Long-listed for the FT & Goldman Sachs Business Book of the Year Award 2011.
The true story of how risk destroys, as told through the ongoing saga of AIG From the collapse of Bear Stearns and Lehman Brothers, the subject of the financial crisis has been well covered. However, the story central to the crisis-that of AIG-has until now remained largely untold. Fatal Risk: A Cautionary Tale of AIG's Corporate Suicide tells the inside story of what really went on inside AIG that caused it to choke on risk and nearly brining down the entire economic system. The book:
Fatal Risk is the comprehensive and compelling true story of the company at the center of the financial storm and how it nearly caused the entire economic system to collapse.
©2011 Roderick Boyd (P)2012 Audible, Inc.
I would listen to another performance by Joe Barrett, who has a lovely wry voice and an intelligent way of presenting complex material.
Roddy Boyd's explanation of the complicated deals of AIG was impressively understandable. But the focus on particular "Big Guys" fell short of really explaining on what happened and why it caused the crash. I don't actually think Elliot Spitzer is the big villain of the piece here. So I guess I'd say, I might read Roddy Boyd again, but with a grain of salt.
I finished annoyed at the Hank Greenberg focus. I guess he was a major source here, but his thoughts were mostly about how everyone should have continued bowing down to him, so he maybe wasn't the best elucidator of what went wrong.
I enjoyed (bad this way) all the infighting when Hank Greenberg was finally eased into retirement. His successor kept referring to him as "Mr. Greenberg," and the PR people were going crazy that this new CEO sounded like a schoolboy.
I didn't like the absolute contempt for Spitzer and the rule of law, as if the wealthy corporation and its executives should be above those poltroons who enforce the law. That was very weird, as the book had carefully shown how deceptive and criminal many of AIG's actions were, then suddenly erupts in horror when the legal system finally steps up and enforces the law. I didn't like the subtext that corporations should be allowed to do what they please, destroy the economy, bankrupt shareholders, and none of us or elected officials or law enforcement officials can say anything negative. I guess we're supposed to let companies just do what they want and then bail them out?
That incident really bothered me, obviously. It seemed totally at odds with everything else in the book. I guess we shouldn't look to businessmen and business reporters for any real insight, but authors have to be wary of identifying too much with their sources.
I think I'll listen to it again, just to figure it out-- I have trouble understanding the strategy of this company, but I think one more listen will help!
David Faber's And the Roof Caved In, and the Harry Markopoulos book about Madoff were better at explaining what went wrong.
Yes. Joe Barrett did a great job and the content from Roddy Boyd was very inclusive.
I am not sure there was a favorite, as the main "character" was AIG. I guess I would most like to work for Hank Greenberg.
Joe Barrett did a fine job. He has a great voice. This may seem trivial, but it was easy to notice when the recording was stopped and he began reading anew, as the tone and even volume of the audio fluctuated.
I think it would make a good movie - much like the Enron film.
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