Sellout

Titel: Sellout

Schrijver: Charles Gasparino

Bindingswijze: Hardcover

EAN: 9780061697166

Conditie: Goed

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Beschrijving:
Traces the rise in power and wealth of America's largest investment banks and brokerage houses beginning in 2002. This work shows how and why several of these institutions have suffered staggering losses in assets and influence since then, triggering the vast financial crisis that is devastating individual and institutional wallets through the US.

The definitive account of Wall Street's stunning collapse

From critically acclaimed investigative journalist and CNBC personality Charles Gasparino comes a sweeping examination of the most recent volatile, anxiety-ridden era in our nation's socioeconomic history. The Sellout traces the implosion of the financial services business back to its roots in the late 1970s when Wall Street embraced a new business model predicated on taking enormous risks. It shows how a backwater business involving the trading of risky bonds packed with mortgages showered countless billions in profits on the financial industry but sowed the seeds of its ultimate demise. Gasparino walks readers through Wall Street's three-decades' love affair with risk, revealing a trail of culpability—from the government bureaucrats who crafted housing policies that encouraged homeownership, to the Wall Street firms that underwrote and invested in risky debt, to the mortgage sellers who handed out loans to people without the financial wherewithal to pay them back, to the homeowners who became convinced they could afford mansions on blue-collar wages. The ongoing tumult in financial markets and the global economy began when some of our most esteemed financial institutions, our government, and even average citizens abdicated their collective responsibilities, eventually selling out investors and selling off the American Dream itself.

In the spirit of classics such as Barbarians at the Gate and Liar's Poker, this page-turning narrative captures how avarice, arrogance, and sheer stupidity eroded Wall Street's dominance and profoundly weakened the financial security of millions of middle-class Americans. Eye-opening and engrossing, The Sellout provides the most thorough investigation to date of this latest gilded era.

In the spirit of classics such as "Barbarians at the Gate" and "Liar's Poker", Charles Gasparino traces the rise in power and wealth of America's largest investment banks and brokerage houses beginning in 2002. He shows how and why several of these storied institutions have suffered staggering losses in assets and influence since then, triggering the vast financial crisis that is now devastating individual and institutional wallets through the United States and across the globe. Gasparino is known as a dogged reporter who regularly breaks news about Wall Street's inner workings and who has a direct line into Wall Street's most prominent dealmakers. His book promises to be one of the first books out of the gate in what will prove to be a crowded market of 'financial crisis' books, but his talent for delivering a dramatic narrative and colorful anecdotes and explaining complex financial maneuvers in accessible terms.