The perfect summer read for anyone invested in the markets is:
"Bailout Nation" by Barry Ritholtz
Of particular interest, according to the author:
"The expanded version of the manuscript, with greater emphasis on the latter part of 2008, was finished in December '08.
Or so I thought.
After I handed the book into the publisher (McGraw Hill), they let me know they had problems with my assessment of the Ratings Agencies. They were unhappy with my calling them "Pimps & Hos", or describing their business model of rating junk bonds as AAA for big fees as "Payola." (What would you call it?)
Not coincidentally, McGraw Hill owns of the largest Rating Agencies, Standard & Poor's."
The "greasing" and "cronyism" that goes on between Board Members and Executives (you be on my board I'll be on yours);
Independent Compensation Committees (oxymoron)
The evil Goldman Sachs influence in govt and why AIG was really bailed-out (counter-party risk)
The fraud of rating agenices such as Moodys and S&P who "sell" AAA bond ratings
The failing of large mutual funds and institutional investors to properly "police" corporate governance of the companies they are invested in.
Alan Greenspan is largely to blame for the melt down (boy do I agree with that; that old fool kept the gas pedal to the floor for way-way too long; not even debateable).
Here are a couple of interesting links about the book with some good detail:
Disclosure: I have no connection whatsoever to this book or its author; this is purely a summer read recommendation. Reading this book will likely raise your blood pressure.