The Weekend That Changed Wall Street

The Weekend That Changed Wall Street

An Eyewitness Account

Book - 2010
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During a single historic weekend (September 12-14, 2008) the fate of Lehman Brothers was sealed, Merrill Lynch barely survived, and AIG became a ward of the federal government. Top CNBC anchor Maria Bartiromo spent the entire weekend taking frantic phone calls from the most powerful players on Wall Street and in Washington, as they toiled to keep the economy from complete collapse. Those CEOs and dozens of other sources gave Bartiromo behind-the-scenes details--unavailable to other members of the media--of the crisis and its aftermath. Now she draws on her high-level network to provide an eyewitness account of the biggest events of the financial crisis. Writing with both authority and dramatic flair, Bartiromo tackles the big questions: how did an unmatched period of market euphoria and growth turn sour, catapulting the economy into a dangerous slide? And in the long run, how will the near-catastrophe really change Wall Street?--From publisher description.
Publisher: New York : Portfolio Penguin, 2010
ISBN: 9781591843511
1591843510
Characteristics: viii, 232 p. ; 24 cm
Additional Contributors: Whitney, Catherine

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StarGladiator
Aug 30, 2013

This book is such an utter sham. "Top CNBC anchor Maria Bartiromo spent the entire weekend taking frantic phone calls from the most powerful players on Wall Street and in Washington, as they toiled to keep the economy from complete collapse." Say what? ? ? The individuals who designed and profited from the collapse, now wish to solve it? Or at least take the credit for "solving it"? Fact: AIG sold $460 billion of credit default swaps (unregulated insurance thanks to the Commodity Futures Modernization Act, and special amendments, and so on) with the potential payout of form $20 trillion to over $40 trillion, but nobody, least of all AIG, had any capital on hand to cover such things! Multiply that by similar circumstances across the country and across the planet and you are beginning to understand the causality of the economic meltdown! 96% of the deals by hedge fund, Magnetar Capital, went bad, yet the principals of that country walked away with fortunes?

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