This is a short recommendation for the book “All The Devils Are Here” by McLean and Nocera, the story of the players and events leading to our recent financial mess.   I’m 90% of the way through, but I don’t need to read more to conclude that our financial system is a rigged game, run by what I call “fee-mongers.” Fee-mongers move money to make money, that’s their business, that’s all it is about, generating fees and bonuses.  I suspect (no, I am convinced) that those responsible for our crisis are even now concocting new ways to get the money-go-round spinning again, with the cooperation of their friends in the regulatory and ratings agencies.

CDO’s, SIV’s, GSE’s and Triple-A tranches do not make for light reading but the book has been an eye-opener for me.  I’m mulling our response to it, in terms of our family finances.