Free PDF All the Devils Are Here: The Hidden History of the Financial Crisis, by Bethany McLean

Free PDF All the Devils Are Here: The Hidden History of the Financial Crisis, by Bethany McLean

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All the Devils Are Here: The Hidden History of the Financial Crisis, by Bethany McLean

Free PDF All the Devils Are Here: The Hidden History of the Financial Crisis, by Bethany McLean

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About the Author

Bethany McLean and Peter Elkind are Fortune senior writers. McLean, a former investment banking analyst for Goldman Sachs, lives in New York City. Her March 2001 article in Fortune, "Is Enron Overpriced?," was the first in a national publication to openly question the company's dealings.

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Product details

Paperback: 416 pages

Publisher: Portfolio; Reprint edition (August 30, 2011)

Language: English

ISBN-10: 159184438X

ISBN-13: 978-1591844389

Product Dimensions:

5.5 x 1.1 x 8.5 inches

Shipping Weight: 14.4 ounces (View shipping rates and policies)

Average Customer Review:

4.4 out of 5 stars

281 customer reviews

Amazon Best Sellers Rank:

#33,434 in Books (See Top 100 in Books)

I've read a number of books and listened to many podcasts about the 2008 recession and the events leading up to it. As fascinating as finance is, especially finance that caused the biggest economic downturn since the Great Depression, I've been hard pressed to find a book that can capture my attention as much as this book has. While at times it can be hard to keep the people straight as the book jumps around between companies in a mostly chronological order, it is absolutely captivating and gives a unique and incredibly thorough history of what caused this crisis.While many movies and pundits depict nothing more than greedy businessmen feeding on the prey that is the average American consumer, this book shows where these incredible financial products came from; from the advent of MBS, to advanced risk modeling and VaR, to the impact risk modeling had on the creation of derivatives, to the original hedging purpose behind credit defaults swaps, to CDOs, and to synthetic CDOs, it clearly depicts how most of these products were created with pure intentions but went down a dangerous path. The frightening reality of the rating agencies and failure of regulators is a tale that should be understood by many.I highly recommend this book to anyone even moderately interested in this sort of topic. It is an excellent read.

This is not the sexiest book on the financial meltdown, but it probably is the most detailed, sober analysis of the lead-up to the crisis to come out so far. For a play-by-play of CEOs running around on Lehman weekend and dodging each other's calls (and not a single insight into why it all happened), go to Sorkin's Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the FinancialSystem--and Themselves. For indigestible (and largely irrelevant) inside baseball about Bear Stearns, see William Cohan's House of Cards: A Tale of Hubris and Wretched Excess on Wall Street. For some of the outlandish characters in Hedge Fund Land who saw it all coming and made a killing, go to Michael Lewis's The Big Short: Inside the Doomsday Machine (still the best read on the crisis). For a detailed and informed road map to how we got here, read this book. McLean and Nocera carefully reverse engineer the current mess we are in and show us how the gigantic landfill of toxic assets was excavated over the course of three decades and progressively filled with some of the worst investments in the history of the modern world.Each chapter provides a new domino. The first is mortgage securitization, the second is the appearance of non-bank mortgage originators and the subprime mortgage industry, the third is J.P. Morgan's invention of the collateralized debt obligation, the fourth was the anti-regulatory bias of the Greenspan Fed, the fourth is the Clinton administration's quashing of the CFTC's attempt to regulate derivatives, and so on and so on. Each step on the road to the Hell of the New Normal is chronicled with an objectivity that only toward the very end veers off toward condemnation (and there is plenty to go around).Some of the material is familiar, some of it isn't. Although based on the mountain of work by many other journalists, it manages to unearth a lot of new information. Mostly, however, it provides a cathartic synthesis of the entire mess. If you sat through the financial crisis from 2007 to the present like the protagonist in Clockwork Orange --tied to a chair and forced to open your eyelids to see all of it-- then this is the book for you. Some of it will be familiar from early coverage of the initial glimmers of rampant excess in the subprime mortgage industry. Other facts are less familiar. I did not know, for example, that the bulk of subprime lending was actually refinancing. What that means is that many people on boring and safe thirty-year mortgages were enticed (or even scammed) into shifting to the toxic ARMs and other WMDs spewing out of the financial meth labs. Now that is scandalous.Perhaps the one thing that surprised me most was the authors' impassioned plea that financial innovation actually does not serve any useful purpose. This runs counter to Robert Shiller's The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do about It. It is not up to the layman to decide, but I must say there are powerful arguments in here for curtailing the more audacious creations of the Wall Street Edisons.Not the last word on the subject and maybe not definitive, but a great addition to the 2008 disaster genre. Talking and reading about it helps.

There is probably no better book on the financial crisis. The authors leave no stone unturned and manage to go into great detail without being tedious or boring. Best of all, rather than slant the story in favor of one causal hypothesis or another, they present such a wealth of data about who did what, and when, that readers can paint their own picture of what happened.That said, the word “devils” in the title is misleading. It turns out to be a partial quotation from Shakespeare’s The Tempest: “Hell is empty, and all the devils are here.” In the context of the play, a shipwrecked mariner is bemoaning the intensity of a storm (and certainly the financial crisis was a storm) but for those unfamiliar with the allusion, it gives the implication that the actors in the financial crisis were devils – something that the book makes clear isn’t true.Despite the catchy title, the story is not about devils. As bad, weak, greedy and stupid as some of the players were, the outcome was clearly the result of groupthink, incestuous amplification, or perhaps what author Diane Vaughan called the social normalization of deviance. Everybody got on the same bandwagon, including the federal government. Governmental mandates and quasi-governmental organizations like Fannie Mae were particularly instrumental in driving the buildup of what later became toxic assets.In summary, if you want to understand the financial crisis and you’re not on a witch hunt, this book is for you.

I've read a number of books about the recent housing crash, and this book is by far the best. Some reviews have said that it doesn't assign blame. I'm not sure what they were reading, because there is plenty of blame to go around from Wall Street to the rating agencies to Fanny & Freddie to our elected representatives to the regulators... and let's not forget that person you see each morning in the mirror. There's plenty of blame to go around.This book starts 30 years ago and shows the events and players involved in building the path to this crash. If you already have a simple answer in your head as to who to blame, then move on. This book is not for you. But if you really want to understand the background, then this is for you.Yes there are a few errors, but nothing significant enough to keep you from understanding and getting the key points. It will help you understand the interplay between wall street, banks, mortgage companies (and their tricks), Fannie & Freddie, the highly structured derivatives, and hopefully you will be much smarter in dealing with some of these organizations in the future.Highly recommended.

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