To the Brink of Destruction: America's Rating Agencies and Financial Crisis (Cornell Studies in Money)
Categories: Books, Politics & Social Sciences, Politics & Government

To the Brink of Destruction exposes how America&apos;s rating agencies helped generate the global financial crisis of 2007 and beyond, surviving and thriving in the aftermath. Despite widespread scrutiny, rating agencies continued to operate on the same business model and wield extraordinary power, exerting extensive influence over public policy. Timothy J. Sinclair brings the shadowy corners of this story to life by examining congressional testimony, showing how the wheels of accountability turned—and ultimately failed—during the crisis. He asks how and why the agencies risked their lucrative franchise by aligning so closely with a process of financial innovation that came undone during the crisis. What he finds is that key institutions, including the agencies, changed from being judges to being advocates years before the crisis, eliminating a vital safety valve meant to hinder financial excess. Sinclair&apos;s well-researched investigation offers a clear, accessible explanation of structured finance and how it works. To the Brink of Destruction avoids tired accusations, instead providing novel insight into the role rating agencies played in the worst crisis of modern global capitalism.


Sticky notes: On Kindle Scribe
Reading age: 18 years and up
Page Flip: Enabled
Language: English
File size: 5300 KB
Publisher: Cornell University Press
Print length: 220 pages
Publication date: November 15, 2021
Enhanced typesetting: Enabled
Word Wise: Enabled
subtitle: Kindle Edition
author: Visit Amazon's Timothy J. Sinclair Page search results Timothy J. Sinclair