By Gretchen Morgenson, Joshua Rosner
The New York Times's Pulitzer Prize-winning columnist unearths how the monetary meltdown emerged from the poisonous interaction of Washington, Wall highway, and corrupt loan lenders.
In Reckless Endangerment, Gretchen Morgenson, the famous person enterprise columnist of The big apple Times, exposes how the watchdogs who have been alleged to guard the rustic from monetary damage have been really complicit within the activities that eventually blew up the yankee economic system.
Drawing on formerly untapped assets and development on unique study from coauthor Joshua Rosner—who himself raised early warnings with the general public and traders, and stored specific records—Morgenson connects the dots that ended in this fiasco.
Morgenson and Rosner shrink back the curtain on Fannie Mae, the mortgage-finance enormous that grew, with the aid of the Clinton management, during the Nineties, turning into a massive opponent of presidency oversight while it was once making the most of public subsidies. They reveal the function performed not just by means of Fannie Mae executives but in addition via enablers at national monetary, Goldman Sachs, the Federal Reserve, HUD, Congress, the FDIC, and the largest gamers on Wall road, to teach how greed, aggression, and worry led numerous officers to disregard indications of an impending catastrophe.
Character-rich and definitive in its research, this can be the only account of the monetary main issue you want to read.
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Extra info for Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon
5. Some deals are motivated by the need to transform corporate identity. In 2003, videogame company Infogrames, for example, gained instant worldwide recognition by acquiring and adopting the old but famous Atari brand. Similarly, First Union adopted the ................. 11539$ $CH1 10-19-05 09:48:30 PS PAGE 13 14 M ER GE RS & A CQ UI SI TI ON S F RO M A TO Z brand of acquisition target Wachovia in hopes of benefiting from Wachovia’s reputation of quality and customer service. 6. Many deals are fueled by the need to spread the risk and cost of: a.
The legal audit should include corporate housekeeping and administrative matters, the status of the seller’s intellectual property and key contracts (including issues regarding their assignability, regulatory issues, and litigation). The goal is to find the bugs before the buyer’s counsel discovers them for you (which would be embarrassing as well as costly from a negotiating perspective) and to get as many of the bugs out as possible before the first buyer is considered. For example, now may be the time to resolve any disputes with minority shareholders, complete the registration of copyrights and trademarks, deal with open issues in your stock option plan, or renew or extend your favorable commercial leases.
Assisting the seller in pre-sale corporate ‘‘housekeeping,’’ which involves cleaning up corporate records, developing strategies for dealing with dissident shareholders, and shoring up third-party contracts. b. Working with the investment banker in helping evaluate competing offers. c. Assisting in the negotiation and preparation of the letter of intent and confidentiality agreements such as Exhibit 2-1, which should be signed by all potential buyers who are provided access to the seller’s books and records.
Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon by Gretchen Morgenson, Joshua Rosner