Close cookie details

This site uses cookies. Learn more about cookies.

OverDrive would like to use cookies to store information on your computer to improve your user experience at our Website. One of the cookies we use is critical for certain aspects of the site to operate and has already been set. You may delete and block all cookies from this site, but this could affect certain features or services of the site. To find out more about the cookies we use and how to delete them, click here to see our Privacy Policy.

If you do not wish to continue, please click here to exit this site.

Hide notification

  Main Nav

The End of Wall Street

Cover of The End of Wall Street

The End of Wall Street

Borrow Borrow

The roots of the mortgage bubble and the story of the Wall Street collapse-and the government's unprecedented response-from our most trusted business journalist.

The End of Wall Street is a blow-by-blow account of America's biggest financial collapse since the Great Depression. Drawing on 180 interviews, including sit-downs with top government officials and Wall Street CEOs, Lowenstein tells, with grace, wit, and razor-sharp understanding, the full story of the end of Wall Street as we knew it. Displaying the qualities that made When Genius Failed a timeless classic of Wall Street-his sixth sense for narrative drama and his unmatched ability to tell complicated financial stories in ways that resonate with the ordinary reader-Roger Lowenstein weaves a financial, economic, and sociological thriller that indicts America for succumbing to the siren song of easy debt and speculative mortgages.

The End of Wall Street is rife with historical lessons and bursting with fast-paced action. Lowenstein introduces his story with precisely etched, laserlike profiles of Angelo Mozilo, the Johnny Appleseed of subprime mortgages who spreads toxic loans across the landscape like wild crabapples, and moves to a damning explication of how rating agencies helped gift wrap faulty loans in the guise of triple-A paper and a takedown of the academic formulas that-once again- proved the ruin of investors and banks. Lowenstein excels with a series of searing profiles of banking CEOs, such as the ferretlike Dick Fuld of Lehman and the bloodless Jamie Dimon of JP Morgan, and of government officials from the restless, deal-obsessed Hank Paulson and the overmatched Tim Geithner to the cerebral academic Ben Bernanke, who sought to avoid a repeat of the one crisis he spent a lifetime trying to understand-the Great Depression.

Finally, we come to understand the majesty of Lowenstein's theme of liquidity and capital, which explains the origins of the crisis and that positions the collapse of 2008 as the greatest ever of Wall Street's unlearned lessons. The End of Wall Street will be essential reading as we work to identify the lessons of the market failure and start to rebuild.

The roots of the mortgage bubble and the story of the Wall Street collapse-and the government's unprecedented response-from our most trusted business journalist.

The End of Wall Street is a blow-by-blow account of America's biggest financial collapse since the Great Depression. Drawing on 180 interviews, including sit-downs with top government officials and Wall Street CEOs, Lowenstein tells, with grace, wit, and razor-sharp understanding, the full story of the end of Wall Street as we knew it. Displaying the qualities that made When Genius Failed a timeless classic of Wall Street-his sixth sense for narrative drama and his unmatched ability to tell complicated financial stories in ways that resonate with the ordinary reader-Roger Lowenstein weaves a financial, economic, and sociological thriller that indicts America for succumbing to the siren song of easy debt and speculative mortgages.

The End of Wall Street is rife with historical lessons and bursting with fast-paced action. Lowenstein introduces his story with precisely etched, laserlike profiles of Angelo Mozilo, the Johnny Appleseed of subprime mortgages who spreads toxic loans across the landscape like wild crabapples, and moves to a damning explication of how rating agencies helped gift wrap faulty loans in the guise of triple-A paper and a takedown of the academic formulas that-once again- proved the ruin of investors and banks. Lowenstein excels with a series of searing profiles of banking CEOs, such as the ferretlike Dick Fuld of Lehman and the bloodless Jamie Dimon of JP Morgan, and of government officials from the restless, deal-obsessed Hank Paulson and the overmatched Tim Geithner to the cerebral academic Ben Bernanke, who sought to avoid a repeat of the one crisis he spent a lifetime trying to understand-the Great Depression.

Finally, we come to understand the majesty of Lowenstein's theme of liquidity and capital, which explains the origins of the crisis and that positions the collapse of 2008 as the greatest ever of Wall Street's unlearned lessons. The End of Wall Street will be essential reading as we work to identify the lessons of the market failure and start to rebuild.

