Unveiling the Hidden History of the Financial Crisis: The Devils on Wall Street

“Hell is empty, and all of the devils are right here.”–Shakespeare,
The Tempest

When the monetary crisis hit, everyone started pointing fingers. Who's to blame - Wall Street, Main Street, or Pennsylvania Avenue? The devils on Wall Street, the lending practices on Main Street, or the decision-makers on Pennsylvania Avenue? Greedy investors, lax regulators, shady subprime lenders, timid lawmakers, or clueless homebuyers?

According to acclaimed enterprise journalists Bethany McLean and Joe Nocera, the answer to what caused the financial crisis is multifaceted. Various devils played a role in leading the economy to hell. The whole story resembles the tale of the blind men and the elephant, with everyone missing the big picture. Very few have managed to piece together all the elements of this complex puzzle.

"All of the Devils Are Right Here" delves back several years to uncover the hidden history of the financial crisis like never before. From renowned CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders, this book explores the diverse motivations behind the crisis. It also delves into the influential American belief in homeownership and reveals that, contrary to popular belief, the crisis was not solely about finance but rather a reflection of human nature.

Among the many devils you may meet in vivid element:

• Angelo Mozilo, the CEO of Countrywide, who dreamed of spreading homeownership to the plenty, solely to succumb to the peer pressure-and the outsized profits-of the sleaziest subprime lending.

• Roland Arnall, a revered philanthropist and diplomat, who made his fortune constructing Ameriquest, a subprime lending empire that relied on blatantly misleading lending practices.

• Hank Greenberg, who constructed AIG right into a Rube Goldberg contraption with an undeserved triple-A score, and who ran it so tightly that he was the one one who knew the place all of the our bodies had been buried.

• Stan O’Neal of Merrill Lynch, aloof and suspicious, who suffered from “Goldman envy” and drove a proud outdated agency into the bottom by selling cronies and pushing out his smartest lieutenants.

• Lloyd Blankfein, who helped flip Goldman Sachs from a tradition that famously put shoppers first to 1 that made shoppers secondary to its personal backside line.

• Franklin Raines of Fannie Mae, who (like his predecessors) bullied regulators into submission and let his agency drift away from its unique, noble mission.

• Brian Clarkson of Moody’s, who aggressively pushed to extend his score company’s market share and inventory worth, at the price of its integrity.

• Alan Greenspan, the legendary maestro of the Federal Reserve, who ignored the proof of a rising housing bubble and turned a blind eye to the lending practices that in the end introduced down Wall Road-and inflicted monumental ache on the nation.

Simply as McLean’s
The Smartest Guys within the Room was hailed as one of the best Enron e book on a crowded shelf, so will
All of the Devils Are Right here be remembered for lastly making sense of the meltdown and its penalties.