The End of Wall Street

The End of Wall Street

Unknown - 2010
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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 know it. Lowenstein weaves a financial, economic and sociological thriller that indicts America for succumbing to the siren song of easy debt and speculative mortgages.
Publisher: New York : Penguin Press, 2010.
ISBN: 9781594202391
1594202397
Characteristics: xxv, 339 p. ; 25 cm.

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StarGladiator
Aug 29, 2013

"The market system itself had come undone. Banks couldn't borrow; investors wouldn't lend; companies could not refinance." ????? With these two sentences, we know the book is meant to mislead, misdirect and misinform. Banks couldn't borrow because interbank loans froze given that many banksters finally realized that hundreds of trillions of dollars of ultra-leveraged debt had been written agains minimal amounts of capital on hand, while many trillions, again perhaps hundreds of trillions in possible payouts, had been written in unregulated insurance, i.e., credit default swaps, especially nakded swaps or uncovered swaps. Lowenstein may be a Wall Street insider (?) but you won't find out any real information from this hack. [And no, a 3% mortgage foreclosure rate in America did not bring down the global economy.]

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