[PDF/EPUB] All the Devils Are Here ✓ Bethany McLean – sableyes.co.uk


  • Hardcover
  • 380
  • All the Devils Are Here
  • Bethany McLean
  • English
  • 18 February 2019
  • 9781591843634

10 thoughts on “All the Devils Are Here

  1. says:

    Along with Michael Lewis' The Big Short this is a must read if you want to understand the recent financial crisis The authors also did The Smartest Guys in the Room about the Enron scandal and I found that book both enlightening and interest

  2. says:

    Once upon a time not so long ago really it was 1999 there was a group of three exceedingly smart men whom Time Magazine called The Committee to Save the World In fact these three men Alan Greenspan Larry Summers and Robert Rubin seemed to think they were the smartest people in the whole wide world Together they had put in place the economic

  3. says:

    Shakespeare wrote Hell is empty and all the Devils are here I'm going to zombify this sentiment just a tad by saying what I know to be true There is no room in Hell and the Devils now walk the earth Oh yesthey do Is there any doubt Little ones and big ones all spread out like an infection And if there's a cure to wiping them off t

  4. says:

    I re read this one because I think I’ll be assigning it in my class I’m worried we forgot about the stupidity greed and hubris that led to the crisis with the gov’t GSEs and banks all sharing the blame The

  5. says:

    great read all explained in details

  6. says:

    The companies involved in the financial crisis Countrywide AIG Merrill Lynch Ameriuest Lehman Brothers and Bear Stearns didn't simply sprout horns and tails one night The elements personified in the title are instead a list of financial tools events and attitudes that didn't just coalesce but rather evolved in almost predictable t

  7. says:

    This is a good survey of the 2007 08 financial meltdown and the events leading up to it The world of mortgage finance is arcane and to begin with and it was made even arcane by Wall Street’s groovy new inventions Joe Nocera NY Times business reporter and Bethany McClean The Smartest Guys in the Room Enron take on the task of transforming that world into a compelling story and succeed mostly My only criticism of the book would be that it n

  8. says:

    I pulled this off the bookshelf to go through again because it seems that we're heading for another one The 2008 one was the mortgage bundling What is happening now is car loans are lapsing at an extremely high rate And many of the ru

  9. says:

    This book tells the tale of the 2008 financial crisis So far it's the most complete compilation of info on the subject that I have read I expected no less but I didn't expect it to start in the eighties Not to worry though it doesn't dwell there I was just disappointed that the laws and inventions of the subprime practices started that long

  10. says:

    I must profess at the outset that I have a bit of a nerdy girl crush on Bethany McClean She is everything I wish I could be Intelligent articulate well versed on topics of financial and economic complexity and a respected journalist She's also very beautiful but I am what I am so far as that is concerned I continue to read as much as I can about the Crisis of 2008 Maybe it's because I am unemployed and grow and bitter with each

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Bethany McLean Ú 0 Free read

All the Devils Are Here

Wers analysts and Wall Street traders It delves into the powerful American mythology of homeownership And it proves that the crisis ultimately wasn't about finance at all; it was about human natureAmong the devils you'll meet in vivid detail• Angelo Mozilo the CEO of Countrywide who dreamed of spreading homeownership to the masses only to succumb to the peer pressure and the outsized profits of the sleaziest subprime lending• Roland Arnall a respected philanthropist and diplomat who made his fortune building Ameriuest a subprime lending empire that relied on blatantly deceptive lending practices• Hank Greenberg who built AIG into a Rube Goldberg contraption with an undeserved triple A rating and who ran it so tightly that he was the only one who knew where all the bodies were buried• Stan O'Neal of Merrill Lynch aloof and suspicious who suffered from Goldman envy and drove a proud old firm into the ground by promoting cronie great read all explained in details

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S and pushing out his smartest lieutenants• Lloyd Blankfein who helped turn Goldman Sachs from a culture that famously put clients first to one that made clients secondary to its own bottom line• Franklin Raines of Fannie Mae who like his predecessors bullied regulators into submission and let his firm drift away from its original noble mission• Brian Clarkson of Moody's who aggressively pushed to increase his rating agency's market share and stock price at the cost of its integrity• Alan Greenspan the legendary maestro of the Federal Reserve who ignored the evidence of a growing housing bubble and turned a blind eye to the lending practices that ultimately brought down Wall Street and inflicted enormous pain on the countryJust as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf so will All the Devils Are Here be remembered for finally making sense of the meltdown and its conseuence This is a good survey of the 2007 08 financial meltdown and the events leading up to it The world of mortgage finance is arcane and to begin with and it was made even arcane by Wall Street s groovy new inventions Joe Nocera NY Times business reporter and Bethany McClean The Smartest Guys in the Room Enron take on the task of transforming that world into a compelling story and succeed mostly My only criticism of the book would be that it never takes a step back from the events to take a broader economic or historical view The reader is left with the sense of doom How will we ever construct a useful credit system in the US when all the players are corrupt or incompetent I think a bit of historical context would have been useful here For one thing the climax of the story is a classic banking panic as the authors themselves observe In June 2007 Bear Stearns creditors tried to get their money all at once and couldn t There was no market for the debt As the author s put it it was a classic run on a bank except those racing to pull their money out weren t depositors They were bankers Not mentioned is the fact that banking panics on this scale had not been seen in the United States for 80 years Before that panics were common 1857 1873 1893 1907 1929 all years of financial panic followed by economic collapse Somehow we got the banking sector under control for several decades after that Maybe we can do it again

