GRETCHEN MORGENSON was awarded the Pulitzer Prize in 2002 for her "trenchant and incisive" coverage of Wall Street. She has been on that beat ever since and now has a book on the recent meltdown. Though we've had in depth conversations with Michael Lewis, Joseph Stiglitz, Simon Johnson, William Greider and others about the crisis, it's been a while since we covered it, and so this week we will have a chance to get an update on where things stand and look at some of the implications.
RECKLESS ENDANGERMENT lays out how the financial meltdown resulted from the toxic interplay of Washington, Wall Street, and corrupt mortgage lenders. It reveals how the watchdogs who were supposed to protect us from financial harm were actually complicit in creating the financial crisis, and focuses on the abuse of Fannie May and Freddie Mac.