ECONNED: HOW UNENLIGHTENED SELF INTEREST UNDERMINED DEMOCRACY AND CORRUPTED CAPITALISM by YVES SMITH

Author:YVES SMITH [SMITH, YVES]
Language: eng
Format: epub, pdf
Published: 2012-08-07T02:18:50+00:00

Readers would no doubt prefer a more satisfying tale where the bad guys fit

more familiar stereotypes: black hats and handlebar mustaches, or the modern

version, Gordon Gekko-like swaggering Masters of the Universe who broadcast

their belief that greed is good. And a minor genre of crisis narratives has

emerged to feed the desire to pin the crisis on easily identifiable villains, in particular the CEOs of some of the firms that failed.

But in this version, the process of maximizing current extractable value was for the most part not in the hands of colorful characters, but a legion of more mundane perpetrators adept in the nitty-gritty of transaction structures and

accounting considerations that allowed them to shift risk onto less-well-

informed parties, which at times included their own employers. This happened

all up and down the food chain, from hapless borrowers signing mortgages they

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