Describes the two year government undercover operation investigating corruption and illegal practices in the two Chicago commodity exchanges and culminating in the indictments of 46 industry professionals. Describes how these very complicated markets function and how their ``old-boy club'' style first created the problems and later shielded many of its members from investigation and prosecution. A true inside account, it explores rampant fraud and abuse in the futures markets.
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Editorial Reviews
From Publishers Weekly
At the Chicago Board of Trade and Chicago Mercantile Exchange, brokers and traders in a $70-billion world market trade in foreign currencies, and buy and sell options and contracts for future delivery of commodities (corn, soybeans, cattle, pork), even make speculative bets on a stock-market index. As prices gyrate, huge sums are won or lost on a quick hand gesture or shouted quote. These markets are nominally self-regulated in a benign atmosphere of congressional junkets and campaign contributions, according to this jarring expose by two Chicago journalists. But, they aver, clubby, unofficial "floor rules" foster illegal broker/trader profits through "dual trading," after-hours price adjustments and the like. All this came to light in early 1989 after a two-year FBI investigation; indictments, trials and appeals are still underway.
Copyright 1991 Reed Business Information, Inc.
Copyright 1991 Reed Business Information, Inc.
From Library Journal
In documenting the two-year-long investigation begun in 1987 by the FBI, Greising, a correspondent for Business Week , and Morse, a reporter for Knight-Ridder Fi nancial News , provide an exciting account of a successful sting operation that took place in Chicago's commodities and financial futures markets and that resulted in the indictments of 48 futures industry professionals. In addition to detailing this operation (which reads like a good mystery), the authors also discuss the history and operations of these markets, as well as the people who make them function, with particular regard to rules and regulations and how they are followed. Readable and revealing, this is a difficult book to put down. For general business collections.-- Steven J. Mayover, Free Lib. of Philadelphia Hamper, Ben. Rivethead: Tales from the Assembly Line.
Copyright 1991 Reed Business Information, Inc.
Copyright 1991 Reed Business Information, Inc.
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This review is from: Brokers, Bagmen, and Moles: Fraud and Corruption in the Chicago Futures Markets (Hardcover)
Kind of drawn out and long, not as exciting to read as some reviews and title suggests
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