Available formats-
  • OverDrive Listen
  • OverDrive MP3 Audiobook
Languages:-
Copies-
  • Available:
    2
  • Library copies:
    2
Levels-
  • ATOS:
  • Lexile:
  • Interest Level:
  • Text Difficulty:

Recommended for you


Excerpts-
  • From the cover In the late summer of 2008, as Lehman Brothers teetered at theedge, a bell tolled for Wall Street. The elite of American bankers wereenlisted to try to save Lehman, but they were fighting for somethinglarger than a venerable, 158-year-old institution. Steven Black, the veteranJPMorgan executive, had an impulse to start saving the daily newspapers,figuring that historic events were afoot. On Sunday, September14, as the hours ticked away, Lehman's employees gathered at the firm,unwilling to say goodbye and fearful of what lay in wait. With bankruptcya fait accompli, they slunk off to bars for a final toast, as peopleonce did in advance of a great and terrible battle. One ventured that"the forces of evil" were about to be loosed on American society.Lehman's failure was the largest in American history and yet anotherfinancial firm, the insurer American International Group, was but hoursaway from an even bigger collapse. Fannie Mae and Freddie Mac, thetwo bulwarks of the mortgage industry, had just been seized by the federalgovernment. Dozens of banks big and small were bordering on insolvency.And the epidemic of institutional failures did not begin todescribe the crisis's true depth. The market system itself had comeundone. Banks couldn't borrow; investors wouldn't lend; companiescould not refinance. Millions of Americans were threatened with losingtheir homes. The economy, when it fully caught Wall Street's chill,would retrench as it had not done since the Great Depression. Millionslost their jobs and the stock market crashed (its worst fall since the1930s). Home foreclosures broke every record; two of America's threeautomobile manufacturers filed for bankruptcy, and banks themselvesfailed by the score. Confidence in America's market system, thought tohave attained the pinnacle of laissez-faire perfection, was shattered.

    The crisis prompted government interventions that only recentlywould have been considered unthinkable. Less than a generation afterthe fall of the Berlin Wall, when prevailing orthodoxy held that the freemarket could govern itself, and when financial regulation seemed destinedfor near irrelevancy, the United States was compelled to socializelending and mortgage risk, and even the ownership of banks, on a scalethat would have made Lenin smile. The massive fiscal remedies evidencedboth the failure of an ideology and the eclipse of Wall Street'sgolden age. For years, American financiers had gaudily assumed morepower, more faith in their ability to calculate—and inoculate themselvesagainst—risk.

    As a consequence of this faith, banks and investors had plied theaverage American with mortgage debt on such speculative and unthinkingterms that not just America's economy but the world's economyultimately capsized. The risk grew from early in the decade, whenlittle-known lenders such as Angelo Mozilo began to make waves writingsubprime mortgages. Before long, Mozilo was to proclaim that evenAmericans who could not put money down should be "lent" the moneyfor a home, and not long after that, Mozilo made it happen: homesfor free.

    But in truth, the era began well before Mozilo and his ilk. Its seedstook root in the aftermath of the 1970s, when banking and marketswere liberalized. Prior to then, finance was a static business that playedmerely a supporting role in the U.S. economy. America was an industrialstate. Politicians, union leaders, and engineers were America'sstars; investment bankers were gray and dull.In the postindustrial era, what we may call the Age of Markets,diplomats no longer adjusted currency values; Wall Street traders did.Just so, global capital markets allocated credit, and hordes of profitminded,if short-term-focused, investors...

Reviews-
  • "Lowenstein, a magnificent business writer, creates an almost novelistic accounting of the all-too-real 2008 financial collapse.... Lowenstein has a pitch-perfect sense of the Street's monumental recklessness."—Time

    "[The... "Lowenstein, a magnificent business writer, creates an almost novelistic accounting of the all-too-real 2008 financial collapse.... Lowenstein has a pitch-perfect sense of the Street's monumental recklessness."—Time

    "[The End of Wall Street] is a complex but imaginative book... [Lowenstein] is able to identify the creative instruments of financial destruction with the directness that is all-important to a book like this."—New York Times

