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House of Cards (09 Edition)

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House of Cards (09 Edition) Cover

ISBN13: 9780767930895
ISBN10: 0767930894
Condition: Student Owned
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Synopses & Reviews

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Publisher Comments:

On March 5, 2008, at 10:15 A.M., a hedge fund manager in Florida wrote a post on his investing advice Web site that included a startling statement about Bear Stearns & Co., the nations fifth-largest investment bank: “In my book, they are insolvent.”

This seemed a bold and risky statement. Bear Stearns was about to announce profits of $115 million for the first quarter of 2008, had $17.3 billion in cash on hand, and, as the company incessantly boasted, had been a colossally profitable enterprise in the eighty-five years since its founding.

Ten days later, Bear Stearns no longer existed, and the calamitous financial meltdown of 2008 had begun.

How this happened – and why – is the subject of William D. Cohans superb and shocking narrative that chronicles the fall of Bear Stearns and the end of the Second Gilded Age on Wall Street. Bear Stearns serves as the Rosetta Stone to explain how a combination of risky bets, corporate political infighting, lax government regulations and truly bad decision-making wrought havoc on the world financial system.

Cohans minute-by-minute account of those ten days in March makes for breathless reading, as the bankers at Bear Stearns struggled to contain the cascading series of events that would doom the firm, and as Treasury Secretary Henry Paulson, New York Federal Reserve Bank President Tim Geithner, and Fed Chairman Ben Bernanke began to realize the dire consequences for the world economy should the company go bankrupt.

But HOUSE OF CARDS does more than recount the incredible panic of the first stages of the financial meltdown. William D. Cohan beautifully demonstrates why the seemingly invincible Wall Street money machine came crashing down. He chronicles the swashbuckling corporate culture of Bear Stearns, the strangely crucial role competitive bridge played in the companys fortunes, the brutal internecine battles for power, and the deadly combination of greed and inattention that helps to explain why the companys leaders ignored the danger lurking in Bears huge positions in mortgage-backed securities.

The author deftly portrays larger-than-life personalities like Ace Greenberg, Bear Stearns miserly, take-no-prisoners chairman whose memos about re-using paper clips were legendary throughout Wall Street; his profane, colorful rival and eventual heir Jimmy Cayne, whose world-champion-level bridge skills were a lever in his corporate rise and became a symbol of the reasons for the firms demise; and Jamie Dimon, the blunt-talking CEO of JPMorgan Chase, who won the astonishing endgame of the saga (the Bear Stearns headquarters alone were worth more than JP Morgan paid for the whole company).

Cohans explanation of seemingly arcane subjects like credit default swaps and fixed- income securities is masterful and crystal clear, but it is the high-end dish and powerful narrative drive that makes HOUSE OF CARDS an irresistible read on a par with classics such as LIARS POKER and BARBARIANS AT THE GATE.

Written with the novelistic verve and insider knowledge that made THE LAST TYCOONS a bestseller and a prize-winner, HOUSE OF CARDS is a chilling cautionary tale about greed, arrogance, and stupidity in the financial world, and the consequences for all of us.

Synopsis:

A blistering narrative account of the negligence and greed that pushed all of Wall Street into chaos and the country into a financial crisis.

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. The effects would be felt nationwide, as the country suddenly found itself in the grip of the worst financial mess since the Great Depression. William Cohan exposes the corporate arrogance, power struggles, and deadly combination of greed and inattention, which led to the collapse of not only Bear Stearns but the very foundations of Wall Street.

Synopsis:

A blistering narrative account of the negligence and greed that pushed all of Wall Street into chaos and the country into a financial crisis.

 

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. The effects would be felt nationwide, as the country suddenly found itself in the grip of the worst financial mess since the Great Depression. William Cohan exposes the corporate arrogance, power struggles, and deadly combination of greed and inattention, which led to the collapse of not only Bear Stearns but the very foundations of Wall Street.

About the Author

WILLIAM D. COHAN, a former senior Wall Street investment banker, is the bestselling author of The Last Tycoons and the winner of the 2007 FT/Goldman Sachs Business Book of the Year Award. He is an online columnist for The New York Times, and writes frequently for Vanity Fair, Fortune, ArtNews, The Financial Times, the Washington Post and the Daily Beast.  He also appears frequently on CNN, Bloomberg TV and CNBC, and also on numerous NPR shows.

What Our Readers Are Saying

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Average customer rating based on 1 comment:

zeebee, January 3, 2013 (view all comments by zeebee)
This is a must read for all those interested in understanding the support behind Occupy Wall Street and capping compensation for corporate executives. This book captures how poor management, lack of controls, and herd mentality led to short term profits, enormous bonuses, and overpayment to corporate executives who had no understanding of their own business models nor the leadership team they put in place. While the top echelon ran off with mega millions and continue to be allowed into the fraternity of upper management, millions of hardworking employees continue to pay the price. Both sides are presented but in the end, he who finds and exploits the loop holes is rewarded with the biggest prize.
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Product Details

ISBN:
9780767930895
Author:
Cohan, William D.
Publisher:
Anchor Books
Author:
Cohan, William
Subject:
Corporate & Business History - General
Subject:
Finance
Subject:
Investments & Securities - General
Subject:
Corporate History
Subject:
Financial crises -- United States.
Subject:
Bank failures -- United States.
Subject:
Business-History and Biography
Edition Description:
Trade paper
Publication Date:
20100231
Binding:
TRADE PAPER
Grade Level:
General/trade
Language:
English
Pages:
608
Dimensions:
8 x 5.1 x 1.08 in 1.05 lb

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Related Subjects


Biography » General
Business » Accounting and Finance
Business » History and Biographies
Business » Investing
History and Social Science » Economics » General

House of Cards (09 Edition) Used Trade Paper
0 stars - 0 reviews
$10.00 In Stock
Product details 608 pages Anchor Books - English 9780767930895 Reviews:
"Synopsis" by , A blistering narrative account of the negligence and greed that pushed all of Wall Street into chaos and the country into a financial crisis.

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. The effects would be felt nationwide, as the country suddenly found itself in the grip of the worst financial mess since the Great Depression. William Cohan exposes the corporate arrogance, power struggles, and deadly combination of greed and inattention, which led to the collapse of not only Bear Stearns but the very foundations of Wall Street.

"Synopsis" by , A blistering narrative account of the negligence and greed that pushed all of Wall Street into chaos and the country into a financial crisis.

 

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. The effects would be felt nationwide, as the country suddenly found itself in the grip of the worst financial mess since the Great Depression. William Cohan exposes the corporate arrogance, power struggles, and deadly combination of greed and inattention, which led to the collapse of not only Bear Stearns but the very foundations of Wall Street.

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