Joe Nocera

An entertaining account of the rise of investment services over the past three decades charts the benefits it has brought to the middle class. Original. 20,000 first printing.

How the Middle Class Joined the Money Class

A Piece of the Action

Bethany McLean

Chronicles the major contributors to the economic crisis, sharing narrative assessments of the roles played by Wall Street, the mortgage industry, the U.S. government, and leading financial institutions, and discusses the ways in which human psychology was a primary factor.

The Hidden History of the Financial Crisis

All the Devils are Here

According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, no-one has put all the pieces of the financial crisis together. The finger was pointed at greedy traders, cowardly legislators and clueless home buyers, but many devils helped bring hell to the economy. All The Devils Are Here goes back several decades to explore the motivations of everyone from CEOs and politicians to anonymous lenders, borrowers and Wall Street traders. It exposes the hidden role of companies including AIG and Goldman Sachs. It delves into the powerful mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature. Bethany McLean's The Smartest Guys in the Room was the best Enron book on a crowded shelf. All the Devils Are Here will be remembered for finally making sense of the meltdown.

Unmasking the Men Who Bankrupted the World

All The Devils Are Here

Ben Strauss

“How can the NCAA blithely wreck careers without regard to due process or common fairness? How can it act so ruthlessly to enforce rules that are so petty? Why won’t anybody stand up to these outrageous violations of American values and American justice?” In the four years since Joe Nocera asked those ques­tions in a controversial New York Times column, the National Collegiate Athletic Association has come under fire. Fans have begun to realize that the athletes involved in the two biggest college sports, men’s bas­ketball and football, are little more than indentured servants. Millions of teenagers accept scholarships to chase their dreams of fame and fortune—at the price of absolute submission to the whims of an organiza­tion that puts their interests dead last. For about 5 percent of top-division players, college ends with a golden ticket to the NFL or the NBA. But what about the overwhelming majority who never turn pro? They don’t earn a dime from the estimated $13 billion generated annually by college sports—an ocean of cash that enriches schools, conferences, coaches, TV networks, and apparel companies . . . everyone except those who give their blood and sweat to entertain the fans. Indentured tells the dramatic story of a loose-knit group of rebels who decided to fight the hypocrisy of the NCAA, which blathers endlessly about the purity of its “student-athletes” while exploiting many of them: The ones who get injured and drop out be­cause their scholarships have been revoked. The ones who will neither graduate nor go pro. The ones who live in terror of accidentally violating some obscure rule in the four-hundred-page NCAA rulebook. Joe Nocera and Ben Strauss take us into the inner circle of the NCAA’s fiercest enemies. You’ll meet, among others . . . ·Sonny Vaccaro, the charismatic sports marketer who convinced Nike to sign Michael Jordan. Dis­gusted by how the NCAA treated athletes, Vaccaro used his intimate knowledge of its secrets to blow the whistle in a major legal case. ·Ed O’Bannon, the former UCLA basketball star who realized, years after leaving college, that the NCAA was profiting from a video game using his image. His lawsuit led to an unprecedented antitrust ruling. ·Ramogi Huma, the founder of the National Col­lege Players Association, who dared to think that college players should have the same collective bargaining rights as other Americans. ·Andy Schwarz, the controversial economist who looked behind the façade of the NCAA and saw it for what it is: a cartel that violates our core values of free enterprise. Indentured reveals how these and other renegades, working sometimes in concert and sometimes alone, are fighting for justice in the bare-knuckles world of college sports.

The Battle to End the Exploitation of College Athletes

Indentured

The greatest columns and profiles by the bestselling coauthor of All the Devils Are Here. What's it like to be a top tobacco executive when your kid asks you about smoking? How did a young liberal arts major become the hottest tech-stock analyst of the '90s, and why did he self-destruct? How did one family's dysfunction change the media landscape? Some people think business journalism is all about balance sheets, income statements, and earnings per share. But if you want to answer the really interesting questions-about heroes and hucksters, visionaries and madmen, and other larger-than-life characters-you need a reporter like Joe Nocera. For more than twenty-five years Nocera has shed new light on the giants of the business world-Warren Buffett, T. Boone Pickens, Bob Nardelli-as well as on the less famous but equally fascinating. He builds stories around their motivations, personalities, and deepest characters. And instead of just pigeonholing them as good guys or bad guys, he explores the gray areas in between.

Behind the Scenes with the Saints and Scoundrels of American Business (and Everything in Between)

Good Guys and Bad Guys

Behind the Scenes with the Saints and Scoundrels of American Business (and Every thing in Between)

"Hell is empty, and all the devils are here." -Shakespeare, The Tempest As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers? According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy. And the full story, in all of its complexity and detail, is like the legend of the blind men and the elephant. Almost everyone has missed the big picture. Almost no one has put all the pieces together. All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature. Among the devils you'll meet in vivid detail: • Angelo Mozilo, the CEO of Countrywide, who dreamed of spreading homeownership to the masses, only to succumb to the peer pressure-and the outsized profits-of the sleaziest subprime lending. • Roland Arnall, a respected philanthropist and diplomat, who made his fortune building Ameriquest, a subprime lending empire that relied on blatantly deceptive lending practices. • Hank Greenberg, who built AIG into a Rube Goldberg contraption with an undeserved triple-A rating, and who ran it so tightly that he was the only one who knew where all the bodies were buried. • Stan O'Neal of Merrill Lynch, aloof and suspicious, who suffered from "Goldman envy" and drove a proud old firm into the ground by promoting cronies and pushing out his smartest lieutenants. • Lloyd Blankfein, who helped turn Goldman Sachs from a culture that famously put clients first to one that made clients secondary to its own bottom line. • Franklin Raines of Fannie Mae, who (like his predecessors) bullied regulators into submission and let his firm drift away from its original, noble mission. • Brian Clarkson of Moody's, who aggressively pushed to increase his rating agency's market share and stock price, at the cost of its integrity. • Alan Greenspan, the legendary maestro of the Federal Reserve, who ignored the evidence of a growing housing bubble and turned a blind eye to the lending practices that ultimately brought down Wall Street-and inflicted enormous pain on the country. Just as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally making sense of the meltdown and its consequences.

Joe Nocera

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