The Monster

The Monster

How A Gang of Predatory Lenders and Wall Street Bankers Fleeced America--and Spawned A Global Crisis

Book - 00A9}2010 | 1st ed
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A true-crime exposé of the subprime salesmen and Wall Street alchemists who produced the biggest financial scandal in American history. The sales force at Ameriquest Mortgage watched the Hollywood white-collar-crime movie "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." Investigative journalist 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.--From publisher description.
Chronicles the rise and fall of the subprime mortgage business through the stories of two corporate empires.
Publisher: New York : Times Books/Henry Holt and Co., ©2010
Edition: 1st ed
ISBN: 9780805090468
0805090460
Branch Call Number: 332.632440973 HUDSON
Characteristics: xii, 365 pages ; 25 cm

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d
dirtbag1
Mar 21, 2016

I guess they had to prey on the most vulnerable since their colleagues in corporate America exported all their jobs in tragic trade agreements. A country ruined by greed.

s
StarGladiator
Jul 23, 2014

//// politicians and bureaucrats who turned a blind eye \\\\ Not quite, it was a long lobbying effort, with much money changing hands, which allowed this design by the bankers to come to pass. Hudson does a good job, but this wasn't the cause of the meltdown. Everything was rigged, from the credit default swap deals, to the structured finance loans to private equity/LBO firms and hedge funds, to the rigged LIBOR rates, the rigged interest rate swap rates, rigged Forex, rigged gold and silver markets, and on and on. Sen. Carl Levin is finally uncovering the rigged tax evasion consisting of massive bank fraud, beginning with Renaissance Technologies and Barclays and Deutsche Bank, introducing evidence from alleged suicided bankers [really murder victims, the banksters trying to contain their devolving situation], with hopefully much more to come, as there have been so many bankers so conveniently disposed of over the past year. Let us hope Levin uncovers what has equally transpired at Chase and Goldman Sachs?

nmnm Nov 30, 2012

Michael Hudson is brilliant. Check out his, My Take On Obamas Win.

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