All the Devils Are Here [0]
Title Page
Copyright Page
Dedication
Chapter 1 - The Three Amigos
Chapter 2 - “Ground Zero, Baby”
Chapter 3 - The Big, Fat Gap
Chapter 4 - Risky Business
Chapter 5 - A Nice Little BISTRO
Chapter 6 - The Wizard of Fed
Chapter 7 - The Committee to Save the World
Chapter 8 - Why Everyone Loved Moody’s
Chapter 9 - “I Like Big Bucks and I Cannot Lie”
Chapter 10 - The Carnival Barker
Chapter 11 - Goldman Envy
Chapter 12 - The Fannie Follies
Chapter 13 - The Wrap
Chapter 14 - Mr. Ambassador
Chapter 15 - “When I Look a Homeowner in the Eye...”
Chapter 16 - Hank Paulson Takes the Plunge
Chapter 17 - “I’m Short Your House”
Chapter 18 - The Smart Guys
Chapter 19 - The Gathering Storm
Chapter 20 - The Dumb Guys
Chapter 21 - Collateral Damage
Chapter 22 - The Volcano Erupts
Epilogue: Rage at the Machine
Acknowledgements
INDEX
PORTFOLIO / PENGUIN
Published by the Penguin Group
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First published in 2010 by Portfolio / Penguin, a member of Penguin Group (USA) Inc.
Copyright © Bethany McLean and Joseph Nocera, 2010 All rights reserved
Library of Congress Cataloging-in-Publication Data
McLean, Bethany.
All the devils are here : the hidden history of the financial crisis / Bethany McLean and Joe Nocera. p. cm.
Includes index.
eISBN : 978-1-101-44479-5
1. Global Financial Crisis, 2008-2009 2. Financial crises—United States—History—21st century. 3. Mortgage-backed securities—United States. 4. Subprime mortgage loans—United States. I. Nocera, Joseph. II. Title.
HB37172008 .M35 2010
330.973’093—dc22
2010032893
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For Sean, and Dawn
CAST OF CHARACTERS
THE MORTGAGE MEN
Ameriquest
Roland Arnall Founder of ACC Capital Holdings, the parent company of Ameriquest. A subprime lending pioneer who became a billionaire. His first company, Long Beach Mortgage, spawned more than a dozen other subprime companies.
Aseem Mital Ameriquest veteran who became CEO in 2005.
Ed Parker Mortgage veteran hired in 2003 to investigate lending fraud in Ameriquest’s branches.
Deval Patrick Assistant attorney general who led the government’s charge against Long Beach in 1996, only to join Ameriquest’s board in 2004.
Countrywide Financial
Stanford Kurland President and COO. Long seen as Mozilo’s successor, he left the company in 2006.
David Loeb Co-founder, president, and chairman. Stepped down in 2000.
John McMurray Countrywide’s chief risk officer.