Top Books: The End of Wall Street
The bell may have sounded, in 2008, but for those who were really listening, there were warning signs of a financial crisis long before the summer of 2008 and long before the failure of Lehman Brothers.
As I wrote in my blog back in April, in exposing the chain of events that led to the market’s collapse (liquidity and capital) and the government’s unprecedented bailout, Lowenstein meticulously pieces together the full story of “The End of Wall Street” as we knew it.
The “End” of Wall Street in Lowenstein’s book does not refer to the end of a place or for a group of financial firms. Instead, it refers to the end of a philosophy and way of life that embraced, championed and even bred greed.
The author does not buy into the theory that no one could have known what was about to happen and zeroes in on those who should have known. He is highly critical of both Democrats and Republicans and savages Federal Reserve chiefs Alan Greenspan and Ben Bernanke and Citigroup's Robert Rubin.
"In the late summer of 2008, as Lehman Brothers teetered at the edge, a bell tolled for Wall Street."
By now we all know pretty much what happened with the financial crisis, but what makes this book so unique is Lowenstein's story telling and the nearly 200 interviews he conducted with insiders both on Wall Street and in Washington.
Lowenstein has long been a favorite writer for those who want to know more about Wall Street and its players. He is the author of "When Genius Failed", but he has saved his best for this book-the economic thriller of our time.
More on CNBC including:
- Read an Excerpt from "The End of Wall Street" Here
- Watch: Roger Lowenstein on "The End of Wall Street"
- CNBC Special Report - Wall Street in Crisis
- Go 'Inside a Toxic Asset'