An excellent read. I’m curious now to somehow watch the HBO documentary that was made (with the same author?).
I felt that the author of this book, though comprehensive in his detail, too often gave an apologetic and even rationalizing explanation as to the motives and intentions of the primary actors in the catastrophic events and decisions that took place.
One of the biggest take-aways from this story is that Hank Paulson and Timothy Geithner (government agents) got all the CEOs (of the biggest banks, trading houses, etc) into one room, and coerced them into taking TARP money. “Your regulators are sitting right there across the room from you,” the CEO’s were told-meaning: if you don’t want big trouble from us (the government, the ones that are the gatekeepers) then you’ll go along with our plan. And though most of the CEO’s gladly took the money and government assistance, some did not want to take the bailout money. They were forced to take the money- 10 to 25 billion dollars each, respectfully.
The whole issue, obviously, is a disaster- that the companies and the government so used and abused our money – and that the fat cats came out even fatter, and many were rewarded richly for their time and decisions which got us into the problems in the first place, is enough to drive one to a permanent distrust of American government. …present day Presidential race even left out of all of this.
Read this if you get the chance. But first read Matt Taibbi’s The Divide (American Injustice in the age of the wealth gap). It’s one of the most important books published in the last decade.)
Thank you for reading.