House of Cards
A Tale of Hubris and Wretched Excess on Wall Street
by:
William D. Cohan
in:
Economics
Summary:
The book provides an in-depth look at the fall of Bear Stearns, one of the first major casualties of the 2008 financial crisis, detailing the combination of risky business practices, poor decisions, and market forces that led to its collapse. It offers a behind-the-scenes perspective on the personalities and power struggles within the firm that contributed to its demise and the subsequent impact on the global economy.
Key points:
1. Financial Institution Vulnerability: "House of Cards" shows how Bear Stearns collapsed due to bad management, risky behavior, and lack of transparency, proving that no firm is too big to fail.
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