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Title details for In Bed with Wall Street by Larry Doyle - Available

In Bed with Wall Street

The Conspiracy Crippling Our Global Economy

by Larry Doyle
ebook
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1 of 1 copy available

In Bed with Wall Street offers a look under the sheets at the incestuous relationship between Wall Street, Washington, and the regulators who are supposed to protect the rest of us.

The Wall Street meltdown in 2008 brought the country to its knees, and spawned nationwide protests against the lack of regulation and oversight facing Wall Street. But the average American still fails to fully grasp what was—and still is—happening: that the inmates continue to run the asylum. Doyle has been tracking this story for years through his blog Sense on Cents, and exposes here how Wall Street, our politicians, and the regulators themselves have conspired for personal and industry-wide gains while failing to protect investors, consumers, and the American taxpayer. He details the corrupt nature of Wall Street's financial police, who are little more than meter maids imposing fines that amount to nothing more than a slap on the wrist. He exposes the revolving door of Wall Street, wherein the regulators are all former or future employees of the very firms they're tasked with overseeing, and how they routinely serve the interests of the industry itself rather than protecting investors and markets.
Recent bombshells—such as multi-billion dollar trading losses at JP Morgan Chase, the manipulation of interest rates via the LIBOR scandal, and money laundering with North American drug cartels and rogue nations such as Iran—are symptomatic of this corrosive culture and the lack of trust and confidence in the system. As the big banks fight tooth and nail to avoid real reforms that would protect the economy, this book is a timely, important, and shocking look inside the Washington-Wall Street conspiracy crippling America and the global economy.

  • Creators

  • Publisher

  • Release date

    July 2, 2024

  • Formats

    • Kindle Book

    • OverDrive Read

      • ISBN: 9781137401427

    • EPUB ebook

      • ISBN: 9781137401427
      • File size: 1119 KB

  • Languages

    • English

  • Reviews

    • Kirkus

      December 1, 2013
      A former Wall Street insider excoriates the current nonsystem of alleged self-regulation and weak government regulation in the finance industry. After being employed as a mortgage-backed securities trader at Bank of America, Bear Stearns and other large financial firms, Doyle became disillusioned and departed. He now runs his own investment practice and serves as something of a whistle-blower. The problems he discusses are mostly familiar to readers conversant in current American politics: the coziness of legislators and lobbyists; campaign contributions meant to sway thinking and, sometimes, votes; government regulatory agencies, such as the Securities and Exchange Commission, that seem more watchful than they are, as well as so-called self-regulatory groups within the Wall Street community that rarely protect investors from inexcusable financial losses. With great intensity, Doyle focuses on a little-known self-regulator called the Financial Industry Regulatory Authority. His deep digging into the operations of that group qualifies as investigative journalism, and the scandalous details he recounts are impressive. Unfortunately, Doyle does not engage lay readers, relying far too heavily on unfamiliar acronyms and institutional prose; further, he does not draw memorable characters, either the heroes or the villains. As a result, the book is mostly exhausting to understand, although the effort may be worthwhile for patient readers with some economics background. The final chapter, a lengthy list of proposed reforms, is far easier to digest. Doyle proposes a new agency to be created by Congress (until now part of the scandal rather than part of the solution)--called the Financial Regulatory Review Board--and run by highly qualified individuals currently in the private sector who have demonstrated a passion for public service. The author has clearly done his homework while thinking about a reform effort. An important book that could have been much better with improved writing and greater insider sharing by Doyle.

      COPYRIGHT(2013) Kirkus Reviews, ALL RIGHTS RESERVED.

Formats

  • Kindle Book
  • OverDrive Read
  • EPUB ebook

subjects

Languages

  • English

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