How ‘Reckless” greed contributed to financial crisis

Gretchen Morgenson, who covers world financial markets for The New York Times, has been untangling the complex foreclosure mess and efforts to reform government regulations on Wall Street for several years.

Now Morgenson and co-author Joshua Rosner have written a book about the origins of the financial meltdown. In Reckless Endangerment: How Outsized Ambition, Greed and Corruption Led to Economic Armageddon, Morgenson and Rosner describe how regulators failed to control greed and recklessness on Wall Street.

Morgenson focuses on the managers of Fannie Mae, the government-supported mortgage giant. She writes that CEO James Johnson built Fannie Mae “into the largest and most powerful financial institution in the world.

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