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At the beginning of March 2008 the monetary fabric of Bear Stearns, one of the world's oldest and largest investment banks, began unraveling. After ten days, the bank no longer existed, its assets sold under duress to rival JPMorgan Chase. William Cohan exposes the corporate arrogance, power struggles, and deadly combination of greed and inattention that led to the collapse not only of Bear Stearns but the very foundations of Wall Street.--From publisher's...
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In spite of its key role in creating the ruinous financial crisis of 2008, the American banking industry has grown bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks whose assets amount to more than 60 percent of the country’s gross domestic product, this oligarchy proved it could first hold the global economy hostage and then use its political muscle to fight off meaningful reform. 13 Bankers...
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"The bankruptcy of the investment bank Lehman Brothers was the pivotal event of the 2008 financial crisis and the Great Recession that followed. Ever since the bankruptcy, there has been heated debate about why the Federal Reserve did not rescue Lehman in the same way it rescued other financial institutions, such as Bear Stearns and AIG. The Fed's leaders from that time, especially former Chairman Ben Bernanke, have strongly asserted that they lacked...
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"Frontline goes behind closed doors to tell the inside story of how things went so wrong so fast and to document efforts to stabilize the industry. Veteran Frontline producer Michael Kirk untangles the complicated financial and political web threatening one superbank in particular, Bank of America."--Container.
14) Too big to fail
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"Andrew Ross Sorkin delivers the first true behind-the-scenes account of how the greatest financial crisis since the Great Depression developed into a global tsunami. From inside the corner office at Lehman Brothers to secret meetings in South Korea and Russia and the corridors of Washington, this is the definitive story of the most powerful men and women in finance and politics grappling with success and failure, ego and greed, and ultimately, the...
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Wall Street has always been an insular culture that most people only vaguely understand. The exception was Merrill Lynch, a firm that revolutionized the stock market by bringing Wall Street to Main Street. Merrill Lynch was not only "bullish on America," it was a big reason why so many average Americans were able to grow wealthy in the stock market. Merrill Lynch was an icon. Its sudden collapse and sale to Bank of America was a shock. How and why...
16) 13 bankers
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Economist Simon Johnson and James Kwak show why our future is imperiled by the ideology of finance and by Wall Street's political control of government policy pertaining to it. To restore health and balance to our economy, Johnson and Kwak make a radical yet feasible and focused proposal: reconfigure the megabanks to be small enough to fail.
18) The untouchables
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Looks into reasons why, despite apparent evidence of fraudulent practices, none of the CEOs of the banks cited for responsibility for the 2008-2009 financial crisis were prosecuted for any crimes.