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Classic-Fiction

All the Devils Are Here [226]

By Root 3635 0

my column on the mounting problems on Wall Street. That was great advice, to say the least. Larry Ingrassia, my boss in the business section, involved me in several big projects in the immediate aftermath of the crisis that whetted my appetite for writing this book. He, along with executive editor Bill Keller and Gerry Marzorati, who until recently edited the New York Times Magazine, were extremely generous in granting me the extended leave that allowed me to write this book. Gerry also assigned me a story on risk management for the magazine; that story became the basis for Chapter 4. Vera Titunik edited that story beautifully, as she always does. My colleagues Louise Story and Eric Dash helped me in numerous ways. Andrew Ross Sorkin was especially generous with insight and advice, especially once he’d finished his book about the financial crisis, Too Big to Fail.

Books consume writers; inevitably, that obsession winds up roping in their friends and families. Among the friends I’d like to thank are Steve Klein, Ken Auletta and Amanda Urban, Sam Waksal and Andrea Rabney, Bill Burd and Jane Noble, Charlie Borgognoni, Adam Bryant, Tim and Jennifer Smith, Paul and Jennifer Argenti, Greg Frank and Lauren Foster, Jimmy Smyth, Meg Rhodus, Roger and Claudine Parloff, Dan and Becky Okrent, and David and Lyn Grogan.

My three older children, Kate, Amato, and Nick, watched with bemusement and a touch of pride as I worked to complete the book; they’ve seen this act before. My future mother-in-law, Louise Schneider, arrived in the nick of time, just as Bethany and I were racing to the finish line, and offered a great deal of help and comfort.

As I was beginning to write this book, I acquired a puppy, a German shepherd named Lanka. I was always surprised and happy at the way he could lift my spirits, offering stretches of simple pleasure. About a month before this book was finished, a new member of the family arrived: Macklin Joseph. Baby Mack is a wonder, and a source of immense joy. I can’t wait to dedicate my next book to him.

As for this book, it is dedicated to Dawn, the love of my life, who saw me through this project, as she has seen me through every part of our life together these past years. She makes it all worthwhile.

INDEX

Aames

Abacus CDOs

Abbamonto, Paul

ABX subprime index

ACA Management

ACORN

Adelson, Mark

Adjustable-rate mortgages

defaults

operation of

pay option ARMs

Advani, Deepali

AIG. See American International Group (AIG)

AIG Financial Products (AIG FP)

BISTRO

bonuses (2009)

under Cassano

CDOs, multisector

CDO tranches

collapse of

collateral calls

collateral triggers

credit default swaps

Edper losses

Geenberg control of

incentive compensation

profitability of

risk-taking, beginning of

under Savage

SEC investigation of

under Sosin

swaps, developing

Alberto, Patricia

Alternative Mortgage Transaction Parity Act (1982)

American Home Mortgage Investment Corporation

American International Group (AIG)

antiquated infrastructure of

bonuses, post-bailout

CEOs. See Greenberg, Maurice R. “Hank”; Sullivan, Martin; Willumstad, Robert

derivatives division. See AIG Financial Products

founding of

fraudulent activities

government bailout

profitability of

ratings cut

restatement of earnings

risk-taking by

stock, decline of

subprime portfolio of

subsidiaries

Ameriquest

collapse of

consumer complaints/lawsuits

dangerous products of

fraudulent activities

loan fees

portfolio retention branches

profitability of

prohibited in Georgia

state attorneys’ investigation of

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All the Devils Are Here [226]

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