McLean Bethany - All the devils are here : the hidden history of the financial crisis

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Table of Contents

For Sean, and Dawn

CAST OF CHARACTERS

THE MORTGAGE MEN

Ameriquest

Roland Arnall Founder of ACC Capital Holdings, the parent company of Ameriquest. A subprime lending pioneer who became a billionaire. His first company, Long Beach Mortgage, spawned more than a dozen other subprime companies.

Aseem Mital Ameriquest veteran who became CEO in 2005.

Ed Parker Mortgage veteran hired in 2003 to investigate lending fraud in Ameriquests branches.

Deval Patrick Assistant attorney general who led the governments charge against Long Beach in 1996, only to join Ameriquests board in 2004.

Countrywide Financial

Stanford Kurland President and COO. Long seen as Mozilos successor, he left the company in 2006.

David Loeb Co-founder, president, and chairman. Stepped down in 2000.

John McMurray Countrywides chief risk officer.

Angelo Mozilo Co-founder and CEO until 2008. Dreamed of spreading homeownership to the masses. Became a billionaire in the process, but couldnt resist pressure to enter the subprime mortgage business.

David Sambol The head of Countrywides sales force. Aggressively pushed Countrywide to keep up with subprime lenders.

Eric Sieracki Longtime Countrywide employee who was named CFO in 2005.

Primary Residential

Dave Zitting Old-school mortgage banker who steered clear of subprime lending.

Ownit

Bill Dallas Founder of Ownit, a subprime company in which Merrill Lynch held a 20 percent stake.

THE FINANCIAL INSTITUTIONS

American International Group (AIG)

Steve Bensinger CFO under Martin Sullivan from 2005 to 2008.

Joe Cassano CEO of AIG Financial Products from 2001 to 2008.

Andrew Forster One of Cassanos chief deputies in London.

Al Frost AIG-FP marketer at the center of the multisector CDO deals that put AIG on the hook for $60 billion of subprime exposure.

Maurice R. Hank Greenberg AIGs CEO from 1968 to 2005. Forced to resign by Eliot Spitzer.

Gene Park AIG-FP executive who noticed the early warning signs on multisector CDOs.

Tom Savage CEO of AIG-FP from 1994 to 2001.

Howard Sosin Founder of AIG-FP. Ran it from 1987 to 1993.

Martin Sullivan Succeeded Greenberg in 2005. Forced out by the board in 2008.

Robert Willumstad Sullivans successor as CEO until the financial crisis hit four months later.

Bear Stearns

Ralph Cioffi Bear Stearns hedge fund manager. His two fundsoriginally worth $20 billionwent bankrupt in the summer of 2007 because of their subprime exposure.

Matthew Tannin Cioffis partner. Cioffi and Tannin were tried for fraud and found not guilty.

Steve Van Solkema Analyst who worked for Cioffi and Tannin.

Fannie Mae

Jim Johnson CEO from 1991 to 1998. Perfected Fannies take-no-prisoners approach to regulators and critics.

Daniel Mudd CEO from 2005 to 2008.

Franklin Raines CEO from 1999 to 2004. Forced to step down over an accounting scandal.

Goldman Sachs

Josh Birnbaum Star trader who specialized in the ABX index.

Lloyd Blankfein Current CEO.

Craig Broderick Current chief risk officer.

Gary Cohn Current president and COO.

Jon Corzine Senior partner who convinced the partnership to go public. Replaced by Hank Paulson within days of the IPO.

Steve Friedman Co-head of Goldman Sachs with Robert Rubin.

Dan Sparks Head of the Goldman mortgage desk from 2006 to 2008.

Michael Swenson Co-head of the structured products group under Sparks.

John Thain Co-COO under Paulson until 2003.

Fabrice Tourre Mortgage trader under Sparks. Later named as a defendant in the SECs suit against the company.

David Viniar CFO.

J.P. Morgan

Mark Brickell Lobbyist who fought derivatives regulation on behalf of J.P. Morgan and the International Swaps and Derivatives Association. President of ISDA from 1988 to 1992.

Till Guldimann Executive who led the development of Value at Risk modeling and shared VaR with other banks.

Blythe Masters Derivatives saleswoman who put together J.P. Morgans first credit default swap in 1994.

Sir Dennis Weatherstone Chairman and CEO from 1990 to 1994.

Merrill Lynch

Michael Blum Executive charged with purchasing a mortgage company, First Franklin, in 2006. Served on Ownits board.

John Breit Longtime Merrill Lynch risk manager who specialized in evaluating derivatives risk.

Ahmass Fakahany Co-president and COO under CEO Stanley ONeal.

Greg Fleming Co-presidentwith Fakahanyuntil ONeals resignation in 2007.

Dow Kim Head of trading and investment banking until 2007.

David Komansky ONeals predecessor as CEO.

Jeffrey Kronthal Oversaw Merrills mortgage trading desk under Kim. Fired in 2006.

Dale Lattanzio Chris Ricciardis successor as the leader of Merrill Lynchs CDO business.

Stan ONeal CEO from 2002 to 2007. Created the culture that allowed the buildup of Merrill Lynchs massive exposure to securities backed by subprime mortgages.

Tom Patrick CFO under Komansky and executive vice chairman under ONeal. Seen as ONeals ally until ONeal fired him in 2003.

Chris Ricciardi Head of Merrills CDO team from 2003 to 2006. While at Prudential Securities in the mid-1990s, worked on one of the first mortgage-backed CDOs.

Osman Semerci Installed as global head of fixed income, reporting to Kim, in 2006. Fired in 2007.

Arshad Zakaria Head of global markets and investment banking. Considered a close ally of ONeal until forced out in August 2003.

Moodys

Mark Adelson Longtime Moodys analyst and co-head of the asset-backed securities group whose skepticism was at odds with Brian Clarksons vision for the agency. Quit in 2000.

Brian Clarkson Co-head of the asset-backed securities group who aggressively pursued market share. Named president in 2007.

Eric Kolchinsky Managing director in charge of rating asset-backed CDOs. Oversaw the rating process for John Paulsons Abacus deal.

Raymond McDaniel CEO.

THE PIONEERS

Larry Fink Devised the idea of tranching mortgage-backed securities to parcel out risk. Underwrote some of the first mortgage-backed securities for First Boston in the 1980s. Later founded BlackRock and served as a key government adviser during the financial crisis.

David Maxwell Fannie Maes CEO from 1981 to 1991. Important player in the early days of mortgage securitization.

Lew Ranieri Salomon Brothers bond trader who helped invent the mortgage-backed security in the 1980s.

THE REGULATORS

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