    "Think of Roger Lowenstein's The End of Wall Street as a tuition-free class in 21st-century U.S. macroeconomics... The End of Wall Street debunks the notion that no one could have seen the economic catastrophe coming."—USA Today

    "The End of Wall Street is a calm, reasoned, and often witty tour of the current financial landscape and how it got that way."—Philadelphia Observer

    "In the flood of new books about the financial crisis, Roger Lowenstein's is a standout. Lowenstein, a highly accomplished financial journalist, lays out what may be the best explanation yet of the recent crash—and as good a prediction as any on what happens next."—Barron's

    "Lowenstein's strong knowledge of the source material and flair for the dramatic and doomsday title should draw readers who still wonder what went wrong and how."—Publishers Weekly

    "Lowenstein does a great job of explaining...in understandable terms that unobtrusively avoids the injection of emotion and politics."—Booklist

    "Over the past year, there has been a steady stream of books trying to make sense of the crisis. The latest, and perhaps the most accessible and even-handed, is Roger Lowenstein's The End of Wall Street."—Washington Post

    "The End of Wall Street is a good book: witty, well-written, heavily researched and often dramatic."—Associated Press/Huffington Post

    "A veteran financial/business journalist examines the past three years of economic collapse, chronicling actions and inactions from dozens of villains and a few heroes...A well-delineated chronicle likely to cause readers to ask who put the clowns in charge of the circus, and why aren't they confined to prison cells." —Kirkus

Title Information+
  • Publisher
    Penguin Random House Audio Publishing Group
  • OverDrive Listen
    Release date:
  • OverDrive MP3 Audiobook
    Release date:
Digital Rights Information+
  • OverDrive MP3 Audiobook
    Burn to CD: 
    Permitted
    Transfer to device: 
    Permitted
    Transfer to Apple® device: 
    Permitted
    Public performance: 
    Not permitted
    File-sharing: 
    Not permitted
    Peer-to-peer usage: 
    Not permitted
    All copies of this title, including those transferred to portable devices and other media, must be deleted/destroyed at the end of the lending period.

Status bar:

You've reached your checkout limit.

Visit your Checkouts page to manage your titles.

You already have this title checked out.

Want to go to your Checkouts?

Recommendation Limit Reached.

You've reached the maximum number of titles you can recommend at this time. You can recommend up to 3 titles every 7 day(s).

Sign in to recommend this title.

Recommend your library consider adding this title to the Digital Collection.

Enhanced Details

Limited availability

Availability can change throughout the month based on the library's budget.

is available for days.

Once playback starts, you have hours to view the title.

Permissions

The OverDrive Read format of this eBook has professional narration that plays while you read in your browser. Learn more here.

Holds

Total holds:


Restricted

Some format options have been disabled. You may see additional download options outside of this network.

You've reached your library's checkout limit for digital titles.

To make room for more checkouts, you may be able to return titles from your Checkouts page.

Excessive Checkout Limit Reached.

There have been too many titles checked out and returned by your account within a short period of time.

Try again in several days. If you are still not able to check out titles after 7 days, please contact Support.

You have already checked out this title. To access it, return to your Checkouts page.

This title is not available for your card type. If you think this is an error contact support.

An unexpected error has occurred.

If this problem persists, please contact support.

NOTE: Barnes and Noble® may change this list of devices at any time.

Buy it now
and help our library WIN!
The End of Wall Street
The End of Wall Street
Roger Lowenstein
Choose a retail partner below to buy this title for yourself.
A portion of this purchase goes to support your library.

There are no copies of this issue left to borrow. Please try to borrow this title again when a new issue is released.

Barnes & Noble Sign In |   Sign In

You will be prompted to sign into your library account on the next page.

If this is your first time selecting “Send to NOOK,” you will then be taken to a Barnes & Noble page to sign into (or create) your NOOK account. You should only have to sign into your NOOK account once to link it to your library account. After this one-time step, periodicals will be automatically sent to your NOOK account when you select "Send to NOOK."

The first time you select “Send to NOOK,” you will be taken to a Barnes & Noble page to sign into (or create) your NOOK account. You should only have to sign into your NOOK account once to link it to your library account. After this one-time step, periodicals will be automatically sent to your NOOK account when you select "Send to NOOK."

You can read periodicals on any NOOK tablet or in the free NOOK reading app for iOS, Android or Windows 8.