Diana B. Henriques, an award-winning financial journalist, is the author of The Wizard of Lies, a New York Times bestseller about the Bernie Madoff scandal, and three other books on business history. As a writer for The New York Times, she has largely specialized in investigative reporting on white-collar crime, market regulation and corporate governance. more
One of the most challenging things I’ve done lately was to prepare, memorize, and deliver a TEDx talk at Yale earlier this month. Called “Trust, Lies and Bernie Madoff,” it explores the paradox of trust. Trust is both a nourishing, enriching part of life and an essential element of a healthy economy and a healthy society. BUT it is also “the only weapon a con man needs to destroy his victims’ lives.” How should we navigate the dual nature of trust when we handle our money? See my suggestions in the video above.
“Henriques notes the crash was actually seven years in the making, and she also demonstrates how it was the predicate to the financial crisis of 2008. Sadly, investors, regulators and bankers failed to heed the lessons of 1987, even as the same patterns resurfaced.”
“Henriques gives us a gripping, almost minute-by-minute account of the weeks that followed, including the posturings, the denials and the panics, as well as the “web of trust, pluck and improvisation” that pulled the markets through.”
Diana Henriques talked about her book, A First-Class Catastrophe, about the worst day in stock market history. On that day, October 19, 1987, the market lost 22 percent of its value. She spoke with Bloomberg View columnist Joe Nocera.
“We came so close to a system cracking meltdown, fuse blowing crisis.”
On October 19, 1987, the Dow Jones had its biggest one-day drop in Wall Street history. On the 30th anniversary of the crash, WNYC looks at the causes of “Black Monday” and what it reveals about the fissures that still plague our financial system. Crash Course is supported by the Park Foundation.