William D. Cohan: House of Cards

Here is an interesting link to FORA.tv. They interviewed William D. Cohan, about his book House of Cards: A Tale of Hubris and Wretched Excess on Wall Street.

Synopsis: On March 5, 2008, at 10:15 A.M., a hedge fund manager in Florida wrote a post on his investing advice Web site that included a startling statement about Bear Stearns & Co., the nation’s fifth-largest investment bank: “In my book, they are insolvent.”

This seemed a bold and risky statement. Bear Stearns was about to announce profits of $115 million for the first quarter of 2008, had $17.3 billion in cash on hand, and, as the company incessantly boasted, had been a colossally profitable enterprise in the eighty-five years since its founding.

Ten days later, Bear Stearns no longer existed, and the calamitous financial meltdown of 2008 had begun.

How this happened – and why – is the subject of William D. Cohan’s superb and shocking narrative that chronicles the fall of Bear Stearns and the end of the Second Gilded Age on Wall Street…

Please click here to view the video.

What is interesting about the interview is that, as opposed to a classical book review, Cohan talks through his views and comments freely on the whole situation adding some interesting perspectives and additional context.

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