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The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America--and Spawned a Global Crisis Paperback – September 13, 2011

4.3 4.3 out of 5 stars 67 ratings

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Editorial Reviews

Review

“#1 Book of the Year” ―Baltimore City Paper

“Reads like chilling and compelling fiction. But the facts are true and the story is all too real.” ―
Simon Johnson, coauthor of 13 Bankers

“Magnificently and heartbreakingly told. . . . This tremendous, well-documented book shows vividly that really filthy, face-to-face fraud and hard-sell bullying … brought the economy down.” ―
The Boston Globe

“Remarkably comprehensive . . . a sweeping, detailed, and forceful account of the events, the people, and the policies that led to our current economic woes…. and the brave few who tried to stop it.” ―
The New Republic

“Hudson has a talent for describing what was happening on the ground. He takes us on a tour of the financial carnival tent pitched by subprime factories like Ameriquest.” ―
Time Magazine

“As engagingly written as Michael Lewis'
The Big Short (which chronicles the struggles the winners endured during the last bubble), as caustic and trenchant in its analysis of the dotty economic theories that underpin our bubble economy as Yves Smith's ECONned; and at least as cogent of the big-picture power politics as Simon Johnson's 13 Bankers, The Monster also does what those books don't: It reveals the inner lives of both the victims and the perpetrators of predatory lending.” ―Baltimore City Paper

“Hudson's book is a guide to the worst excesses of the mortgage business . . . [and offers] a deeper, truer understanding of the many-headed subprime monster. . . . [
The Monster] succeeds by entertaining us with behind-the-scenes moments and personal stories from people trading their ethics for all-expenses-paid trips to Hawaii.” ―The Seattle Times

“Terrifically readable. . . . Hudson gives readers piercing insight into the booze, broads and cocaine that fueled the buccaneers in the mortgage game. . . . Though I thought myself too old to be shocked, the revelations here shocked me. Read it and weep.” ―
Chico News & Review

“Michael W. Hudson's book-length investigative journalism piece on the subprime meltdown,
The Monster, is both a brilliant example of skeptical business journalism done right, and a brilliant example of the storyteller's art… Hudson's book is a model for excellent investigative journalism. It's a book that should be required reading for anyone who says that the economic crisis was caused by greedy mortgage-takers who spent too loosely with their credit cards.” ―BoingBoing.com

“Essential reading for anyone concerned with the mortgage crisis.” ―
Library Journal

“A chilling account of the subprime-loan scandal. . . . As appalling as it is informative, Hudson's tale, which hasn't ended by a long shot, should find a large readership.” ―
Booklist

“Hudson is a master of context, supplying the pre-1990s history within the mortgage-lending business, Wall Street and the government-regulation realm. A knowledgeable, clearly written exposé.” ―
Kirkus Reviews

“Mike Hudson is a terrific journalist and an even more engaging writer.
The Monster is as captivating as it is deep, not 5,000 feet but 10,000. The book is a down-to-the-bone account of the genesis of the financial crisis and paints a visceral picture of the structural deficiencies in our financial system. Lehman Brothers failure is 10x Enron and 100x Long Term Capital Management. We cannot afford not to learn from the valuable lessons in this book.” ―Lawrence G. McDonald, co-author of A Colossal Failure of Common Sense

“Buy this book because Mike Hudson is a terrific reporter. Buy it because Hudson tells a vital and underreported story that somehow most every other journalist seemed to miss. But mainly you should buy and devour
The Monster because it's a great read, a page turner in the fashion of the best true-crime non-fiction.” ―Gary Rivlin, author of The Plot to Get Bill Gates and Broke, USA: From Pawnshops to Poverty, Inc--How the Working Poor Became Big Business

The Monster reads like chilling and compelling fiction. But the facts are true and the story is all too real. Millions of Americans were ripped off by devious people in pursuit of ever more profit, but that is not the biggest scandal. Amazingly, we have still not fixed the underlying problems of incentives, attitudes, and beliefs in our financial system. If we continue to shy away from real reform, American families are doomed to run repeatedly through some version of this awful cycle.” ―Simon Johnson, coauthor of 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown

“How did we get in this mess? Michael W. Hudson's
The Monster is a haunting, horrifying account of corporate skullduggery -- from the unregulated bucketshops of California to the hallowed halls of Lehman Brothers. No other book or article I have read so clearly identifies the human weaknesses and institutional frailties that created the worst financial scandal in American history. Hudson was one of the first investigative reporters on this story and he is still the best at tracking a nationwide collapse down to its first forged signature.” ―Elizabeth Mitchell, former executive editor of George Magazine and author of W: Revenge of the Bush Dynasty

About the Author

Michael W. Hudson is a Pulitzer Prize-winning investigative journalist. He is currently Global  Investigations Editor at The Associated Press, where he leads a team of more than 20 reporters and editors across the U.S. and around the world. 

