The monster: how a gang of predatory lenders and Wall Street bankers fleeced America--and spawned a global crisis

Book Cover
Average Rating
Publisher:
Times Books,
Pub. Date:
[2010]
Language:
English
Description

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 salesman 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.

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ISBN:
9780805090468
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Grouping Information

Grouped Work IDc44a39ac-8a8b-a0e7-7c9a-9dbf0d56ad7f
Grouping Titlemonster how a gang of predatory lenders and wall street bankers fleeced america and spawned a global
Grouping Authorhudson michael
Grouping Categorybook
Last Grouping Update2019-12-18 17:22:13PM
Last Indexed2020-02-23 04:43:14AM

Solr Details

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ils:.b13135776BookBooksFirst edition.EnglishTimes Books, [2010]xii, 365 pages ; 24
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subject_facetFinancial crises -- United States
Global Financial Crisis, 2008-2009
Investment banking -- Corrupt practices -- United States
Mortgage-backed securities -- United States
Predatory lending -- United States
Subprime mortgage loans -- United States
title_displayThe monster : how a gang of predatory lenders and Wall Street bankers fleeced America--and spawned a global crisis
title_fullThe monster : how a gang of predatory lenders and Wall Street bankers fleeced America--and spawned a global crisis / Michael W. Hudson
title_shortThe monster
title_subhow a gang of predatory lenders and Wall Street bankers fleeced America--and spawned a global crisis