The End of Wall Street by Roger Lowenstein

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The roots of the mortgage bubble and the story of the Wall Street collapse-and the government's unprecedented response-from our most trusted business journalist.

The End of Wall Street is a blow-by-blow account of America's biggest financial collapse since the Great Depression. Drawing on 180 interviews, including sit-downs with top government officials and Wall Street CEOs, Lowenstein tells, with grace, wit, and razor-sharp understanding, the full story of the end of Wall Street as we knew it. Displaying the qualities that made When Genius Failed a timeless classic of Wall Street-his sixth sense for narrative drama and his unmatched ability to tell complicated financial stories in ways that resonate with the ordinary reader-Roger Lowenstein weaves a financial, economic, and sociological thriller that indicts America for succumbing to the siren song of easy debt and speculative mortgages.

The End of Wall Street is rife with historical lessons and bursting with fast-paced action. Lowenstein introduces his story with precisely etched, laserlike profiles of Angelo Mozilo, the Johnny Appleseed of subprime mortgages who spreads toxic loans across the landscape like wild crabapples, and moves to a damning explication of how rating agencies helped gift wrap faulty loans in the guise of triple-A paper and a takedown of the academic formulas that-once again- proved the ruin of investors and banks. Lowenstein excels with a series of searing profiles of banking CEOs, such as the ferretlike Dick Fuld of Lehman and the bloodless Jamie Dimon of JP Morgan, and of government officials from the restless, deal-obsessed Hank Paulson and the overmatched Tim Geithner to the cerebral academic Ben Bernanke, who sought to avoid a repeat of the one crisis he spent a lifetime trying to understand-the Great Depression.

Finally, we come to understand the majesty of Lowenstein's theme of liquidity and capital, which explains the origins of the crisis and that positions the collapse of 2008 as the greatest ever of Wall Street's unlearned lessons. The End of Wall Street will be essential reading as we work to identify the lessons of the market failure and start to reb...

About Roger Lowenstein

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Roger Lowenstein, author of four books, reported for The Wall Street Journal for more than a decade and wrote the Journal's stock market column “Heard on the Street” from 1989 to 1991 and the “Intrinsic Value” column from 1995 to 1997. He is now a columnist for Bloomberg and he also writes for The New York Times Magazine and other publications. He has three children and lives in Newton, Massachusetts.
Published April 6, 2010 by Penguin Books. 370 pages
Genres: Business & Economics, History, Professional & Technical, Literature & Fiction. Non-fiction

Unrated Critic Reviews for The End of Wall Street

Kirkus Reviews

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Rodriguez, chief executive of First Pacific Advisors, who protected his investors from the insane greed while trying to warn anybody who would listen about the house of cards about to collapse.

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The New York Times

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It is a complex but imaginative book, an especially useful piece of the jigsaw puzzle that current Wall Street books are busy creating.

Mar 31 2010 | Read Full Review of The End of Wall Street

The New York Times

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The chief executive, Richard Fuld, “nervously hung back at Lehman, like a general who didn’t know which of his officers would report next with news from the front.” Learning that his firm would be allowed to fail, a Lehman banker turned to a New York Fed official and warned, “You’re unleashing th...

Apr 16 2010 | Read Full Review of The End of Wall Street

The Wall Street Journal

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Everything changed with the financial crisis—just not as much as we thought.

Apr 09 2010 | Read Full Review of The End of Wall Street

Seeking Alpha

I consider his biography of Buffett to be best of type, and his investigtion/explanation of LTCM ("When Genius Failed") is one of the best business books I have ever read.

May 01 2010 | Read Full Review of The End of Wall Street

Seeking Alpha

(A new generation on Wall Street can come every few years, about as long as it takes a board to replace a CEO after some bad turn.) Cheap financing and too-big-to-fail resuscitated Wall Street in 2009.

Apr 20 2010 | Read Full Review of The End of Wall Street

Seeking Alpha

His responsibilities include overseeing the firm’s investment process and handling all aspects of portfolio allocation which include continuous portfolio monitoring, performance reporting and investment research.

Oct 05 2010 | Read Full Review of The End of Wall Street


(And, of course, remember that we’re not actually talking about the average Rhone wine here: we’re talking only about the Rhone wines which, in hindsight, turned out to be the ones that wine lovers wanted to buy at auction.

Jul 06 2010 | Read Full Review of The End of Wall Street

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