Fictionalized Explanation of the Banking Crisis – 4 stars
The economy is in turmoil, the real estate market is in shambles, and banks are being closed down by auditors from the federal government based on the new property values. But what about the viable businesses that have been caught short by these bank shutdowns when their loans they need are suddenly put in jeopardy or called for immediate repayment? Add into the mix some unscrupulous operators who look to make a fortune from others’ misfortune as these banks’ assets are liquidated, and you’ve got the formula for even more damage, especially if the unscrupulous operator also has a personal grudge against some of the bank’s victims.
The book is both an education about the causes and results of the banking crisis and an entertaining thriller.
This financial portion of the story is pulled right out of the recent headlines as it traces the very real problems that have come about due to changes in federal laws and regulations that were put into place over the past couple of decades. Rather than a dull recitation of facts and figures, this book puts the results of the crisis into human terms by creating the Winter family and their business that are caught in the downfall of their locally owned bank, the fictional Broad Street Bank of Philadelphia.
The story is more than just that of a bank failure. It is also a thriller with a very evil character, Gerald Folsom, at the center of the manipulations that cause the ripple effect of closing businesses and ruining lives. His character is a bit over the top in his evilness and in a good many of his actions, but his financial takeovers fit in with what can actually occur during bank sales and liquidation of assets.
Recommended.