List Books » And Then the Roof Caved In: How Wall Street's Greed and Stupidity Brought Capitalism to Its Knees
Authors: David Faber
ISBN-13: 9780470607381, ISBN-10: 0470607386
Format: Paperback
Publisher: Wiley, John & Sons, Incorporated
Date Published: August 2010
Edition: (Non-applicable)
David Faber, an Emmy, Peabody, and duPont Award winner, is the anchor and coproducer of CNBC's acclaimed original documentaries and long-form programming as well as a contributor to CNBC's Squawk on the Street. He has been reporting on Wall Street and corporate America for over twenty-two years, sixteen of them as the foremost reporter at CNBC. Faber has broken numerous stories including the massive fraud at WorldCom and News Corp.'s hostile bid for Dow Jones. He was a founding member of CNBC's signature morning show, Squawk Box.
And Then the Roof Caved In skillfully explores the causes and consequences of the financial collapse that has affected us all. Written by David Faber—the award-winning CNBC correspondent—this compelling account is filled with the candid reflections of the people who brought the crisis to life. Expanded from the CNBC documentary that the New York Times called "broad, comprehensive, and compelling," and that Frank Rich noted as "superbly done," this book is a must-read.
"Historians investigating the financial collapse of '08–'09 must begin by reading this book. This is close-range reporting . . . the work of a veteran financial journalist who was 'present at the creation' of this crisis. Faber has it all, up close—the people, failures, and greed. He tells us what it was like to be on the inside when the roof caved in."
—Brian Williams, Anchor and Managing Editor, NBC Nightly News
"Faber has written a masterful insider's guide to the implosion of the American financial system. He takes you as close as Greenspan's early worries and then shows you how the disastrous hair-triggers built into the system fired off—and how a few bright minds turned disaster into great fortunes. Faber brings readers right inside his notebook—long regarded as the best in financial news—and emerges with a story that is breathtaking."
—Joshua Ramo, author, The Age of the Unthinkable and Managing Director, Kissinger Associates
"There is no one better than David Faber when it comes to following the financial services business. His incredible access and valuable insights make his reporting a must-see for millions of viewers around the world. Now, he's written a book that is a must-read for anyone who wants to understand how a housing bubble turned into a worldwide economic crisis."
—Joe Kernen, coanchor, CNBC's Squawk Box
Acknowledgments xi
Prologue: "On the Verge" 1
Chapter 1 Bubble to Bubble 11
Greenspan's Shock and Awe 13
Houses Built on Cow Dung 19
Chapter 2 Home Sweet Home 23
Opening Doors 24
An Industry Is Born 27
Subprime Returns 29
Chapter 3 The Subprime Machine 33
From Delivering Pizza to Delivering Mortgages 41
Living the Dream 44
Diving into Deep Trouble 45
Chapter 4 Eyes Wide Shut 49
A Warning Unheeded 50
A Dream No More 55
Chapter 5 The Great Enabler 57
Fannie Mae and Freddie Mac Hit the Scene 61
Fannie and Freddie Get a Timeout 63
Wall Street Takes Over 66
A Tsunami of Mortgages 71
From Ownit to Out of It 74
Back from the Grave 77
Chapter 6 Complicity 81
Moody's the Money Maker 85
Repeat Customers 88
Chapter 7 The Securitization from Hell 95
The Making of a CDO 96
Tough to Kill 98
Turning "Crap into Triple-A" 101
From CDS to CDO 103
Insanity Sets In 106
Chapter 8 Narvik and Me 111
CDOs: An American Export 113
The Truth Revealed-But Does It Matter? 118
Chapter 9 Mortgaging Merrill's Future 121
Climbing Out of Poverty 122
A Strong Start 124
The Secret Weapon 125
Raking It In 127
Taking Big Risks 130
Chapter 10 A House of Cards 135
Digging for God 136
Building a Case 139
The Investment of a Lifetime 147
Chapter 11 And Then the Roof Caved In 155
The Wheels Coming Off 157
The Call 159
A Crisis Begins 161
The CDO Blues 165
Lights Out 167
Epilogue 171
A Note on Sources 181
Resources from CNBC 183
Index 187