A damning indictment of American capitalism, as exposed through the failures of the government, private sector and overall economic resilience throughout the COVID pandemic. From the author of the modern business classic The Smartest Guys in the Room comes a damning indictment of late-stage capitalism-and the leaders that were brutally unprepared for a global pandemic. In 2020, the coronavirus pandemic made it painfully clear that governments across the world could not adequately protect their citizens. Millions of people suffered and died in just two years, while administrations around the globe blundered; prize-winning economists overlooked devastating trade-offs from the collapse of trade; and elites escaped to isolated retreats, unaffected by - and worse, even profiting from - the worst healthcare crisis to hit humanity in decades. In this page-turning economic, political and financial history, veteran journalists Bethany McClean and Joseph Nocera analyse the American response to the pandemic as a case study, to offer fresh and provocative answers. With laser-sharp reporting and deep sourcing, they investigate what really happened when governments ran out of PPE due to snarled supply chains; and the shock to the financial system when the world's biggest economies stumbled. They zero in on the effectiveness of wildly polarised approaches across states, and they trace why thousands died in hollowed-out hospital systems and nursing homes run by private equity firms, all in the name of "maximising shareholder value". The Big Fail is an expansive, gripping narrative account on what the pandemic did to one economy, and how it forced us to question the fundamental principles of our society

The tenth-anniversary edition of the definitive account of the Enron scandal, updated with a new chapter
The Enron scandal brought down one of the most admired companies of the 1990s. Countless books and articles were written about it, but only "The Smartest Guys in the Room "holds up a decade later as the definitive narrative. For this tenth anniversary edition, McLean and Elkind have revisited the fall of Enron and its aftermath, in a new chapter that asks why Enron still matters. They also reveal the fates of the key players in the scandal.

What went wrong with American business at the end of the 20th century? Until the spring of 2001, Enron epitomized the triumph of the New Economy. Feared by rivals, worshipped by investors, Enron seemingly could do no wrong. Its profits rose every year; its stock price surged ever upward; its leaders were hailed as visionaries. Then a young Fortune writer, Bethany McLean, wrote an article posing a simple question - how, exactly, does Enron make its money? Within a year Enron was facing humiliation and bankruptcy, the largest in US history, which caused Americans to lose faith in a system that rewarded top insiders with millions of dollars, while small investors lost everything. It was revealed that Enron was a company whose business was an illusion, an illusion that Wall Street was willing to accept even though they knew what the real truth was. This book - fully updated for the paperback - tells the extraordinary story of Enron's fall.

Fannie Mae and Freddie Mac were created by Congress to serve the American Dream of homeownership. By the end of the century, they had become extremely profitable and powerful companies, instrumental in putting millions of Americans in their homes. So why does the government now want them dead?In 2008, the U.S. Treasury put Fannie and Freddie into a life-support state known as "conservatorship" to prevent their failure--and worldwide economic chaos. The two companies, which were always controversial, have become a battleground. Today, Fannie and Freddie are profitable again but still in conservatorship. Their profits are being redirected toward reducing the federal deficit, which leaves them with no buffer should they suffer losses again. China and Japan are big owners of Fannie and Freddie securities, and they want to ensure the safety of their investments--which helps explain why the government is at an impasse about what to do. But the current state of limbo is unsustainable.Based on comprehensive reporting and dozens of interviews, Shaky Ground by bestselling author Bethany McLean, chronicles the story of Fannie and Freddie seven years after the meltdown, and tells us why homeownership finance is now one of the biggest unsolved issues in today's global

Bestselling author Bethany McLean reveals the true story of fracking's impact -- on Wall Street, the economy and geopolitics.

The technology of fracking in shale rock -- particularly in the Permian Basin in Texas -- has transformed America into the world's top producer of both oil and natural gas. The U.S. is expected to be "energy independent" and a "net exporter" in less than a decade, a move that will upend global politics, destabilize Saudi Arabia, crush Russia's chokehold over Europe, and finally bolster American power again.

Or will it?

Investigative journalist Bethany McLean digs deep into the cycles of boom and bust that have plagued the American oil industry for the past decade, from the financial wizardry and mysterious death of fracking pioneer Aubrey McClendon, to the investors who are questioning the very economics of shale itself. McLean finds that fracking is a business built on attracting ever-more gigantic amounts of capital investment, while promises of huge returns have yet to bear out. Saudi America tells a remarkable story that will persuade you to think about the power of oil in a new way.