143 of 183 people found the following review helpful
This review is from: The Wolf of Wall Street (Hardcover)
"The Wolf of Wall Street" is probably the worst book I've read all year. It consists of non-stop extreme drug use, promiscuous and pornographic sex, money laundering, and stock manipulation, while providing little or no explanation of how author Jordan Belfort built his firm and worked his financial machinations.
Other sources help fill in the blanks. Belfort's business, according to Business Week, was part of a $10 billion/year business that regulators lagged in controlling. "Chop stocks" (bought at a large discount) made up perhaps half the 1997 85 million-share daily volume of the OTC Bulletin Board, plus dozens of stocks on the NASDAQ Small Cap Market. Belfort would purchase a hidden stake in a relatively new firm that would then issue "letter" stock under Rule 144 of the securities laws, commonplace at many perfectly legitimate companies as a way of rewarding key employees and giving them an equity interest. Letter stock and warrants were also issued to compensate consultants in lieu of cash. And stock issued overseas, under Regulation S of the securities laws, is a widely recognized way of raising capital for emerging companies. Reg. S stock is cheap for a simple reason: Since it cannot be legally traded for two years, it is commonly issued at a steep discount. Rule 144 stock is also cheap because it is usually issued at little or no cost and must be held for one or two years.
Belfort would make large profits by ignoring the law and "laundering" the stocks by selling them long before the two years had expired. If customers were to see the stock (marked "restricted"), they might realize that it's not supposed to be sold to the public. So the chop houses had a simple solution: They didn't show the customers the stock. The shares were only a book entry, and the brokers were reluctant to resell it once bought by a customer. If forced to do so, they would by duping a new customer into purchasing the shares.
Belfort served 22 months in prison and has been banned from the securities industry. His firm was closed in 1996, and he is required to repay $110 million to investors at the rate of 50% of everything he now makes. So far less than $700,000 has been paid.
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Showing 1-9 of 9 posts in this discussion
Initial post: Feb 7, 2008 6:09:59 AM PST
Steven Griffin says:
In reply to an earlier post on Feb 7, 2008 8:09:37 AM PST
Loyd E. Eskildson says:
1)I paid nothing to read the book - was in library. 2)True, most spell my name "Lloyd," but not all. (You're assertion is extremely presumtious, to say the least.) 3)Most of my understanding of how this guy operated was obtained outside the worthless book.
In reply to an earlier post on Feb 7, 2008 2:53:02 PM PST
You assumed that a person had misspelled his own name, simply because he didn't spell it the conventional way? Jeez. Even without your pathetic book, that alone would prove you're a moron, Jordan (AKA SteveG).
Posted on Nov 1, 2009 3:40:25 AM PST
Last edited by the author on Nov 1, 2009 3:43:32 AM PST
Ross Kelly says:
After reading both J.B.s "Wolf" books I was dissapointed. Many things put me off including the writing style, the crass language, the ego-centred narrative, objectifying woman and his children and the lack of concern for the people he squashed along his road to ill-gotten 'so-called' success.
All this pointed to a rather pathetic creature, but then I started reading the comments on Amazon! The ones by J.B, under his various aliases, show a person of very little intelligence and awareness, just a desperate ego that will always be hard at work trying to maintain its own illusion.
Thanks for posting the review Loyd - you sound quite intelligent for a person that supposedly can't spell his own name.
Posted on Jan 18, 2012 7:12:00 PM PST
Lawrece R. Srail says:
"It consists of non-stop extreme drug use, promiscuous and pornographic sex, money laundering, and stock manipulation..." sounds like a good book to me. I read both, you either love it or hate it and I love it.
Posted on Sep 9, 2012 7:21:35 PM PDT
Last edited by the author on Sep 9, 2012 7:28:57 PM PDT
Hector Ferral says:
This is not a book that you should like, it is a book to put you in touch with a reality that you are not even aware of. You are so not aware of it that you did not even catch the message....... it is an eye opener, not a love story.
In reply to an earlier post on Jan 3, 2014 12:40:47 PM PST
[Deleted by the author on Jan 3, 2014 12:41:12 PM PST]
In reply to an earlier post on Jan 3, 2014 12:42:41 PM PST
Say Hey says:
"...then why did you spend $25 on it? Ha, he's still winning." Nice try, Belfort -- I mean "Griffin." And what are you "still winning?" More prison sentences?
In reply to an earlier post on Apr 21, 2014 10:40:50 PM PDT
L. Grayson says:
I like how people assume ANY positive feedback comes from the author...
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