Who killed the economy?
A page-turning, true-crime exposé of the subprime salesmen and Wall Street alchemists who produced the biggest financial scandal in American history
"It's hard to have a guilty conscience if you don't have a conscience. Anything that benefited production - that benefited me and benefited my wallet - I'd do it."
The sales force at Ameriquest Mortgage took this philosophy to heart. They watched the Hollywood white-collar-crime flick "Boiler Room" as a training tape, studying how to pitch overpriced deals to unsuspecting home owners. They learned how to forge signatures on mortgage paperwork and create fake documents in "cut-and-paste" operations they dubbed "The Lab" or "The Art Department."
In this stunning narrative, award-winning reporter Michael W. Hudson reveals the story of the rise and fall of the subprime mortgage business by chronicling the rise and fall of two corporate empires: Ameriquest and Lehman Brothers. As the biggest subprime lender and Wall Street's biggest patron of subprime, Ameriquest and Lehman did more than any other institutions to create the feeding frenzy that emboldened mortgage pros to flood the nation with high-risk, high-profit home loans.
It's a tale populated by a remarkable cast of the characters: a shadowy billionaire who created the subprime industry out of the ashes of the 1980s S&L scandal; Wall Street executives with an insatiable desire for product; struggling home owners ensnared in the most ingenious of traps; lawyers and investigators who tried to expose the fraud; politicians and bureaucrats who turned a blind eye; and, most of all, the drug-snorting, high-living salesmen who tell all about the money they made, the lies they told, the deals they closed.
Provocative and gripping, The Monster is a searing exposé of the bottom-feeding fraud and top-down greed that fueled the financial collapse.
About Michael W. HudsonSee more books from this Author
Another look at the subprime mortgage lending meltdown, with a focus on the predatory housing finance corporation Ameriquest and the once-venerable Wall Street firm of Lehman Brothers.Nov 01 2010 | Read Full Review of The Monster: How a Gang of Pr...
… Whatever they needed — extra budget, permission for more risk, permission to invest colossal hunks of the firm’s capital in their market — they got.” Hudson first wrote about predatory lending for The Washington Monthly and Southern Exposure in the early 1990s.Jan 03 2011 | Read Full Review of The Monster: How a Gang of Pr...
They enact new rules, a few good years go by, banks and other financial institutions say the rules are no longer needed because everything is going so well, the government clowns who don’t know a thing about finance in the first place cave in to pressure from financial lobbyists to relax the...Nov 21 2010 | Read Full Review of The Monster: How a Gang of Pr...
A full insider account of the meltdown of the real-estate market can be found in this terrifically readable book by Michael Hudson, an economist and Wall Street analyst.Feb 10 2011 | Read Full Review of The Monster: How a Gang of Pr...
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