Frank Partnoy is the George E. Barrett Professor of Law and Finance at the University of San Diego and is author, most recently, of The Match King: Ivar Krueger, The Financial Genius Behind a Century of Wall Street Scandals.
Wall Street and the Financial Crisis: Anatomy of a Financial Collapse by the Majority and Minority Staff, Permanent Subcommittee on Investigations, US Senate
Money and Power: How Goldman Sachs Came to Rule the World by William D. Cohan
Report of the Business Standards Committee Goldman Sachs
Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon by Gretchen Morgenson and Joshua Rosner
July 13, 2011
A debate has erupted anew in Washington over whether Fannie Mae and Freddie Mac caused the credit crisis of 2007 and 2008. Their critics claim that these two Government Sponsored Enterprises (GSEs) deserve a lot of the blame because they encouraged mortgage lending to low-to-middle-income Americans, a goal that Congress required and Bill Clinton advocated. The debate, which faded after a brief fluorescence in 2008, has been revived by a new book, Reckless Endangerment, by the respected New York Times reporter Gretchen Morgenson and the dogged financial analyst Josh Rosner.