Most helpful positive review
15 of 16 people found the following review helpful
Very Well Reserached Book
on November 30, 2012
This is very well researched book. It documents the systematic fraud, deceit and corruption that is commonplace in Wall Street and the big banks. It documents how often times the very financial institutions that want you to speculate with your money, in fact do not speculate with their money.
The book covers a a many topics including:
The Federal Reserve and it's impact on the average American.
The repeal of The Glass-Stegall Act and the passage of The Gramm-Leach-Biley Act of 1999.
Why big banks want all regulations to be consolidated at the federal level.
Wall Street and it's appetite for speculation (The Casino Age)
How big banks circumvent state usury laws that allow them to charge twenty plus percent on credit cards loans. These provide billions in profits to the big bank.
Kickbacks, bribery, embezzlement, collusive bidding practices and other dishonest practices take place in International banking which has NO regulations. (The IMF and The World Bank)How international banks which are often owned by Big U.S. Banks, call on the Federal Reserve, The International Monetary Fund, The World Bank and the United States Treasury to bail them out. Once again, the American tax-payer gets hosed!
The breathtaking amount of violations, fraud, and deceit that have taken place in the mutual fund industry. (Pages 108-115)
The author did an enormous about of research on the topic of Bank Owned Life Insurance. Banks own billions of dollars in BOLI's. In fact up to 25% of many of the major banks have their tier one capital assets in cash value life insurance. In fact, these institution were buying up billions of dollars in cash value life insurance while they were advising many of their clients to do the exact opposite.
The book does a good job contrasting the stability of the life insurance industry compared to the banking/ investment banking industry. Around the year 1900 approximately 50% of peoples savings were deposited with a life insurance companies. During the great depression it was the insurance industry that provided liquidity to the banks and the federal government. While over 10,000 banks failed, deposits with life insurance companies were found to be 99.6% percent safe.
If you want to know the truth, then this is a great book. Be forewarned, it will upset you!