Reckless Endangerment
How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon
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Narrated by:
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L. J. Ganser
About this listen
The New York Times' Pulitzer Prize-winning columnist reveals how the financial meltdown emerged from the toxic interplay of Washington, Wall Street, and corrupt mortgage lenders.
In Reckless Endangerment, Gretchen Morgenson, the star business columnist of The New York Times, exposes how the watchdogs who were supposed to protect the country from financial harm were actually complicit in the actions that finally blew up the American economy.
Drawing on previously untapped sources and building on original research from coauthor Joshua Rosner, who himself raised early warnings with the public and investors, and kept detailed records, Morgenson connects the dots that led to this fiasco.
Morgenson and Rosner draw back the curtain on Fannie Mae, the mortgage-finance giant that grew, with the support of the Clinton administration, through the 1990s, becoming a major opponent of government oversight even as it was benefiting from public subsidies. They expose the role played not only by Fannie Mae executives but also by enablers at Countrywide Financial, Goldman Sachs, the Federal Reserve, HUD, Congress, the FDIC, and the biggest players on Wall Street, to show how greed, aggression, and fear led countless officials to ignore warning signs of an imminent disaster. Character-rich and definitive in its analysis, this is the one account of the financial crisis you must hear.
©2011 Gretchen Morgenson & Joshua Rosner (P)2011 Audible, Inc.Listeners also enjoyed...
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According to business reporter Charles Gasparino, President Obama is faking his outrage at Wall Street, and his calls for new policies to rein in banks that are "too big to fail" are just pabulum. In reality, Obama has climbed into bed with Wall Street CEOs, giving them what they want so they will support his liberal, big-government agenda.
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Revealing and Convincing
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Fooling Some of the People All of the Time
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- By: David Einhorn
- Narrated by: L. J. Ganser
- Length: 13 hrs and 20 mins
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At its most basic level, Allied Capital is the story of Wall Street at its worst. But the story is much bigger than one little-known company. Fooling Some of the People All of the Time is an important call for effective law enforcement, free speech, and fair play.
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where's the epilogue?
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By: David Einhorn
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Fool's Gold
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Overall
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Story
Gillian Tett brings to life in gripping detail how the Morgan team's bold ideas for a whole new kind of financial alchemy helped to ignite a revolution in banking, and how that revolution escalated wildly out of control. The deeply reported and lively narrative takes readers behind the scenes, to the inner sanctums of elite finance and to the secretive reaches of what came to be known as the "shadow banking" world.
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Outstanding narrative about the financial crisis
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By: Gillian Tett
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Performance
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Story
David Cay Johnston has made a name for himself as the defender of the common man, calling out the rich and powerful for cheating the system at the expense of everyone else. Whether he's exposing unjust loopholes in the tax code that help the rich get richer or pointing out how powerful corporations pocket government subsidies at excessive taxpayer expense, Johnston is an eloquent town crier for justice and equality.
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A must listen if you love or hate Trump
- By Rob D on 04-19-17
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All the Presidents' Bankers
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- By: Nomi Prins
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- Length: 19 hrs and 56 mins
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Nomi Prins ushers us into the intimate world of exclusive clubs, vacation spots, and Ivy League universities that binds presidents and financiers. She unravels the multi-generational blood, intermarriage, and protégé relationships that have confined national influence to a privileged cluster of people. This unprecedented history of American power illuminates how financiers have retained their authoritative position through history, swaying presidents regardless of party affiliation.
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You better like history about the elite and rich
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William D. Cohan is no knee-jerk advocate for Wall Street and the big banks. He's one of America's most respected financial journalists and the progressive best-selling author of House of Cards. He has long been critical of the bad behavior that plagued much of Wall Street in the years leading up to the 2008 financial crisis, and because he spent 17 years as an investment banker on Wall Street, he is an expert on its inner workings as well.
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An Inch Deep and A Mile Wide
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The financial establishment---banks and investment bankers, such as Citigroup, Bear Stearns, Lehman, UBS, Goldman Sachs, Merrill Lynch, and Morgan Stanley---were the cowboys, recklessly assuming risks, leveraging up to astronomical levels, and driving the economy to the brink of disaster.
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Great Story Ruined by Monotone Reading
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The House of Dimon
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Overall
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Performance
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Jamie Dimon is Wall Street's biggest player. Following the 11h-hour rescue of Bear Stearns by JPMorgan, his profile has reached stratospheric levels. And while the deals and decisions he's made have usually turned out to be the right ones, his journey to the top of the financial world has been anything but easy. Now, in The House of Dimon, business writer Patricia Crisafulli goes behind the scenes to recount the amazing events that have shaped Dimon's career.
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Intriguing
- By Jean on 08-28-16
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Battle for the Soul of Capitalism
- By: John C. Bogle
- Narrated by: Stefan Rudnicki
- Length: 9 hrs and 16 mins
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There is no one better qualified to tell us about the failures of the American financial system and the grotesque abuses that have taken place in recent years than John C. Bogle, founder and former chief executive of the Vanguard mutual-fund group. This legendary mutual-fund pioneer has witnessed firsthand the innermost workings of the financial industry for more than 50 years and has set the standards for sound investment strategies and stewardship.
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Do You Own a Mutual Fund?
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Other People's Money
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In just over three years, real estate giant Tishman Speyer and its partner, BlackRock, lost billions of investors' dollars on a single deal. In Other People's Money, Charles V. Bagli, the New York Times reporter who first broke the story of the sale of Stuyvesant Town - Peter Cooper Village takes listeners inside the most spectacular failure in real estate history, using this single deal as a lens to see how and why the real estate crisis happened.
