A First-Class Catastrophe

The Road to Black Monday, the Worst Day in Wall Street History by Diana B. Henriques

  • Published: Aug 16, 2020

The definitive account of the crash of 1987, a cautionary tale of how the U. S. financial system nearly collapsed-from the bestselling author of The Wizard of Lies Monday, October 19, 1987, was by far the worst day in Wall Street history. The market fell... read more

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Details of A First-Class Catastrophe

Exact title of the book
A First-Class Catastrophe
Book author
Diana B. Henriques
ISBN
9781627791656
Publisher
Henry Holt and Co.
Published
Sep 19, 2017
Language
English
Format
PDF, FB2, EPUB, MOBI
Pages
432
File size (in PDF)
3888 kB

Some brief overview of book

The definitive account of the crash of 1987, a cautionary tale of how the U. S. financial system nearly collapsed-from the bestselling author of The Wizard of Lies Monday, October 19, 1987, was by far the worst day in Wall Street history. The market fell 22.

6 percent almost twice as bad as the worst day of 1929 equal to a one-day loss of nearly 5,000 points today. Black Monday was more than seven years in the making and threatened nearly every U. S. financial institution.

Drawing on superlative archival research and dozens of original interviews Diana B. Henriques weaves a tale of missed opportunities, market delusions, and destructive actions that stretched from the "silver crisis" of 1980 to turf battles in Washington, a poisonous rivalry between the New York Stock Exchange and the Chicago Mercantile Exchange, and the almost-fatal success of two California professors whose idea for reducing market risk spun terribly out of control. As the story hurtles forward, the players struggle to forestall a looming market meltdown and unexpected heroes step in to avert total disaster.

For thirty years, investors, regulators, and bankers have failed to heed the lessons of 1987, even as the same patterns have resurfaced, most spectacularly in the financial crisis of 2008. A First-Class Catastrophe offers a new way of looking not only at the past, but at our financial future as well.

About author

B. Henriques is the author of the New York Times bestseller The Wizard of Lies Bernie Madoff and the Death of Trust, which has been made into an HBO film starring Robert De Niro. A writer for The New York Times since 1989, she is a George Polk Award winner and a Pulitzer Prize finalist.

Her work has also received Harvards Goldsmith Prize for Investigative Reporting and the Worth Bingham Prize, among other honors. She lives in Hoboken, New Jersey.

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