Free: The Ingredients of a Financial Meltdown
remember sitting in my office and watching CNBC in September of 2008. Although I was surprised earlier in the year when Bear Stearns had to be rescued from bankruptcy at the last minute by Jamie Dimon at JP Morgan, I was really disturbed watching Lehman Brothers go bankrupt before my eyes as well as the dissolution of Merrill Lynch as we have known it. While all this was going on, the government was putting billions of dollars on the line to rescue AIG. All of this was totally unprecedented. Not since the great depression had we seen anything like this. The market losses were staggering. Where would it end?
But to me the more important question was how did it begin? What follows is the result of 60 days of research that I did in the fall of 2008. I consulted several academics and interviewed many people on Wall Street. I was very surprised when I discovered what caused the meltdown especially since our government was accusing the greedy Wall Street Bankers for the problem and they continue to blame Wall Street even to this day.
What follows is a recipe for disaster.
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