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9781576603468

Complicit How Greed and Collusion Made the Credit Crisis Unstoppable

by
  • ISBN13:

    9781576603468

  • ISBN10:

    1576603466

  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2010-01-20
  • Publisher: Bloomberg Press
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Summary

the credit crunch is affecting every investor and every consumer, every industry and every government programme, yet few people truly understand how it happened. sub-prime mortgages have been centre stage, but behind the scenes a conspiracy of greed among bankers, investors, rating agencies and regulators has imperilled 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 forseeable and inevitable. he offers a blow-by-blow account of what went wrong and what lessons need to be learned from the crisis. his argument - that everyone with skin in the money game had a vested interest in pretending that nothing could go awry - is a well-defended, compelling indictment of the financial community.

Author Biography

Mark Gilbert, bureau chief for Bloomberg News in London, has been with Bloomberg News since 1991 and has written a regular column on global financial issues since 1998.

Table of Contents

Introductionp. 1
Bubbles are for Bathtubsp. 9
The Real Estate Boom
Unsafe at Any Ratingp. 25
CDOs and the Companies That Judged Them
Priced for Perfectionp. 41
The Financial Gene Pool Economic Darwinism Couldn't Improve
Bubbles, Bubbles Everywherep. 57
Global Liquidity's Search for a Profitable Home
Judgment or Luckp. 71
The Profits Banks Couldn't Understand-or Protect
Knight in Rusty Armorp. 83
An Ill-Advised Rescue Helps Show Banks Just How Much Value Their Collateralized Debt Has Lost
The Noose Tightensp. 97
Frozen Money Markets Confound Central Bankers, Hurt Consumers, and Drive Imploding Investments Back onto Bankers' Books
Central Banks, Unbalancedp. 115
Caught Off Guard, the Financial Authorities Make Up the Rules as They Go Along
Et Tu, Money Markets and Municipals?p. 129
The Crunch Catches Vanilla Investments
Giants Fallp. 145
The Credit Crisis Reaches its Climax
Conclusions and Policy Prescriptionsp. 165
Indexp. 174
Table of Contents provided by Ingram. All Rights Reserved.

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