All the Devils are Here: The Hidden History of the Financial Crisis


Bethany McLean - 2010
    Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers?According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy. And the full story, in all of its complexity and detail, is like the legend of the blind men and the elephant. Almost everyone has missed the big picture. Almost no one has put all the pieces together.All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature.Among the devils you'll meet in vivid detail:• Angelo Mozilo, the CEO of Countrywide, who dreamed of spreading homeownership to the masses, only to succumb to the peer pressure-and the outsized profits-of the sleaziest subprime lending.• Roland Arnall, a respected philanthropist and diplomat, who made his fortune building Ameriquest, a subprime lending empire that relied on blatantly deceptive lending practices.• Hank Greenberg, who built AIG into a Rube Goldberg contraption with an undeserved triple-A rating, and who ran it so tightly that he was the only one who knew where all the bodies were buried.• Stan O'Neal of Merrill Lynch, aloof and suspicious, who suffered from "Goldman envy" and drove a proud old firm into the ground by promoting cronies and pushing out his smartest lieutenants.• Lloyd Blankfein, who helped turn Goldman Sachs from a culture that famously put clients first to one that made clients secondary to its own bottom line.• Franklin Raines of Fannie Mae, who (like his predecessors) bullied regulators into submission and let his firm drift away from its original, noble mission.• Brian Clarkson of Moody's, who aggressively pushed to increase his rating agency's market share and stock price, at the cost of its integrity.• Alan Greenspan, the legendary maestro of the Federal Reserve, who ignored the evidence of a growing housing bubble and turned a blind eye to the lending practices that ultimately brought down Wall Street-and inflicted enormous pain on the country.Just as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally making sense of the meltdown and its consequences.

The Power Broker: Robert Moses and the Fall of New York


Robert A. Caro - 1974
    Moses built an empire and lived like an emperor. He personally conceived and completed public works costing 27 billion dollars--the greatest builder America (and probably the world) has ever known. Without ever having been elected to office, he dominated the men who were--even his most bitter enemy, Franklin D. Roosevelt, could not control him--until he finally encountered, in Nelson Rockefeller, the only man whose power (and ruthlessness in wielding it) equalled his own.

Wedding of the Waters: The Erie Canal and the Making of a Great Nation


Peter L. Bernstein - 2005
    Best-selling author Peter Bernstein presents the story of the canal's construction against the larger tableau of America in the first quarter-century of the 1800s. Examining the social, political, and economic ramifications of this mammoth project, Bernstein demonstrates how the canal's creation helped prevent the dismemberment of the American empire and knit the sinews of the American industrial revolution. Featuring a rich cast of characters, including not only political visionaries like Washington, Jefferson, van Buren, and the architect's most powerful champion, Governor DeWitt Clinton, but also a huge platoon of Irish diggers as well as the canal's first travelers, Wedding of the Waters reveals that the twenty-first-century themes of urbanization, economic growth, and globalization can all be traced to the first great macroengineering venture of American history.

Amusing the Million: Coney Island at the Turn of the Century


John F. Kasson - 1978
    Amusing the Million examines the historical context in which Coney Island made its reputation as an amusement park and shows how America's changing social and economic conditions formed the basis of a new mass culture. Exploring it afresh in this way, John Kasson shows Coney Island no longer as the object of nostalgia but as a harbinger of modernity--and the many photographs, lithographs, engravings, and other reproductions with which he amplifies his text support this lively thesis.

Rough Justice: The Rise and Fall of Eliot Spitzer


Peter Elkind - 2010
    By his late forties, he'd gone from Princeton to Harvard Law to dramatic success as a prosecutor and attorney general to the governorship of New York. Many thought he would become the first Jewish president of the United States. Then came the prostitution scandal that shocked and mystified the nation. Peter Elkind's definitive account gets at all sides of this complex man: the well-intentioned do-gooder, the aggressive lawyer, the hardball politician, the dutiful son, the loving husband and father, and the secretive "Client 9" of the Emperor's Club escort service. Elkind interviewed dozens of key sources ranging from Spitzer's family, friends, and closest aides, to targets of his high-profile investigations, to central players in the prostitution ring. He reveals many groundbreaking new details about Spitzer's rise, his short time as governor, and the way his enemies plotted against him. The result is a gripping, almost Shakespearean narrative-a tragedy of one man's noble intentions and fatal flaws and the powerful forces (both internal and external) that destroyed him.

