To get the free app, enter your mobile phone number.
Financial Serial Killers: Inside the World of Wall Street Money Hustlers, Swindlers, and Con Men Hardcover – July 28, 2010
Frequently Bought Together
Customers Who Bought This Item Also Bought
From Publishers Weekly
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
About the Author
Bruce Kelly is the news editor for InvestmentNews, the leading trade publication for the investment advice business. An award winning journalist, Kelly writes about Wall Street, securities regulation, brokerage firms, and fraud, and was covering the collapse of Ponzi schemes and damage to investors more than a year before Bernie Madoff admitted his $65 billion fraud in December 2008. He lives in New York City, New York.
Top Customer Reviews
In any case, this book is especially helpful to civilian investors. I liked the chapter that began on p 199 that advised keeping assets separate from one's advisor. Too bad the Madoff investors didn't get that message. Too bad the NASD examiners didn't understand that concept.
This is "must" reading for every athlete, lottery winner and entertainer who makes a lot of money and doesn't know what to do with it.
I came away with the knowledge that white collar criminals are brilliant, I can easily fall for a scam just like Madoff's clients, and I'd better arm myself with as much data on anyone who might be handling my money and investments.
However, the book does not have much coverage of the "legal" and more sophisticated con art performed on Wall Street, mostly from a financial product perspective. Types like manipulation of earnings and deceit by company management, questionable or aggressive accounting, hype of stocks, sectors and productions from Wall Street houses, financial gurus and media (think .com), manias, false advertisement of financial products (include severe tracking errors of many ETFs invented in recent years). Blatant money printing (QE), debasing the U.S. currency, keep interest rate at 0 by the Federal Reserve, thus fanning inflation, forcing all investors to take reckless risks to reach for any "yield" would fall into the financial engineering con art category as well.
The book covered "pump and dump". But those cases are committed by small time criminals on penny stocks or non existent companies. There is also "pump and dump" committed by major Wall Street houses on big companies, whole sectors, even the whole market, exemplified by the media and aided by the government policies and the Federal Reserve.
Investors are more likely to fall victims of these large scale and "in the open" tactics on Wall Street than the outright criminal activities covered in the book.Read more ›
Most Recent Customer Reviews
Good Book...Explains the difference between the different type of investments, and advisors who sell them. The tip for using a financial advisor insted of a broker, Gold.. Read morePublished on October 17, 2010 by M Green