By Herbert M. Allison
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Review & Description
Herb Allison builds a powerful case for breaking up the megabanks and overhauling regulation and oversight of the financial industry so that the public interest can prevail over the self-interest of bankers...and another financial crisis can be avoided.
Allison draws upon his own exceptionally broad experience in the financial industry to cut through the outrage and finger pointing at America’s largest banks for their roles in the financial crisis, and reveal why those institutions have become addicted to risk, how their deep-seated conflicts of interest harm the public and, most importantly, what should be done now to reform them.
During Allison’s 40-year career, he has managed the investment banking and trading divisions and then served as president of Merrill Lynch in the 1990s; led TIAA-CREF, one of America’s most respected investment companies, from 2002-2008; assumed leadership of Fannie Mae at the request of Treasury Secretary Paulson when that company was placed into conservatorship during the mortgage crisis; and directed the Troubled Asset Relief Program (TARP) as Assistant Secretary of the Treasury for Financial Stability in the Obama Administration. He also coordinated the group of banks that bailed out Long Term Capital Management in 1998.
Readers of The Megabanks Mess can discuss the book on Twitter: @bankmess
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