Key West: History of an Island of Dreams


Maureen Ogle - 2006
    The city’s real story—told by Maureen Ogle in this lively and engaging illustrated account—is as fabulous as fiction. In the two centuries since the city’s pioneer founders battled Indians, pirates, and deadly disease, Key West has stood at the crossroads of American history. In 1861, Union troops seized control of strategically located Key West. In the early 1890s, Key West Cubans helped José Martí launch the Cuban revolution, and a few years later the battleship Maine steamed out of Key West harbor on its last, tragic voyage. At the turn of the century, a technological marvel—the overseas railroad—was built to connect mainland Florida to Key West, and in the 1920s and 1930s, painters, rumrunners, and writers (including Ernest Hemingway and Robert Frost) discovered Key West. During World War II, the federal government and the military war machine permanently altered the island’s landscape, and in the second half of the 20th century, bohemians, hippies, gays, and jet-setters began writing a new chapter in Key West’s social history.

Who Gets What: Fair Compensation after Tragedy and Financial Upheaval


Kenneth R. Feinberg - 2012
    What they had in common was their aftermath -- each required compensation for lives lost, bodies maimed, livelihoods wrecked, economies and ecosystems upended. In each instance, an objective third party had to step up and dole out allocated funds: in each instance, Presidents, Attorneys General, and other public officials have asked Kenneth R. Feinberg to get the job done. In Who Gets What?, Feinberg reveals the deep thought that must go into each decision, not to mention the most important question that arises after a tragedy: why compensate at all? The result is a remarkably accessible discussion of the practical and philosophical problems of using money as a way to address wrongs and reflect individual worth.

Only Yesterday: An Informal History of the 1920's


Frederick Lewis Allen - 1931
    Originally published in 1931, Only Yesterday has an exuberance and proximity to its subject—the Roaring Twenties in all its scandal and glory—that uniquely captures the feel of the era.

Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves


Andrew Ross Sorkin - 2009
    From inside the corner office at Lehman Brothers to secret meetings in South Korea, and the corridors of Washington, Too Big to Fail is the definitive story of the most powerful men and women in finance and politics grappling with success and failure, ego and greed, and, ultimately, the fate of the world’s economy. “We’ve got to get some foam down on the runway!” a sleepless Timothy Geithner, the then-president of the Federal Reserve of New York, would tell Henry M. Paulson, the Treasury secretary, about the catastrophic crash the world’s financial system would experience. Through unprecedented access to the players involved, Too Big to Fail re-creates all the drama and turmoil, revealing neverdisclosed details and elucidating how decisions made on Wall Street over the past decade sowed the seeds of the debacle. This true story is not just a look at banks that were “too big to fail,” it is a real-life thriller with a cast of bold-faced names who themselves thought they were too big to fail.

America in the Gilded Age: From the Death of Lincoln to the Rise of Theodore Roosevelt


Sean Dennis Cashman - 1993
    Sean Dennis Cashman traces the political and social saga of America as it passed through the momentous transformation of the Industrial Revolution and the settlement of the West. Revised and extended chapters focusing on immigration, labor, the great cities, and the American Renaissance are accompanied by a wealth of augmented and enhanced illustrations, many new to this addition.

Running Money: Hedge Fund Honchos, Monster Markets and My Hunt for the Big Score


Andy Kessler - 2004
    To run a successful hedge fund you must have an investing edge -- that special insight that allows you to reap greater returns for your clients and yourself.A quick study, Kessler gets an education in investing from some fascinating and quirky personalities. Eventually he works out his own insight into the world economy, a powerful lens that reveals to him hidden value in seemingly negative trends. Focussing on margin surplus, Kessler comes to see that current American economy, at the apex of the information revolution, is not so different from the British economy at the height of the industrial revolution. Drawing out the parallels he develops a powerful investing tool which he shares with readers. Contrarian and confident, Kessler made a fortune applying his ideas to his hedge fund. Which only proves that they may not be as crazy as they sound.

Empty Mansions: The Mysterious Life of Huguette Clark and the Spending of a Great American Fortune


