A Washington Post Notable Nonfiction Book for 2011
One of The Economist's 2011 Books of the Year
The New York Times's Pulitzer Prize-winning columnist reveals how the financial meltdown emerged from the toxic interplay of Washington, Wall Street, and corrupt mortgage lenders
In Reckless Endangerment, Gretchen Morgenson, the star business columnist of The New York Times, exposes how the watchdogs who were supposed to protect the country from financial harm were actually complicit in the actions that finally blew up the American economy.
Drawing on previously untapped sources and building on original research from coauthor Joshua Rosner—who himself raised early warnings with the public and investors, and kept detailed records—Morgenson connects the dots that led to this fiasco.
Morgenson and Rosner draw back the curtain on Fannie Mae, the mortgage-finance giant that grew, with the support of the Clinton administration, through the 1990s, becoming a major opponent of government oversight even as it was benefiting from public subsidies. They expose the role played not only by Fannie Mae executives but also by enablers at Countrywide Financial, Goldman Sachs, the Federal Reserve, HUD, Congress, the FDIC, and the biggest players on Wall Street, to show how greed, aggression, and fear led countless officials to ignore warning signs of an imminent disaster.
Character-rich and definitive in its analysis, this is the one account of the financial crisis you must read.
About Gretchen MorgensonSee more books from this Author
Extremely timely given growing fears about the possibility of another financial crash.Read Full Review of Reckless Endangerment: How Ou... | See more reviews from Kirkus
A particular strength of this book is the number of doubters the authors unearthed...Read Full Review of Reckless Endangerment: How Ou... | See more reviews from NY Times
The real problem, which the authors only hint at, is that Washington and the financial sector have become so tightly intertwined that public accountability has all but vanished.Read Full Review of Reckless Endangerment: How Ou... | See more reviews from NY Times
A sobering account of some sordid recent history that's so clear and detailed that pros and novices will find its account rich and informative, and deeply depressing.Read Full Review of Reckless Endangerment: How Ou... | See more reviews from Publishers Weekly
The authors have joined the attack on Goldman business methods...Journalists should remain skeptical.Read Full Review of Reckless Endangerment: How Ou... | See more reviews from WSJ online
Reckless Endangerment tells of the interplay of the government monopoly power without restraint of oversight.Read Full Review of Reckless Endangerment: How Ou... | See more reviews from NY Journal of Books
The book will appeal to extremes...As for those still searching for answers to explain what just happened, they still won’t know.Read Full Review of Reckless Endangerment: How Ou... | See more reviews from Forbes
...the authors rely too much on blind quotes and were hurt by the unwillingness of some key players, including former Fannie Mae chief executive James Johnson, to participate.Read Full Review of Reckless Endangerment: How Ou...
The book, which cannot withstand cursory fact checking, repackages the same falsehoods and distortions first promoted by Wallison for The American Enterprise Institute.Read Full Review of Reckless Endangerment: How Ou...
Morgenson and Rosner provide a four-page cast of characters that will help any reader who's not thoroughly versed in foreclosuregate.Read Full Review of Reckless Endangerment: How Ou...
...more people need to read this book before they hear the name "Dodd-Frank,"...so that they can fully appreciate the "irony of having two of the nation's most strident defenders of Fannie Mae" sponsoring legislation...Read Full Review of Reckless Endangerment: How Ou...
The attempt to place a lot of the blame on government’s misplaced do-good desire to spread home ownership leads the book to some odd places.Read Full Review of Reckless Endangerment: How Ou...
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