Subscribe: RSS Feed | Twitter | Facebook | Email
Home | Contact Us

Book Review: Reckless Endangerment: A Wall Street-Washington Incestuous Legacy and A MUST READ

Posted by Larry Doyle on January 21, 2012 3:33 PM |

Years from now when people study what led to the greatest economic crisis since the Great Depression, they will have plenty of material to review. This is good.

Unlike our current era in which we clearly failed to learn from past crises, I hope future generations will not only study what led to our current crisis but then actually do something so it is not repeated. We have yet to begin that process.

On that note, let’s start right now to save our collective future. How so?

If we are to save our future, then let’s be brutally honest about our past and our present

As a first step towards our future, Sense on Cents endorses and STRONGLY recommends that every American read Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon by Gretchen Morgenson and Josh Rosner.

I loved this book for many reasons, but primarily because it took a wide-angled view of our political and financial past and more so because it names names. Like who? Those individuals most intimately involved and engaged in what we now know and define as the Wall Street-Washington Incest. (Please save, review, and share this Sense on Cents link of ~150 commentaries)

Morgenson and Rosner do fabulous work in highlighting the manner in which then Fannie Mae CEOs James Johnson and Franklin Raines curried favor with their cronies on both sides of Capitol Hill while bullying and intimidating those who dared send warning signals about growing risks within that organization. One does not need to read too hard to acknowledge that business practices utilized by Johnson and Raines and others within the mortgage origination industry were decidedly similar to those utilized within organized activities.

Was there fraud and corruption involved as well? Any rational layman would certainly maintain that there was rampant fraud, cooked books, and widespread corruption.

Where were the regulators and ratings agencies to police these activities and protect the American public? All too often those charged with protecting investors, taxpayers, and the American public at large were shown either doing the bidding or looking to profit along with the industry. The pungent odor of the incest is pervasive.

What is one of the greatest travesties of our crisis? As Morgenson and Rosner eloquently point out, there has been very little to no accountability for those whom were involved in practices and policies which have truly brought our country to its knees. While there has been little meaningful accountability, I do believe that Reckless Endangerment is both a public service and the ultimate legacy for a large number of individuals engaged in truly “incestuous” behavior.

Read Reckless Endangerment which identifies and indicts James Johnson, Franklin Raines and many others deeply embedded in the nefarious Wall Street-Washington Incest.

Having worked within this sector of Wall Street and now having written extensively on these topics here at Sense on Cents, I commend Morgenson and Rosner for a fabulous literary work. I could not put it down.

Larry Doyle

Isn’t it time to subscribe to all my work via e-mailRSS feed, on Twitter or Facebook?

Do your friends, family, and colleagues a favor and get them to do the same. Thanks!!

I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets, our economy, and our political realm so that meaningful investor confidence and investor protection can be achieved.


Recent Posts