Bill Dedman - 2013
    Empty Mansions is a rich mystery of wealth and loss, connecting the Gilded Age opulence of the nineteenth century with a twenty-first-century battle over a $300 million inheritance. At its heart is a reclusive heiress named Huguette Clark, a woman so secretive that, at the time of her death at age 104, no new photograph of her had been seen in decades. Though she owned palatial homes in California, New York, and Connecticut, why had she lived for twenty years in a simple hospital room, despite being in excellent health? Why were her valuables being sold off? Was she in control of her fortune, or controlled by those managing her money?   Dedman has collaborated with Huguette Clark’s cousin, Paul Clark Newell, Jr., one of the few relatives to have frequent conversations with her. Dedman and Newell tell a fairy tale in reverse: the bright, talented daughter, born into a family of extreme wealth and privilege, who secrets herself away from the outside world.   Huguette was the daughter of self-made copper industrialist W. A. Clark, nearly as rich as Rockefeller in his day, a controversial senator, railroad builder, and founder of Las Vegas. She grew up in the largest house in New York City, a remarkable dwelling with 121 rooms for a family of four. She owned paintings by Degas and Renoir, a world-renowned Stradivarius violin, a vast collection of antique dolls. But wanting more than treasures, she devoted her wealth to buying gifts for friends and strangers alike, to quietly pursuing her own work as an artist, and to guarding the privacy she valued above all else.   The Clark family story spans nearly all of American history in three generations, from a log cabin in Pennsylvania to mining camps in the Montana gold rush, from backdoor politics in Washington to a distress call from an elegant Fifth Avenue apartment. The same Huguette who was touched by the terror attacks of 9/11 held a ticket nine decades earlier for a first-class stateroom on the second voyage of the Titanic. Empty Mansions reveals a complex portrait of the mysterious Huguette and her intimate circle. We meet her extravagant father, her publicity-shy mother, her star-crossed sister, her French boyfriend, her nurse who received more than $30 million in gifts, and the relatives fighting to inherit Huguette’s copper fortune. Richly illustrated with more than seventy photographs, Empty Mansions is an enthralling story of an eccentric of the highest order, a last jewel of the Gilded Age who lived life on her own terms.The No. 1 New York Times bestseller. Best nonfiction books of the year at Goodreads, Amazon.com, and Barnes & Noble. One of the New York Times critic Janet Maslin's 10 favorite books of 2013.

The Phantom of Fifth Avenue: The Mysterious Life and Scandalous Death of Heiress Huguette Clark


Meryl Gordon - 2014
    Her father, William Andrews Clark, was a copper magnate, the second richest man in America, and not above bribing his way into the Senate. Huguette attended the coronation of King George V. And at twenty-two, with a personal fortune of $50 million to her name, she married a Princeton man and childhood friend, William MacDonald Gower. Two years later the couple divorced. After a series of failed romances, Huguette began to withdraw from society--first living with her mother in a kind of Grey Gardens isolation then as a modern-day Miss Havisham, spending her days in a vast apartment overlooking Central Park, eating crackers and watching The Flintstones with only servants for company. All her money and all her real estate could not protect her in her later life from being manipulated by shady hangers-on and hospitals that were only too happy to admit (and bill) a healthy woman. But what happened to Huguette that turned a vivacious young socialite into a recluse? And what was her life like inside that gilded, copper cage?

Chants Democratic: New York City and the Rise of the American Working Class, 1788-1850


Sean Wilentz - 1984
    In it, Sean Wilentz explores the dramatic social and intellectual changes that accompanied early industrialization in New York. He provides a panoramic chronicle of New York City's labor strife, social movements, and political turmoil in the eras of Thomas Jefferson and Andrew Jackson. Twenty years after its initial publication, Wilentz has added a new preface that takes stock of his own thinking, then and now, about New York City and the rise of the American working class.

Machine Made: Tammany Hall and the Creation of Modern American Politics


Terry Golway - 2014
    Infamous crooks like William "Boss" Tweed dominate traditional histories of Tammany, distorting our understanding of a critical chapter of American political history. In Machine Made, historian and New York City journalist Terry Golway convincingly dismantles these stereotypes; Tammany's corruption was real, but so was its heretofore forgotten role in protecting marginalized and maligned immigrants in desperate need of a political voice.Irish immigrants arriving in New York during the nineteenth century faced an unrelenting onslaught of hyperbolic, nativist propaganda. They were voiceless in a city that proved, time and again, that real power remained in the hands of the mercantile elite, not with a crush of ragged newcomers flooding its streets. Haunted by fresh memories of the horrific Irish potato famine in the old country, Irish immigrants had already learned an indelible lesson about the dire consequences of political helplessness. Tammany Hall emerged as a distinct force to support the city's Catholic newcomers, courting their votes while acting as a powerful intermediary between them and the Anglo-Saxon Protestant ruling class. In a city that had yet to develop the social services we now expect, Tammany often functioned as a rudimentary public welfare system and a champion of crucial social reforms benefiting its constituency, including workers' compensation, prohibitions against child labor, and public pensions for widows with children. Tammany figures also fought against attempts to limit immigration and to strip the poor of the only power they had—the vote.While rescuing Tammany from its maligned legacy, Golway hardly ignores Tammany's ugly underbelly, from its constituents' participation in the bloody Draft Riots of 1863 to its rampant cronyism. However, even under occasionally notorious leadership, Tammany played a profound and long-ignored role in laying the groundwork for social reform, and nurtured the careers of two of New York's greatest political figures, Al Smith and Robert Wagner. Despite devastating electoral defeats and countless scandals, Tammany nonetheless created a formidable political coalition, one that eventually made its way into the echelons of FDR’s Democratic Party and progressive New Deal agenda.Tracing the events of a tumultuous century, Golway shows how mainstream American government began to embrace both Tammany’s constituents and its ideals. Machine Made is a revelatory work of revisionist history, and a rich, multifaceted portrait of roiling New York City politics in the nineteenth and twentieth centuries.