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10 thoughts on “All the Devils Are Here

  1. says:

    Along with Michael Lewis' The Big Short this is a must read if you want to understand the recent financial crisis The authors also did The Sma

  2. says:

    Once upon a time not so long ago really it was 1999 there was a group of three exceedingly smart men whom Time Magazine called The Committee to Save the World In fact these three men Alan Greenspan Larry Summers and Robert Rubin seemed to think they were the smartest people in the whole wide world Together they had put in

  3. says:

    Shakespeare wrote Hell is empty and all the Devils are here I'm going to zombify this sentiment just a tad by saying what I know to be true There is no room in Hell and the Devils now walk the earth Oh yesthey do Is there any doubt? Little one

  4. says:

    I re read this one because I think I’ll be assigning it in my class I’m worried we forgot about the stupidity greed and hubris that led to the crisis with the gov’t GSEs and banks all sharing the blame There are a lot of good financial crisis books out there I like this one better than most because it focuses on mortgage back

  5. says:

    great read all explained in details

  6. says:

    The companies involved in the financial crisis Countrywide AIG Merrill Lynch Ameriuest Lehman Brothers and Bear Stearns didn't simply sprout horns and tails one night The elements personified in the title are instead a list of finan

  7. says:

    This is a good survey of the 2007 08 financial meltdown and the events leading up to it The world of mortgage finance is arcane and to begin with and it was made even arcane by Wall Street’s groovy new inventions Joe Noc

  8. says:

    I pulled this off the bookshelf to go through again because it seems that we're heading for another one The 2008 one was the mortga

  9. says:

    This book tells the tale of the 2008 financial crisis So far it's the most complete compilation of info on the s

  10. says:

    I must profess at the outset that I have a bit of a nerdy girl crush on Bethany McClean She is everything I wish

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Free download ☆ eBook, PDF or Kindle ePUB é Bethany McLean

Wers analysts and Wall Street traders It delves into the powerful American mythology of homeownership And it proves that the crisis ultimately wasn't about finance at all; it was about human natureAmong the devils you'll meet in vivid detail• Angelo Mozilo the CEO of Countrywide who dreamed of spreading homeownership to the masses only to succumb to the peer pressure and the outsized profits of the sleaziest subprime lending• Roland Arnall a respected philanthropist and diplomat who made his fortune building Ameriuest a subprime lending empire that relied on blatantly deceptive lending practices• Hank Greenberg who built AIG into a Rube Goldberg contraption with an undeserved triple A rating and who ran it so tightly that he was the only one who knew where all the bodies were buried• Stan O'Neal of Merrill Lynch aloof and suspicious who suffered from Goldman envy and drove a proud old firm into the ground by promoting cronie. The companies involved in the financial crisis Countrywide AIG Merrill Lynch Ameriuest Lehman Brothers and Bear Stearns didn t simply sprout horns and tails one night The elements personified in the title are instead a list of financial tools events and attitudes that didn t just coalesce but rather evolved in almost predictable though unintended ways Their growth was part of a monstrous symbiosisReaders with a non finance background should not be dismayed by the parade of ever complex financial tools described in this book Tranches derivatives collateralized debt obligations CDO s CDO s suared credit enhancements and credit default swaps McLean and Nocera direct their explanations at the general reader However as with any accounting techniue one can really only be

characters All the Devils Are Here

All the Devils Are Here

Hell is empty and all the devils are here Shakespeare The TempestAs soon as the financial crisis erupted the finger pointing began Should the blame fall on Wall Street Main Street or Pennsylvania Avenue On greedy traders misguided regulators sleazy subprime companies cowardly legislators or clueless home buyersAccording to Bethany McLean and Joe Nocera two of America's most acclaimed business journalists the real answer is all of the above and Many devils helped bring hell to the economy And the full story in all of its complexity and detail is like the legend of the blind men and the elephant Almost everyone has missed the big picture Almost no one has put all the pieces together All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done It explores the motivations of everyone from famous CEOs cabinet secretaries and politicians to anonymous lenders borro. Along with Michael Lewis The Big Short this is a must read if you want to understand the recent financial crisis The authors also did The Smartest Guys in the Room about the Enron scandal and I found that book both enlightening and interesting The story paints a picture of a true financial bubble Anyway maybe I finally understand CDOs and derivatives Maybe It s a chilling story and I found myself horrified many times The worst was reading about synthetic CDO s which were like zombie derivatives They were derivatives of derivatives and allowed investors to either go long betting the product would increase in value or short betting it would go down UnbelievableThe biggest thing I learned was don t trust anyone These guys were constantly saying everything s all right

Free download ☆ eBook, PDF or Kindle ePUB é Bethany McLean

S and pushing out his smartest lieutenants• Lloyd Blankfein who helped turn Goldman Sachs from a culture that famously put clients first to one that made clients secondary to its own bottom line• Franklin Raines of Fannie Mae who like his predecessors bullied regulators into submission and let his firm drift away from its original noble mission• Brian Clarkson of Moody's who aggressively pushed to increase his rating agency's market share and stock price at the cost of its integrity• Alan Greenspan the legendary maestro of the Federal Reserve who ignored the evidence of a growing housing bubble and turned a blind eye to the lending practices that ultimately brought down Wall Street and inflicted enormous pain on the countryJust 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 meltdown and its conseuence. This is a good survey of the 2007 08 financial meltdown and the events leading up to it The world of mortgage finance is arcane and to begin with and it was made even arcane by Wall Street s groovy new inventions Joe Nocera NY Times business reporter and Bethany McClean The Smartest Guys in the Room Enron take on the task of transforming that world into a compelling story and succeed mostly My only criticism of the book would be that it never takes a step back from the events to take a broader economic or historical view The reader is left with the sense of doom How will we ever construct a useful credit system in the US when all the players are corrupt or incompetent I think a bit of historical context would have been useful here For one thing the climax of the

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Tessa Young is an 18 year old college student with a simple life, excellent grades, and a sweet boyfriend She always has things planned out ahead of time, until she meets a rude boy named Harry, with too many tattoos and piercings who shatters her plans.