9780470474235

And Then the Roof Caved In : How Wall Street's Greed and Stupidity Brought Capitalism to Its Knees

by
  • ISBN13:

    9780470474235

  • ISBN10:

    0470474238

  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2009-06-22
  • Publisher: Wiley

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Summary

CNBC's David Faber takes an in-depth look at the causes and consequences of the recent financial collapseAnd Then the Roof Caved In lays bare the truth of the credit crisis, whose defining emotion at every turn has been greed, and whose defining failure is the complicity of the U.S. government in letting that greed rule the day. Written by CNBC's David Faber, this book painstakingly details the truth of what really happened with compelling characters who offer their first-hand accounts of what they did and why they did it.Page by page, Faber explains the events of the previous seven years that planted the seeds for the worst economic crisis since the Great Depression. He begins in 2001, when the Federal Reserve embarked on an unprecedented effort to help the economy recover from the attacks of 9/11 by sending interest rates to all time lows. Faber also gives you an up-close look at where the crisis was incubated and unleashed upon the world-Wall Street-and introduces you to insiders from investment banks and mortgage lenders to ratings agencies, that unwittingly conspired to insure lending standards were abandoned in the head long rush for profits. Based on two years of research, this book provides deep background into the current credit crisis Offers the insights of experienced professionals-from Alan Greenspan to prominent bankers and regulators-who were on the front lines Created by David Faber, the face of morning business news on CNBC, and host of the network's award winning documentariesFrom regulators who tried to stop this problem before it swung out of control to hedge fund managers who correctly foresaw the coming housing crash and profited from it, And Then the Roof Caved In shows you how the crisis we currently face came to be.

Author Biography

David Faber, an Emmy, Peabody, and duPont Award winner, is the anchor and coproducer of CNBC?s acclaimed original documentaries and long-form programming as well as a contributor to CNBC?s Squawk on the Street. He has been reporting on Wall Street and corporate America for over twenty-two years, sixteen of them as the foremost reporter at CNBC. Faber has broken numerous stories including the massive fraud at WorldCom and News Corp.?s hostile bid for Dow Jones. He was a founding member of CNBC?s signature morning show, Squawk Box. Faber also blogs at FaberReport.cnbc.com.

Table of Contents

Acknowledgmentsp. xi
Prologue "On the Verge"p. 1
Bubble to Bubblep. 11
Greenspan's Shock and Awep. 13
Houses Built on Cow Dungp. 19
Home Sweet Homep. 23
Opening Doorsp. 24
An Industry Is Bornp. 27
Subprime Returnsp. 29
The Subprime Machinep. 33
From Delivering Pizza to Delivering Mortgagesp. 41
Living the Dreamp. 44
Diving into Deep Troublep. 45
Eyes Wide Shutp. 49
A Warning Unheededp. 50
A Dream No Morep. 55
The Great Enablerp. 57
Fannie Mae and Freddie Mac Hit the Scenep. 61
Fannie and Freddie Get a Timeoutp. 63
Wall Street Takes Overp. 66
A Tsunami of Mortgagesp. 71
From Ownit to Out of Itp. 74
Back from the Gravep. 77
Complicityp. 81
Moody's the Money Makerp. 85
Repeat Customersp. 88
The Securitization from Hellp. 95
The Making of a CDOp. 96
Tough to Killp. 98
Turning "Crap into Triple-A"p. 101
From CDS to CDOp. 103
Insanity Sets Inp. 106
Narvik and Mep. 111
CDOs: An American Exportp. 113
The Truth Revealed-But Does It Matter?p. 118
Mortgaging Merrill's Futurep. 121
Climbing Out of Povertyp. 122
A Strong Startp. 124
The Secret Weaponp. 125
Raking It Inp. 127
Taking Big Risksp. 130
A House of Cardsp. 135
Digging for Goldp. 136
Building a Casep. 139
The Investment of a Lifetimep. 147
And Then the Roof Caved Inp. 155
The Wheels Coming Offp. 157
The Callp. 159
A Crisis Beginsp. 161
The CDO Bluesp. 165
Lights Outp. 167
Epiloguep. 171
A Note on Sourcesp. 181
Resources from CNBCp. 183
Indexp. 187
Table of Contents provided by Ingram. All Rights Reserved.

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