Reckless Endangerment by Gretchen Morgenson
How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon

56%

12 Critic Reviews

The book will appeal to extremes...As for those still searching for answers to explain what just happened, they still won’t know.
-Forbes

Synopsis

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 Morgenson

See more books from this 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.
 
Published June 5, 2012 by St. Martin's Griffin. 368 pages
Genres: Business & Economics, History, Political & Social Sciences, Professional & Technical, Education & Reference. Non-fiction
Bestseller Status:
icon7
Peak Rank on Jul 10 2011
icon11
Weeks as Bestseller
Add Critic Review

Critic reviews for Reckless Endangerment
All: 12 | Positive: 6 | Negative: 6

Kirkus

Excellent
on May 24 2011

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

NY Times

Good
on Jun 27 2011

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

NY Times

Above average
on May 27 2011

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

Publishers Weekly

Excellent
on Mar 21 2011

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

WSJ online

Below average
on Jun 03 2011

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

NY Journal of Books

Good
on May 24 2011

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

Forbes

Below average
on Jul 09 2011

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

Boston.com

Below average
on May 30 2011

...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...

Daily Kos

Below average
on Aug 20 2011

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...

USA Today

Above average
on Jun 19 2011

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...

CNN Money

Good
on Jul 22 2011

...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...

Truthout

Below average
on Jun 03 2011

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...

Reader Rating for Reckless Endangerment
78%

An aggregated and normalized score based on 610 user ratings from iDreamBooks & iTunes


Rate this book!

Add Review
×