Introduction: Financial Ashes vii
Cast of Characters xiii
Chapter 1 Angelo Speaks, the Worldwide Contagion Begins 1
Chapter 2 The Repo Man Meets the Bald Granny: A Short History of Subprime 23
Chapter 3 The Death of the Bailey Building and Loan, the Rise of Millionaire Loan Brokers and Countrywide 47
Chapter 4 The Beach Boys of B&C: How Roland Arnall Became the Johnny Appleseed of Subprime 73
Chapter 5 Angelo Rising: The Son of a Bronx Butcher Makes Good 103
Chapter 6 The Holy Roller of REITs 127
Chapter 7 The End of the (New) Century 149
Chapter 8 A Conspiracy by Merrill? 179
Chapter 9 A Warning from Lewie: CDOs, SIVs, and Other Things No One Understands 205
Chapter 10 Deep in the Belly of the Bear 227
Chapter 11 Armageddon Times: The Tan Man Departs, Bye-Bye Bear 249
Chapter 12 What the Hell Happened? Ten Bad Years for Housing in America 277
Chapter 13 TARP, the Great Recession, and the Return of Stan Kurland 309
Afterword TBTF: A Mortgage Cartel Rises from the Ashes 335
Source and Interview Notes 341
Glossary 351
Acknowledgments 359
About the Authors 361
Index 363
Paul Muolo is Executive Editor of National Mortgage News--which won a Polk Award in 1990 for its reporting on the S&L crisis--and is also coauthor of Inside Job: The Looting of America's Savings and Loans, which spent five weeks on the New York Times bestseller list. His freelance work has appeared in the New York Times, the Washington Post, and Barron's. Muolo has been a guest financial expert on numerous media outlets, including CNN, CNBC, ABC, and Fox Business Network. Mathew Padilla is a business reporter for the Orange County Register. His work, and that of two other colleagues, on the implosion of the Southern California subprime industry was selected by the paper's editors as a submission for the Pulitzer Prize and recognized by the Society of American Business Editors and Writers.
"Chain of Blame is one of the first books to delve deeply into the central role that big banks played in the mess…for a juicy, name-dropping read, Muolo and Padilla’s book is hard to beat."--BusinessWeek "Muolo and Padilla examine just who was to blame for the crisis and find that it is not just cowboy operators." (CEO Middle East, September 2008) “…a level-headed book…the anecdotal style is easy-going...much the best book on the mortgage industry”. Fund Strategy 1 September 2008 “…a ripping piece of reporting… The authors know their stuff.”Bloomberg News Monday 28 July 2008
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