And Then the Roof Caved In: How Wall Street's Greed and Stupidity Brought Capitalism to Its Knees

And Then the Roof Caved In: How Wall Street's Greed and Stupidity Brought Capitalism to Its Knees

by David Faber
And Then the Roof Caved In: How Wall Street's Greed and Stupidity Brought Capitalism to Its Knees

And Then the Roof Caved In: How Wall Street's Greed and Stupidity Brought Capitalism to Its Knees

by David Faber

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Overview

CNBC's David Faber takes an in-depth look at the causes and consequences of the recent financial collapse

And Then the Roof Caved In lays bare the truth of the credit crisis, whose defining emotion at every turn has been greed, and whose defining failure is the complicity of the U.S. government in letting that greed rule the day. Written by CNBC's David Faber, this book painstakingly details the truth of what really happened with compelling characters who offer their first-hand accounts of what they did and why they did it.

Page by page, Faber explains the events of the previous seven years that planted the seeds for the worst economic crisis since the Great Depression. He begins in 2001, when the Federal Reserve embarked on an unprecedented effort to help the economy recover from the attacks of 9/11 by sending interest rates to all time lows. Faber also gives you an up-close look at where the crisis was incubated and unleashed upon the world-Wall Street-and introduces you to insiders from investment banks and mortgage lenders to ratings agencies, that unwittingly conspired to insure lending standards were abandoned in the head long rush for profits.

  • Based on two years of research, this book provides deep background into the current credit crisis
  • Offers the insights of experienced professionals-from Alan Greenspan to prominent bankers and regulators-who were on the front lines
  • Created by David Faber, the face of morning business news on CNBC, and host of the network's award winning documentaries

From regulators who tried to stop this problem before it swung out of control to hedge fund managers who correctly foresaw the coming housing crash and profited from it, And Then the Roof Caved In shows you how the crisis we currently face came to be.


Product Details

ISBN-13: 9780470607381
Publisher: Wiley
Publication date: 08/24/2010
Pages: 216
Sales rank: 709,057
Product dimensions: 5.60(w) x 8.60(h) x 0.70(d)

About the Author

About The Author
DAVID FABER, an Emmy, Peabody, and duPont Award winner, is the anchor and coproducer of CNBC's acclaimed original documentaries and long-form programming as well as a contributor to CNBC's Squawk on the Street. He has been reporting on Wall Street and corporate America for over twenty-two years, sixteen of them as the foremost reporter at CNBC. Faber has broken numerous stories including the massive fraud at WorldCom and News Corp.'s hostile bid for Dow Jones. He was a founding member of CNBC's signature morning show, Squawk Box. Faber also blogs at FaberReport.cnbc.com.

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Table of Contents

Acknowledgments xi

Prologue: "On the Verge" 1

Chapter 1 Bubble to Bubble 11

Greenspan's Shock and Awe 13

Houses Built on Cow Dung 19

Chapter 2 Home Sweet Home 23

Opening Doors 24

An Industry Is Born 27

Subprime Returns 29

Chapter 3 The Subprime Machine 33

From Delivering Pizza to Delivering Mortgages 41

Living the Dream 44

Diving into Deep Trouble 45

Chapter 4 Eyes Wide Shut 49

A Warning Unheeded 50

A Dream No More 55

Chapter 5 The Great Enabler 57

Fannie Mae and Freddie Mac Hit the Scene 61

Fannie and Freddie Get a Timeout 63

Wall Street Takes Over 66

A Tsunami of Mortgages 71

From Ownit to Out of It 74

Back from the Grave 77

Chapter 6 Complicity 81

Moody's the Money Maker 85

Repeat Customers 88

Chapter 7 The Securitization from Hell 95

The Making of a CDO 96

Tough to Kill 98

Turning "Crap into Triple-A" 101

From CDS to CDO 103

Insanity Sets In 106

Chapter 8 Narvik and Me 111

CDOs: An American Export 113

The Truth Revealed-But Does It Matter? 118

Chapter 9 Mortgaging Merrill's Future 121

Climbing Out of Poverty 122

A Strong Start 124

The Secret Weapon 125

Raking It In 127

Taking Big Risks 130

Chapter 10 A House of Cards 135

Digging for God 136

Building a Case 139

The Investment of a Lifetime 147

Chapter 11 And Then the Roof Caved In 155

The Wheels Coming Off 157

The Call 159

A Crisis Begins 161

The CDO Blues 165

Lights Out 167

Epilogue 171

A Note on Sources 181

Resources from CNBC 183

Index 187

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