Martin Lowy has studied banks and bank regulation since 1966.  His book High Rollers, a New York Times Notable Book of the Year, is the leading book on the S&L debacle.  He has served on the staff of numerous commissions to investigate and reform banking laws and regulations and he has represented the regulators in problem bank cases at both the state and the Federal levels.

By training, Mr. Lowy is a lawyer.  He was educated at Amherst College and Yale Law School.  He practiced corporate and banking law as a partner in international law firms for twenty years before commencing a more varied career that has included writing four books, publishing dozens of articles, being a senior officer of a bank, and being chief executive of a high-tech startup. 

This broad experience gives Mr. Lowy a unique perspective on the economic events of 2007-2009 and the long history that led to those events.  His writing style is direct and conversational.

Mr. Lowy learned economics and accounting after entering the business world.  He learned accounting while representing a major international accounting firm.  He learned economics from his many friends in that profession, in particular Ira O. Scott, formerly Dean of the Business School at Long Island University and member of the Harvard faculty, who was his client for many years.

Sports have been an important part of Mr. Lowy’s life.  He played football, basketball and tennis in high school, tennis and squash in college, and became an avid golfer in his 30s.  He lives in a place where you can play golf all year.  He is married and has two children and three grandchildren.

“Mr. Lowy’s presentation of the history of this crisis should be read by anyone who wants to understand what happened.  He writes clearly, with humor, and in a manner that ordinarily intelligent readers can understand and enjoy.  He focuses on and explains the main points about what happened: (1) the changes in the mortgage market and the rise of the originate to sell model, (2) the pivotal role played by the rating agencies, and (3) the importance of the leverage in the banking system and financial system more generally in trans­forming a mortgage market event into a worldwide systemic crisis.

The financial world is a complicated place. It helps to have a guiding hand explain it to us.  Martin Lowy is an excellent guide, and this is his—and your—guidebook.”

                             ---Robert E. Litan,
The Brookings Institution and
The Kauffman Foundation