How We Got the Crash Wrong
Leverage was not the problem—incentives were, and still are.… More »
William D. Cohan is the author of House of Cards: A Tale of Hubris and Wretched Excess on Wall Street (2007) and Money and Power: How Goldman Sachs Came to Rule the World, which will be published by Doubleday on April 12, 2011.
Last September, as Wall Street turned to rubble and panic threatened to come unleashed, Ken Lewis, the CEO of Bank of America, agreed to swallow one of the country’s most toxic investment houses. The deal was not altogether voluntary; as details have slowly emerged, the coercive role of the Fed and Treasury has loomed larger. What exactly happened in the weeks leading up to the merger? Did the deal save us all from economic apocalypse? And what does the…… More »
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