Hudson has been called the "Woodward/Bernstein of the mortgage crisis" by 
Daily Kos and the journalist who "beat the world on subprime abuses" by Columbia Journalism ReviewCJR wrote of him: "You have to marvel at how a reporter can put this stuff together but the SEC/Department of Justice/FTC/FHA etc. can't." 

His reporting and writing has won or shared more than 50 nationaljournalism honors, including the 2017 Pulitzer Prize for Explanatory Reporting, four George Polk Awards, four Investigative Reporters and Editors Awards, twoOverseas Press Club Awards and the Barlett & Steele Gold Medal. As an editor, he helped lead projects that won the 2019 Pulitzer Prize forInternational Reporting, a Robert F. Kennedy Award, the ASNE Batten Medal, the Michael Kelly Award and Investigative Reporters and Editors' Tom Renner Awardfor crime reporting, 

He has previously worked as senior editor at the International Consortium of Investigative Journalists, where he served as an editor, reporter and writer on the Panama Papers investigation. He has also worked as a reporter at the 
Wall Street Journal and the Roanoke (Va.) Times and has contributed articles to Forbes, the Washington Post and the New York Times. .

Product details

  • Publisher ‏ : ‎ St. Martin's Griffin; Reprint edition (September 13, 2011)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 384 pages
  • ISBN-10 ‏ : ‎ 031261053X
  • ISBN-13 ‏ : ‎ 978-0312610531
  • Item Weight ‏ : ‎ 14.4 ounces
  • Dimensions ‏ : ‎ 5.5 x 0.85 x 8.5 inches
  • Customer Reviews:
    4.3 4.3 out of 5 stars 67 ratings

About the author

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Michael W. Hudson
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Michael Hudson is a Pulitzer-Prize winning investigative journalist. His two decades of work on mortgage and banking fraud has prompted media observers to call him the reporter "who beat the world on subprime abuses," the "guru of all things predatory lending" and "the Woodward/Bernstein of the mortgage crisis."

He is currently head of U.S. investigations for the Guardian. He previously served two stints as a senior editor with the International Consortium of Investigative Journalists. At ICIJ, Hudson has worked on many major projects, including the organization's Offshore Leaks, China Leaks, Luxembourg Leaks, Panama Papers, Paradise Papers and FinCEN Files investigations of offshore money laundering and tax avoidance. He was an editor, reporter and writer on the Panama Papers investigation, which won the 2017 Pulitzer Prize for explanatory reporting.

In between his two tours at ICIJ, Hudson worked as global investigations editor at The Associated Press, where he edited the AP's investigation of war crimes and corruption in Yemen, which won a 2019 Pulitzer Prize for International Reporting.

His reporting has also been published in Forbes, the New York Times, the Los Angeles Times, the Washington Post, Mother Jones, Le Monde, El Pais, The Sydney Morning Herald and other publications.

Along with the Pulitzer Prize, his work has won many other honors -- including five Investigative Reporters and Editors Awards, four George Polk Awards, three SPJ Awards and two Overseas Press Club Awards as well as accolades from the National Press Club, the White House Correspondents' Association, the American Bar Association, New York Press Club and the New York State Society of CPAs. His 2011 series of stories for the Center for Public Integrity, "The Great Mortgage Cover-Up," was selected to appear in Columbia University Press's Best Business Writing 2012 and won two awards from the Society of American Business Writers and Editors.

He edited and was co-author of the award-winning book Merchants of Misery and appeared in the documentary film Maxed Out. His latest book, THE MONSTER: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America--and Spawned a Global Crisis, was named 2010 Book of the Year by Baltimore City Paper and called "essential reading for anyone concerned with the mortgage crisis" by Library Journal.

Customer reviews

4.3 out of 5 stars
4.3 out of 5
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67 global ratings

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