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

ISBN-10: 0470607386
ISBN-13: 9780470607381
Edition: 2009
Authors: David Faber
List price: $11.99 Buy it from $5.49
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Description: And Then the Roof Caved In, Revised and Updated 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. It  More...

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Book details

List price: $11.99
Copyright year: 2009
Publisher: John Wiley & Sons, Limited
Publication date: 9/21/2010
Binding: Paperback
Pages: 216
Size: 5.75" wide x 8.75" long x 0.75" tall
Weight: 0.550
Language: English

And Then the Roof Caved In, Revised and Updated 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. It lays that truth out in painstaking detail with compelling characters who offer their first-hand accounts of what they did and why they did it. Faber explains the events of the previous seven years that created the crisis of confidence that culminated on September 18th. 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. One result was the start of a housing bubble, the likes of which our nation had never witnessed. Readers will hear from the man behind that bubble, Dr. Alan Greenspan, who vigorously defended his decisions during this period, as well as the men and women who used sub-prime mortgages to buy their homes and now find themselves in the depths of despair. Faber also gives readers a deep, inside look at Wall Street, where the crisis was incubated and unleashed on the world. Bankers who led that effort admit to their only true motivation and share their secrets. Faber introduces readers to insiders from the ratings agencies, who take their former employers to task for abandoning any promise of integrity in their much valued credit ratings; regulators, who tried to stop this problem before it swung out of control; and the hedge fund managers who correctly foresaw the coming housing crash and profited from it.

David Faber is CNBC's Wall Street correspondent and hosts the daily "Faber Report," reporting on mergers, acquisitions, and market stories. He lives in New York City.

Acknowledgments
Prologue: "On the Verge"
Bubble to Bubble
Greenspan's Shock and Awe
Houses Built on Cow Dung
Home Sweet Home
Opening Doors
An Industry Is Born
Subprime Returns
The Subprime Machine
From Delivering Pizza to Delivering Mortgages
Living the Dream
Diving into Deep Trouble
Eyes Wide Shut
A Warning Unheeded
A Dream No More
The Great Enabler
Fannie Mae and Freddie Mac Hit the Scene
Fannie and Freddie Get a Timeout
Wall Street Takes Over
A Tsunami of Mortgages
From Ownit to Out of It
Back from the Grave
Complicity
Moody's the Money Maker
Repeat Customers
The Securitization from Hell
The Making of a CDO
Tough to Kill
Turning "Crap into Triple-A"
From CDS to CDO
Insanity Sets In
Narvik and Me
CDOs: An American Export
The Truth Revealed-But Does It Matter?
Mortgaging Merrill's Future
Climbing Out of Poverty
A Strong Start
The Secret Weapon
Raking It In
Taking Big Risks
A House of Cards
Digging for God
Building a Case
The Investment of a Lifetime
And Then the Roof Caved In
The Wheels Coming Off
The Call
A Crisis Begins
The CDO Blues
Lights Out
Epilogue
A Note on Sources
Resources from CNBC
Index

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