Read & Download All the Devils Are Here

Hell is empty and all the devils are here Shakespeare The TempestAs soon as the financial crisis erupted the finger pointing began Should the blame fall on Wall Street Main Street or Pennsylvania Avenue On greedy traders misguided regulators sleazy subprime companies cowardly legislators or clueless home buyersAccording to Bethany McLean and Joe Nocera two of America's most acclaimed business journalists the real answer is all of the above and Many devils helped bring hell to the economy And the full story in all of its complexity and detail is like the legend of the blind men and the elephant Almost everyone has missed the big picture Almost no one has put all the pieces together All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done It explores the motivations of everyone from famous CEOs cabinet secretaries and politicians to anonymous lenders borro Shakespeare wrote Hell is empty and all the Devils are here I m going to zombify this sentiment just a tad by saying what I know to be true There is no room in Hell and the Devils now walk the earth Oh yesthey do Is there any doubt Little ones and big ones all spread out like an infection And if there s a cure to wiping them off the face of the planet and sending them back to Hell it s yet to be implemented because apparently it takes balls and brains and a pretty reliable moral compass all of which are in very short supply at the top where it matters most Here are a few things I ve come to understand and firmly believe Greed for lack of a better word is not good Greed in fact turns people into out and out sociopaths if they weren t already Greed makes people cheat and lie and break the law If the stakes are high enough greed can and will topple global financial institutions It can perpetuate a form of terrorism that should leave us uaking in our beds at night because the kind of sickly lustful unchecked greed which motivated sub prime mortgage lending the deregulation of banks the stratospheric rise of predatory lending unregulated derivatives CDOs and credit default swaps is the kind of greed which cost millions of people their jobs homes and pensions not just in the United States but all over the world We re talking pandemic here In the interconnected global world market the reality is these days no one is safe Everyone is in bed with everyone else and nobody is wearing a condom Here s something else the free market is not self disciplined or self regulating You know why Because it is an artificial construct made by humans to self serve humans It can be manipulated in a thousand million different ways The free market does not exist beyond the domain of the evil that men and women do It is vulnerable to illusion and delusion It can be infected by greed And it can crash splinter implode and bring the whole world down with it Unfortunately sensible solutions to addressing free market vulnerabilities with things like regulation are seen as ham stringing anti capitalist anti American liberal or worst of all smacking of socialism this is where you re supposed to spit put tooey If anything on god s green earth should be regulated it has to be banks mortgage lenders and credit rating agencies These institutions represent a sacred public trust Gigantic loopholes and unfettered restraint should not be realized upon which greed can flourish and evil deeds thrive for a toxic brew of sub prime contagion to be concocted in the labs of Main St and Wall St USA and shipped to the rest of the world like the deadliest of viruses But this did happen and will likely happen again for two reasons humans have short memories and all the Devils are still here With nary a slap on the wrist and HUNDREDS OF MILLIONS of untaxed dollars lining their pockets I could vomit If you really want to get to the heart of the 2008 financial crisis in America you could do a lot worse than this book It is a very frank well researched assessment filled with cogent arguments and incisive observations and all things considered a rather sane sensible look at the how Rome wasn t built in a day and neither were the seeds of the financial crisis sewn in a week It took about a decade not all that long all things considering There were those who saw the writing on the wall and did nothing There were those that tried and failed But far outnumbering the naysayers was a group made up of fervent capitalist ideologues free market believers and most of all Devils with power driven by their unuenchable thirst for cash It was this group spread out across all sorts of institutions banks CRAs mortgage brokers insurance companies Wall Street traders and into the highest reaches of government who paved the way for deregulation of banks and for the rise of derivatives CDOs and credit default swaps at the heart of which was the immoral practice of extortionist predatory lending and sub prime mortgages What you had in fact were sociopaths motivated by greed who with the help of deregulation became medieval alchemists transforming lead into gold Game players took Product A not worth anything and turned it into Product B now worth everything and credit agencies were right there with their hand out willing and able to give these new products a Triple A score This was a crucial step to the alchemical process Wall Street could securitize but it was the CRAs who legitimized these products with their ratings which made the uestionable products safe and secure and which meant pension plans could now legally buy themI think the better informed we all are on this subject the better off we ll be in the long run We have to start demanding better protection from such dubiously legal economic practices We have to start demanding transparency and accountability and than anything else we have to start demanding regulation Even after the worst has happened not the least of which was the grotesue yet necessary bailouts regulation has been slow to come It s being fought against in a ferocious battle by the same people who fucked us all pardon my French the first time and if things don t change will likely fuck us all again This isn t just an American story about the sins of Wall Street and the complete and utter lack of integrity represented by a Lehman Brothers before its fall what happens in America doesn t just stay in America not any Their economy is its largest export and we are all at the table gobbling it up If the food is laced with arsenic or Ebola I for one want to know Better yet how about strictly regulating the food so that the worst blemish it s going to have is a bit of mold on the edges of the bread That I can pick off myself and it s not going to kill me Guess what Regulation is not going to kill you either It won t eual death to capitalism or the free market It s simply adding responsible checks and balances into a system that s gotten far too big and complicated for its own good where the lunatics are running the asylum dressed in Armani suits and spouting economical euations that us little people just can t possibly understand Fuck you The last thing I ve learned Nothing is too big to fail so you better have a Plan B Inside Job 2010 Meltdown The Secret History of the Global Financial Collapse All four parts available on YouTube Part I Part II Part III Part IV


About the Author: Bethany McLean

Bethany McLean is a contributing editor to Vanity Fair magazine and known for her work on the Enron scandal She had been an editor at large and columnist for Fortune magazineMcLean grew up in Hibbing and received her BA in English and mathematics at Williams College in 1992 After college and prior to joining Fortune she worked as an investment banker for Goldman Sachs