Book by New Cato CEO Debuts on Bestseller Lists

October 11, 2012

Media Contact: (202) 789-5200

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WASHINGTON, D.C. — The Financial Crisis and the Free Market Cure, a new book by former BB&T Corp. Chairman and CEO John A. Allison, debuted in the top 20 this week on the New York Times Bestseller List, in the Hardcover Nonfiction category.

The Wall Street Journal, using data from Nielsen Bookscan, ranked the book #7 on their Hardcover Nonfiction list, and #1 on the Hardcover Business list. The Washington Post had the book at #2 for Hardcover Nonfiction, while it made the top 100 for all books on the USA Today list.

Allison took the helm at the Cato Institute, a Washington-based free market think tank, on Oct. 1. In The Financial Crisis and the Free Market Cure (McGraw-Hill; September 27), he argues that government policies — not Wall Street greed — were the cause of recent financial instability, and that piling on still more regulations will not fix the problem.

As the nation’s longest-serving CEO of a top-25 financial institution, Allison grew BB&T from $4.5 billion to $152 billion in assets over his 20-year tenure. He was named one of the 100 most successful CEOs in the world by Harvard Business Review in 2010.

Allison believes that destructive economic policies are being made now based on a misidentification of the causes of the financial crisis and recession. In the book, he describes how government incentives helped blow up the real estate bubble to unsustainable proportions, how financial tools such as derivatives have been wrongly blamed for the crash, and how Congress completely misunderstands — and completely mismanages — control over financial institutions.

Allison has discussed the book on CNBC’s Squawk Box,

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Bloomberg TV’s Street Smart with Trish Regan,

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and the FOX Business Channel’s After the Bell with David Asman

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Allison will discuss his book during a forum at the Cato Institute on Oct. 24 at 6 p.m. Click here for more information or to RSVP for the event.

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To arrange an interview, please contact Cato Media Relations at 202-789-5200 or e-mail pr [at] cato [dot] org.

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