customer Reviews

Very Accessible April 23, 2011
This textbook is exactly what we needed. Real people doing actual researching and telling us the truth about the financial crisis. It details the history of what led to this crisis in an understandable and interesting manner. I suggest that everyone read this cheap textbook.
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All the Devils Are Here The Hidden History of the Financial Crisis: 5 out of 5 stars based on 1 user reviews.

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