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Liepman Literary Agency
Marc Koralnik |
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| English | |
A FIRST-CLASS CATASTROPHE
The Road to Black Monday, the Worst day in Wall Street History
The definitive account of the crash of 1987, a cautionary tale of how the U.S. financial system nearly collapsed--from the bestselling author of The Wizard of Lies
Monday, October 19, 1987, was by far the worst day in Wall Street history. The market fell 22.6 percent almost twice as bad as the worst day of 1929 equal to a one-day loss of nearly 5,000 points today.
Black Monday was more than seven years in the making and threatened nearly every U.S. financial institution. Drawing on superlative archival research and dozens of original interviews Diana B. Henriques weaves a tale of missed opportunities, market delusions, and destructive actions that stretched from the silver crisis of 1980 to turf battles in Washington, a poisonous rivalry between the New York Stock Exchange and the Chicago Mercantile Exchange, and the almost-fatal success of two California professors whose idea for reducing market risk spun terribly out of control. As the story hurtles forward, the players struggle to forestall a looming market meltdown and unexpected heroes step in to avert total disaster.
For thirty years, investors, regulators, and bankers have failed to heed the lessons of 1987, even as the same patterns have resurfaced, most spectacularly in the financial crisis of 2008. A First-Class Catastrophe offers a new way of looking not only at the past, but at our financial future as well.
Diana B. Henriques is the author of the New York Times bestseller The Wizard of Lies: Bernie Madoff
and the Death of Trust, which is the basis of an HBO film (starring Robert De Niro and Michelle Peiffer) to be aired in 2017. She is a longtime business correspondent for The New York Times as well as a Polk Award winner and a Pulitzer Prize finalist. She won several awards for her work on the Times's coverage of the Madoff scandal and was part of the team recognized as a Pulitzer finalist for its coverage of the financial crisis of 2008. She lives in Hoboken, New Jersey.
Black Monday was more than seven years in the making and threatened nearly every U.S. financial institution. Drawing on superlative archival research and dozens of original interviews Diana B. Henriques weaves a tale of missed opportunities, market delusions, and destructive actions that stretched from the silver crisis of 1980 to turf battles in Washington, a poisonous rivalry between the New York Stock Exchange and the Chicago Mercantile Exchange, and the almost-fatal success of two California professors whose idea for reducing market risk spun terribly out of control. As the story hurtles forward, the players struggle to forestall a looming market meltdown and unexpected heroes step in to avert total disaster.
For thirty years, investors, regulators, and bankers have failed to heed the lessons of 1987, even as the same patterns have resurfaced, most spectacularly in the financial crisis of 2008. A First-Class Catastrophe offers a new way of looking not only at the past, but at our financial future as well.
Diana B. Henriques is the author of the New York Times bestseller The Wizard of Lies: Bernie Madoff
and the Death of Trust, which is the basis of an HBO film (starring Robert De Niro and Michelle Peiffer) to be aired in 2017. She is a longtime business correspondent for The New York Times as well as a Polk Award winner and a Pulitzer Prize finalist. She won several awards for her work on the Times's coverage of the Madoff scandal and was part of the team recognized as a Pulitzer finalist for its coverage of the financial crisis of 2008. She lives in Hoboken, New Jersey.
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Book
Published 2017-09-01 by Henry Holt |