Complicit: How Greed and Collusion Made The Credit Crisis Unstoppable
Bloomberg Press, 2010 (2010)
Read an Excerpt
Reviewed by Bob Walch
he credit crunch and corresponding recession has affected every investor, consumer, industry and government, yet few people really fathom how the whole mess happened.
ubprime mortgages may have provided the tipping point, but, as Mark Gilbert shows, behind the scenes there was a lot more going on and none of it was good.
The credit crunch wasn't caused so much by a confederacy of dunces as by a silent conspiracy of the well rewarded,
' writes Gilbert. '
And most of the participants aren't fraudsters (albeit with some notable exceptions), nor are they evil or malicious. But everyone involved collectively suspended disbelief, a mass self-induced myopia to the possibility that anything could go wrong, because the financial rewards for playing along were so compelling.
his look behind the fašade of the international financial community shows how a conspiracy of greed among bankers, investors, rating agencies and regulators imperiled everyone's financial wellbeing.
long with a detailed account of what went wrong and why, Gilbert also sets forth the lessons that can be learned from this global financial meltdown. Filled with anecdotes and examples from around the world, the bureau chief for Bloomberg New in London makes a rather complex topic easy to understand.
nyone interested in knowing more about this unprecedented financial crisis will find this short, 182 page book highly informative. The more we learn about the cause of this situation the better chance there will be of making sure it doesn't happen again.
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