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1 Beaverton Economics- General

The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America--And Spawned a Global Crisis

by

The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America--And Spawned a Global Crisis Cover

 

Synopses & Reviews

Publisher Comments:

Who killed the economy?

A page-turning, true-crime expose 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 expose of the bottom-feeding fraud and top-down greed that fueled the financial collapse.

Synopsis:

"Magnificently and heartbreakingly told. . . . [Hudson] shows vividly that really filthy, face-to-face fraud and hard-sell bullying . . . brought the economy down around our ears."—The Boston Globe

In this page-turning, true-crime exposé, award-winning reporter Michael W. Hudson reveals the story of the rise and fall of the biggest subprime lender and Wall Street's biggest patron of subprime: Ameriquest and Lehman Brothers. They did more than any other institutions to produce the biggest financial scandal in American history.

It's a tale populated by a remarkable cast of characters: a shadowy billionaire who created the subprime industry out of the ashes of the 1980s S&L scandal; insatiable Wall Street executives; ensnared home owners; investigators who tried to expose the fraud; politicians 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 look at the bottom-feeding fraud and top-down greed that fueled the financial collapse.

About the Author

Michael W. Hudson is a staff writer at the Center for Public Integrity, and previously worked as a reporter for the Wall Street Journal and as an investigator for the Center for Responsible Lending. The winner of a George Polk Award, Hudson has also written for Forbes, The Big Money, and the New York Times. He edited Merchants of Misery and appeared in the documentary Maxed Out. He lives in Brooklyn.

Product Details

ISBN:
9780312610531
Author:
Hudson, Michael W
Publisher:
St. Martin's Griffin
Author:
Hudson, Michael W.
Subject:
Finance
Subject:
Real Estate - General
Subject:
General
Subject:
Business-Accounting and Finance
Subject:
Real Estate - Mortgages
Subject:
Corporate & Business History
Edition Description:
Trade paper
Publication Date:
20110931
Binding:
TRADE PAPER
Language:
English
Pages:
384
Dimensions:
8.25 x 5.5 in

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Related Subjects

Business » Accounting and Finance
Business » Banking
Business » Business Profiles
Business » Real Estate
History and Social Science » Economics » General
History and Social Science » Sociology » General

The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America--And Spawned a Global Crisis Used Trade Paper
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Product details 384 pages St. Martin's Griffin - English 9780312610531 Reviews:
"Synopsis" by , "Magnificently and heartbreakingly told. . . . [Hudson] shows vividly that really filthy, face-to-face fraud and hard-sell bullying . . . brought the economy down around our ears."—The Boston Globe

In this page-turning, true-crime exposé, award-winning reporter Michael W. Hudson reveals the story of the rise and fall of the biggest subprime lender and Wall Street's biggest patron of subprime: Ameriquest and Lehman Brothers. They did more than any other institutions to produce the biggest financial scandal in American history.

It's a tale populated by a remarkable cast of characters: a shadowy billionaire who created the subprime industry out of the ashes of the 1980s S&L scandal; insatiable Wall Street executives; ensnared home owners; investigators who tried to expose the fraud; politicians 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 look at the bottom-feeding fraud and top-down greed that fueled the financial collapse.

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