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Books > History > History of specific subjects > Economic history
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To the Brink of Destruction - America's Rating Agencies and Financial Crisis (Hardcover)
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To the Brink of Destruction - America's Rating Agencies and Financial Crisis (Hardcover)
Series: Cornell Studies in Money
Expected to ship within 12 - 19 working days
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To the Brink of Destruction exposes how America's rating agencies
helped generate the global financial crisis of 2007 and beyond,
surviving and thriving in the aftermath. Despite widespread
scrutiny, rating agencies continued to operate on the same business
model and wield extraordinary power, exerting extensive influence
over public policy. Timothy J. Sinclair brings the shadowy corners
of this story to life by examining congressional testimony, showing
how the wheels of accountability turned-and ultimately
failed-during the crisis. He asks how and why the agencies risked
their lucrative franchise by aligning so closely with a process of
financial innovation that came undone during the crisis. What he
finds is that key institutions, including the agencies, changed
from being judges to being advocates years before the crisis,
eliminating a vital safety valve meant to hinder financial excess.
Sinclair's well-researched investigation offers a clear, accessible
explanation of structured finance and how it works. To the Brink of
Destruction avoids tired accusations, instead providing novel
insight into the role rating agencies played in the worst crisis of
modern global capitalism.
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