The Great Hangover: 21 Tales of the New Recession from the Pages of Vanity Fair
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A collection of stories from Vanity Fair magazine about the current financial crisis by some of the country’s best business journalists, including Michael Lewis (Moneyball, Liar’s Poker), Bryan Burrough (Barbarians at the Gate), and Mark Bowden (Black Hawk Down), edited by Vanity Fair editor Graydon Carter, and with an introduction by Cullen Murphy (Are We Rome?).
kindly be interpreted as a winning informality, a healthy antidote to the stuffy, hidebound ways during executive editor Abe Rosenthal’s long reign. So, too, his efforts to unbend and humanize the newsroom’s tyrants, and get them to see the company’s business managers not as enemies but as partners. No wonder they grumbled! Arthur’s fixation on newsprint evidences a devotion to quality journalism amid the growing din of propaganda and digital frivolity; after all, most of the real reporting done
life to philanthropy, moving between his lavish condominiums at the Taj hotel, in Boston, and on Breakers Row, in Palm Beach. With Ruth, his wife of 70 years, he has three daughters and three sons-in-law. Everyone I met described him as a devoted father, husband, and giver—hundreds of millions to Brandeis University, the Dana-Farber Cancer Institute, Brigham and Women’s Hospital, in Boston (where the Carl J. and Ruth Shapiro Cardiovascular Center recently opened), the Museum of Fine Arts, the
some psychopathic mind. How you can tell your staff, people who rely on you for their income, that we’re going to have a great year and then within 48 hours admit to the feds that you’ve committed this enormous fraud?” Although many people have doubted, considering the closeness of the family in the Madoff business, that the whole charade was known to Bernie alone, here is what the Madoffs have told authorities: On December 9, a Tuesday, Bernie advised Mark that he wanted to pay employee
market collapsed, so did those investments. For Gregory, the end came in June 2008, with the release of Lehman’s shockingly bad second-quarter numbers: $2.8 billion in losses, after months of confident pronouncements from the firm. When the numbers came out, the outcry was fierce. Lehman was accused of misleading the market by attaching wildly over-optimistic values to its portfolio of commercial real estate and mortgage-backed securities. Class-action suits by pension funds hard-hit by Lehman’s
Delusions and the Madness of Crowds. As long as there have been banks, bond markets, and stock markets, there have been financial crises. Banks went bust in the days of the Medici. There were bond-market panics in the Venice of Shylock’s day. And the world’s first stock-market crash happened in 1720, when the Mississippi Company—the Enron of its day—blew up. According to economists Carmen Reinhart and Kenneth Rogoff, the financial history of the past 800 years is a litany of debt defaults,