The Wall Street Money Machine (kindle Single) - Jesse Eisinger And Jake Bernstein

In 2006, as the U.S. housing market started its downturn, demand for mortgage-backed securities created by Wall Street investment banks began to dry up. So why did these banks continue to buy tens of billions of dollars' worth of mortgages and package them into securities they had trouble selling? And why did they then sell these worthless securities internally to other divisions within their own banks? ProPublica, an independent, non-profit news organization, sent a team of reporters to investigate. What they found will leave many readers feeling simultaneously astonished and outraged. The actions that led to the collapse of many investment banks and amplified the international financial crisis can be traced back to a handful of executives trying to increase the size of their bonuses. Uncovering and making sense of complicated, esoteric, and shady financial dealings is no easy task. The Pulitzer Prize that ProPublica recently won for this reporting was hard-earned with a practice many newspapers have abandoned--solid investigative reporting. --Paul Diamond

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