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Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon Hardcover – Bargain Price, May 24, 2011
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"Gretchen Morgenson is a national treasure. Year after year, she has dragged Wall Street miscreants out of the shadows, exposing their dirty secrets to the public that they bamboozled with schemes and deceits. Now, working with Joshua Rosner, she has trained her expert eye on the mortgage mess that pushed the American economy to the brink. In stunning detail, Morgenson exposes the truth behind the worst financial calamity of modern times, weaving a tale that is as mesmerizing as it is horrifying. Reckless Endangerment names the names and reveals the secrets of the plutocrats and politicians whose greed and recklessness threatened the foundations of capitalism. It is essential reading for anyone struggling to understand how America entered the new era of financial chaos."—Kurt Eichenwald, New York Times bestselling author of Conspiracy of Fools and The Informant
"Even before Reckless Endangerment, Gretchen Morgenson was my nominee for Reporter of the Decade for her forensic and prophetic coverage of Wall Street. Now, she and the equally talented sleuth Joshua Rosner, like Holmes and Dr. Watson, have pieced together the clues to a seminal mystery of the financial debacle: how American taxpayers were suckered by the shenanigans, greed, egos, back scratching, and guile of financial and political elites who swarmed like vultures around Fannie Mae, picking it clean of oversight and accountability while its executives gorged themselves on the spoils. Naming names and taking no prisoners, they drill deep into one of the most disturbing scandals of our time, perpetrated in the name of helping "the little guy." Read it and weep. Read it and vow: Never Again!—Bill Moyers, journalist, and President, Schumann Media Center
"Morgenson and Rosner have written the long-awaited volume that gets to the heart of the mortgage crisis. The fearlessness and breadth of reporting make the book as compellingly readable as it is exhaustive. Reckless Endangerment is a remarkable achievement—and should be required reading for all Americans."—Bryan Burrough, Vanity Fair special correspondent and bestselling author of Barbarians at the Gate and The Big Rich
"Gretchen Morgenson and Josh Rosner show us how, over the last fifteen years, the mortgage lending industry used money and political influence to escape regulation, enrich itself, and create a catastrophe. Particularly in its dissection of Fannie Mae, Freddie Mac, and their enablers, this book is unmatched in its depth and invaluable to anyone interested in the causes and lessons of the financial crisis."—Charles Ferguson, Academy award-winning director of Inside Job
"A chilling account of the reckless disregard for ethical or civilized values at the heart of our financial system. If this compelling history does not completely turn your stomach, that's good - because by bailing out these individuals, their attitudes, and their way of life, we have set ourselves up for another nauseating turn of the Financial Wheel."—Simon Johnson, co-author of 13 Bankers: The Wall Street Takeover and The Next Financial Meltdown
About the Author
Gretchen Morgenson is a business reporter and columnist at The New York Times, where she also serves as assistant business and financial editor. She was awarded the Pulitzer Prize in 2002 for her "trenchant and incisive" coverage of Wall Street. Prior to joining the Times in 1998, she worked as a broker at Dean Witter in the 1980s, and as a reporter at Forbes, Worth, and Money magazines. She lives with her husband and son in New York City.
Joshua Rosner is a managing director at the independent research consultancy Graham Fisher and Co. and was among the first analysts to identify accounting problems at the government-sponsored-enterprises and to warn of the coming credit crisis. He advises regulators and institutional investors on housing and mortgage-finance-related issues. He lives in New York City.
Top Customer Reviews
I have nothing against the vastly wealthy and sometimes - OK, frequently - dream wistfully of joining their ranks, but I do care about how this wealth is accumulated. Entrepreneurs who build companies, executives who take these companies to the next level and the one after that, highly talented and gifted persons - in arts and sports - who command premium remuneration all enrich society. Many financial titans, on the other hand, do not create wealth. They are unusually adept in extracting it for personal gain while simultaneously impoverishing society and holding it hostage. They operate on the principle that "My gain is mine and only mine. My loss is actually yours." And they know how to spread enough largesse that enablers like accountants, rating agencies and regulators fall into line and they buy off politicians with consummate skill. They try - increasingly ineffectively - to justify their existence by claiming that they perform crucial service by "allocating capital" and "increasing efficiency." They further claim that they should not be regulated because they can do a better job of regulating themselves. The fish is starting to stink pretty bad.Read more ›
In theory it all sounded perfect--who could object to people bettering themselves? The only problem was that to make the dream "accessible to all" generations of lending practices and protections would have to be dismantled. Safeguards would be gutted and due diligence would become a nuisance that is brushed aside. There are plenty of culprits here: the usual Wall Street money-mongers and in the 90s and early 00s a Republican Congress in their pocket. But Morgenson and Posner shine a powerfully bright light on the complicity of marquee Democrats such as Bill Clinton, Christopher Dodd and Barney Frank. Toss in Democrat insider Jim Johnson into the cauldron and it is a powerful witches brew.
Jim Johnson, quintessential DC insider used all of these connections in the 90s on behalf of empowering Fannie Mae and eviscerating sound financial practices. Greasing the wheels of powerful polls on banking and finance committees became standard procedure. Finding a sinecure for Barney Frank's boyfriend was a pleasure not a problem (if Frank isn't a criminal it is by a hair's breadth). Libeling the responsible, honest regulators and economists who tried to stop this train-wreck waiting to happen was all in a day's work, and a particular Johnson specialty.Read more ›
There are some excellent reviews posted here, especially those by S. Rao, Raven 26, L. Bachmann, and many, many others, so I will make no effort to repeat their excellent work. I, however, am on my second reading of my hardcover copy of "Reckless." Taking notes this time inasmuch as I state in my title, above, from "Death of a Salesman," ATTENTION MUST BE PAID.
We must no longer be victimized by the powerful and their feckless, reckless, blind-eyed enablers: The true, accurate contents of this book -- despite the few errors that escaped the publisher's fact checkers -- may give you the impetus you need to get you moving.
The perps who brought about this mess while enriching themselves and impoverishing the public should no longer escape public scrutiny. ATTENTION MUST BE PAID!!
P.S. I have no hidden agenda. I do not work for the authors or publisher, or whatever.
Most Recent Customer Reviews
Fabulous book. Reads like a Shakespeare drama, complete with numerous villains, a few heroes, and mountains of facts. The tree of government grew the ugly fruits of corruption.Published 27 days ago by John F. Brinson
This is as a hard hitting and accurate account of the root causes of the 2008-20010 financial crisis as I've seen. Read morePublished 28 days ago by james dullanty
This book identified all the different players, their organizations their roles, and level of involvement in bringing together this disaster that deeply affected and continues to... Read morePublished 1 month ago by JOhn OBrien
Gretchen is a mainstream author from New York Times, but I really liked her book. If you take all the books on the financial crisis there is a lot of overlap; in other words,... Read morePublished 1 month ago by D. Aziza
If you haven't read this book you probably don't have a clue what caused the 2009 crash. I read 20 books on the crash before this one. I should have just read this one.Published 2 months ago by Stuart
An excellent detailed review of how Big Finance in bed with Washington D. C. cleaned the clock of the American people and taxpayers.Published 3 months ago by Thomas Sandlin