The Monster

The Monster

How A Gang of Predatory Lenders and Wall Street Bankers Fleeced America--and Spawned A Global Crisis

Book - 2010 | 1st ed
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Who killed the economy?

A page-turning, true-crime exposé of the subprime salesmen and Wall Street alchemists who produced the biggest financial scandal in American history

"It's hard to have a guilty conscience if you don't have a conscience. Anything that benefited production - that benefited me and benefited my wallet - I'd do it."

The sales force at Ameriquest Mortgage took this philosophy to heart. They watched the Hollywood white-collar-crime flick "Boiler Room" as a training tape, studying how to pitch overpriced deals to unsuspecting home owners. They learned how to forge signatures on mortgage paperwork and create fake documents in "cut-and-paste" operations they dubbed "The Lab" or "The Art Department."

In this stunning narrative, award-winning reporter Michael W. Hudson reveals the story of the rise and fall of the subprime mortgage business by chronicling the rise and fall of two corporate empires: Ameriquest and Lehman Brothers. As the biggest subprime lender and Wall Street's biggest patron of subprime, Ameriquest and Lehman did more than any other institutions to create the feeding frenzy that emboldened mortgage pros to flood the nation with high-risk, high-profit home loans.

It's a tale populated by a remarkable cast of the characters: a shadowy billionaire who created the subprime industry out of the ashes of the 1980s S&L scandal; Wall Street executives with an insatiable desire for product; struggling home owners ensnared in the most ingenious of traps; lawyers and investigators who tried to expose the fraud; politicians and bureaucrats who turned a blind eye; and, most of all, the drug-snorting, high-living salesman who tell all about the money they made, thelies they told, the deals they closed.

Provocative and gripping, The Monster is a searing exposé of the bottom-feeding fraud and top-down greed that fueled the financial collapse.

Publisher: New York : Times Books/Henry Holt and Co., c2010
Edition: 1st ed
ISBN: 9780805090468
Branch Call Number: 332.720973 HUD 2010
Characteristics: xii, 365 p. ; 25 cm


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Mar 21, 2016

I guess they had to prey on the most vulnerable since their colleagues in corporate America exported all their jobs in tragic trade agreements. A country ruined by greed.

Jul 23, 2014

//// politicians and bureaucrats who turned a blind eye \\\\ Not quite, it was a long lobbying effort, with much money changing hands, which allowed this design by the bankers to come to pass. Hudson does a good job, but this wasn't the cause of the meltdown. Everything was rigged, from the credit default swap deals, to the structured finance loans to private equity/LBO firms and hedge funds, to the rigged LIBOR rates, the rigged interest rate swap rates, rigged Forex, rigged gold and silver markets, and on and on. Sen. Carl Levin is finally uncovering the rigged tax evasion consisting of massive bank fraud, beginning with Renaissance Technologies and Barclays and Deutsche Bank, introducing evidence from alleged suicided bankers [really murder victims, the banksters trying to contain their devolving situation], with hopefully much more to come, as there have been so many bankers so conveniently disposed of over the past year. Let us hope Levin uncovers what has equally transpired at Chase and Goldman Sachs?

nmnm Nov 30, 2012

Michael Hudson is brilliant. Check out his, My Take On Obamas Win.

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