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Solid
- By BryanW on 05-22-24
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How the Other Half Banks
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Overall
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Performance
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The United States has two separate banking systems today - one serving the well-to-do and another exploiting everyone else. How the Other Half Banks contributes to the growing conversation on American inequality by highlighting one of its prime causes: unequal credit. Mehrsa Baradaran examines how a significant portion of the population, deserted by banks, is forced to wander through a Wild West of payday lenders and check-cashing services to cover emergency expenses and pay for necessities - all thanks to deregulation that began in the 1970s.
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The Borrowers at the Fringe
- By Darwin8u on 09-13-16
By: Mehrsa Baradaran
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What listeners say about Reckless Endangerment
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- JoAyn
- 03-12-17
Very informative. Cleared up a lot for me
While this was not a typical story, it was very interesting and kept my attention all the way through. It cleared up a lot of confused spots in my mind about exactly what happened durring this time.
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- Helen
- 03-20-12
So informative
This book is so informative, though the substance is infuriating and unbelievable. I am glad that I listened; reading it would have been difficult for me. I liked the performance, feeling a bit comfortable with the voice having realized that he also narrated In The Plex, which I also enjoyed.
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2 people found this helpful
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- GERALD
- 02-23-13
Reckless Endangerment
Would you recommend this audiobook to a friend? If so, why?
Well written and read. Reveals history of the 2007-8 real estate collapse in detail exposing the people in power and how they used it to enrich themselves at the expense of everyone else. Nobody has gone to jail and those involved really think they did nothing wrong.
If you could give Reckless Endangerment a new subtitle, what would it be?
They Robbed the Bank and Nobody Went to Jail
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- David
- 12-11-11
Good story, felt somewhat biased
What did you love best about Reckless Endangerment?
Reckless Endangerment was an interesting overview of how we find ourselves in our recent financial crisis (at least with respect to issues in the United States). The authors do a nice job of tying individual events of the last twenty years and how they led, foreseeably to our current situation. Overall I enjoyed this book though it felt at times less of an historic review and more of an editorial.
What did you like best about this story?
Great overview of recent financial events.
Was this a book you wanted to listen to all in one sitting?
No, but I don't think that at all harmed my opinion of the book.
Any additional comments?
Overall, an enjoyable book though the perspective felt a bit slanted at times.
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2 people found this helpful
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- Jim
- 03-02-14
We Shudda Saw it Comin'
This is a worthwhile read for those of us who brood over the meltdown of 2008. It’s written for people who are not stupid but not well informed about the dodges of high finance. Admittedly, a few bank/government machinations are difficult to follow in the text, so that a reader must back up a bit and re-read, but that does not happen often; the authors set most of it down in clear English. They explain “derivatives” formulas well, when they pop up, so even I can understand them. The text begins in the 1980s, works its way forward, dumb move by dumb move, enabler legislation by enabler legislation, to the day when seawater floods over the gunnels of gigantic economic ships and they plummet to the ocean’s bottom. The books contention is that business and government manufactured their own submerged mines—out of greed, power and influence, ideologies, and bureaucratic ineptitude—strewing them as they went because it gained them political advantage and (in the case of the finance boys) because they just didn’t give a damn in their rush to make millions. Sound familiar? Ecce Americanus. Financial “wizards” and Washingtonian “public servants” played paddy-cake and you-scratch-my-back for twenty years before the fleet sank. The mines didn’t go off until the original ships’ officers were safe, dry, retired, and very rich. The crew drown, of course. God bless you Bill Clinton, George W. Bush, Barney Frank, and James A. Johnson. May history give it to you up the wazzu, like the events you precipitated did to so many of us.
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- DS
- 12-18-12
Best Explaination of WHAT HAPPENED
The authors name names, document dates and statements and explain in detail exactly how the financial crisis happened. Alarm bells were rung and ignored by our "leaders" while they cheered and facilitated the lemmings march over the cliff. Great book.
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3 people found this helpful
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- Chen
- 04-14-12
Does the stories lead to a bigger questions?
Would you consider the audio edition of Reckless Endangerment to be better than the print version?
Both format are good.
What was the most compelling aspect of this narrative?
Clear narration.
Any additional comments?
Thanks to the author to dig out the stories that strongly linked to the financial crisis in 2007 - 2008. We might ask a bigger question. If the actors are changed, would the financial crisis occur sooner or later? Is the political/economic environment encourage such behavior even the actors are different? In fact, since 2009, whenever there is a lack of bad economic news, the bubbles continue to blow. It is some of our fundamental believes that need adjustment. We are waiting for next real clear minded economist or philosopher to provide the guidance with some simple metaphor such as invisible hands to move the society to next level.
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- Stan
- 08-20-12
Good, but mostly old news
Interesting read, but was a rehash of so many other books about the meltdown. Not much new information - was interesting how many of the old Barney Frank cronies that got us into the mess are now saying it was somebody else's fault (EG: "Bush's fault") Vote 'em out of office, now......
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- Pammer
- 07-25-15
Required reading for enlightened citizenship
Where does Reckless Endangerment rank among all the audiobooks you’ve listened to so far?
Of the politically oriented books, this is in the top 3.
Who was your favorite character and why?
Franklin Raines: The poster child for self-enriching political corruption.
Which scene was your favorite?
N/A
Was this a book you wanted to listen to all in one sitting?
Not without a bottle of Laphroaig.
Any additional comments?
Read this before you vote for anyone.
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- Vernon
- 04-17-13
Interesting read
Any additional comments?
A good analysis of the real estate meltdown, which is overall in line with how I remember things going down.
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