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Other People's Money: The Corporate Mugging of America Kindle Edition
In this acclaimed exposé, named one of the best books of 2004 by The Economist, Barron's, Library Journal, and The Progressive, Prins provides fascinating firsthand details of day-to-day life in the financial leviathans, with all its rich absurdities. She demonstrates how the much-publicized fraud of recent years resulted from deregulation that trashed the rules of responsible corporate behavior, and not simply the unbridled greed of a select few. While the stock market roared on the back of phony balance sheets, executives made out like bandits and Congress looked the other way. Worse yet, as the new foreword to the paperback edition makes clear, everything remains in place for a repeat performance.
- LanguageEnglish
- PublisherThe New Press
- Publication dateAugust 1, 2006
- File size1224 KB
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Editorial Reviews
Review
"Exceedingly well-documented [and] fascinating." ―Library Journal
"A giddy romp through the old-boy networks and unending power plays of Wall Street, Corporate America, and Capitol Hill." ―Barron's
About the Author
Product details
- ASIN : B0041G6RTW
- Publisher : The New Press (August 1, 2006)
- Publication date : August 1, 2006
- Language : English
- File size : 1224 KB
- Text-to-Speech : Enabled
- Screen Reader : Supported
- Enhanced typesetting : Enabled
- X-Ray : Not Enabled
- Word Wise : Enabled
- Sticky notes : On Kindle Scribe
- Print length : 370 pages
- Best Sellers Rank: #1,006,702 in Kindle Store (See Top 100 in Kindle Store)
- #431 in Business Ethics (Kindle Store)
- #594 in Company Histories
- #708 in Government Management
- Customer Reviews:
About the author

Nomi Prins is a renowned author, journalist and speaker. Her new book, Collusion:How Central Bankers Rigged the World. Her last book, All the Presidents' Bankers: The Hidden Alliances that Drive American Power, was published on April 8, 2014. Her prior book, Black Tuesday, was a historical novel about the 1929 crash. Before that, she wrote the hard-hitting, It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street. She is also the author of Other People's Money: The Corporate Mugging of America, which predicted the recent financial crisis, and was chosen as a Best Book of 2004 by The Economist, Barron's and The Library Journal, and Jacked: How "Conservatives" are Picking your Pocket (whether you voted for them or not.) She wrote the financial thriller, The Trail, under pseudonym, Natalia Prentice.
Before becoming an author, Nomi was a managing director at Goldman Sachs and a senior managing director at Bear Stearns. She has been a featured commentator on numerous TV programs including for: BBC, CNN, CNBC, MSNBC, CSPAN, Democracy Now, Fox and PBS. She has been featured on hundreds of radio shows including for CNNRadio, Marketplace, NPR, BBC, and Canadian Programming. She has been featured in international documentaries from the US, Norway, France, Germany and other places, alongside other prominent thought-leaders.
Her writing has appeared in The New York Times, Fortune, Newsday, Mother Jones, The Daily Beast, Newsweek, Slate, The Guardian, The Nation, LaVanguardia, and other publications.
Her website is http://www.nomiprins.com
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Second, your politics shouldn't make any difference. Although the author is a "progressive" or liberal, her journalism is immaculate, and I say this as a part-time, free-lance editor. I can substantiate her references on Enron from the likes of Kurt Eichenwald, "Conspiracy of Fools." I also reviewed this book. All I can say about any political message, referring to other reviewers, is that if you don't see the value of this book then you're probably part of the runaway corruption rotting away at America. Just go away -- please!
Ms. Prins can speak volumes of her experience at Goldman Sachs. And, what she has to say should be heard. She reviews of the unraveling of Glass-Steagall and other protections, the greed and corruption of corporations and banking --- and mind you, that was back in 2004:
"Gary Winnick of Global Crossing said he'd give back $25 million to help his workers, who lost $275 million and of whom 9,000 were laid off."
"In the real world, when someone steals a TV, returning the antennae doesn't get him off the hook, but in the world of corporate executive cash-outs, it seems as if an expression of remorse on the Senate floor is all it takes."
The author, if she has an agenda, it is for regulation improvements that have a possibility of curbing the corruption:
"Corporations need independent boards of directors --- ones with no intertwined client relationships, no ex-government officials on boards of companies that directly benefit from their legislation. Corporate boards should include public seats as well as consumer groups." (Why not, our 401Ks pay for the lavish benefits to these corporate officials?)
Ms. Prins goes into detail on the growth and flaws of the super-banks. These giants have become sacred cows for every administration since Washington road a carriage to his inauguration. During the 2002 collapse she described the common practice of repaying old debt with new debt:
"These companies (US corporations) were so big and unwieldy that it seemed like creating more debt was the only way to keep them afloat. This is why the supermarket (super) banks are more exposed to the corporate merger downturn than midsized or small banks; they depend on a booming stock market and endless growth to give them business." (In other words, big and stupid goes together. Large corporations led by greedy idiots working hand-in-hand with greedy, careless bankers. Boy that sounds like a formula for success!)
Small and medium banks, often run more shrewdly, don't have the balance sheet for greedy corporations like Enron, Global Crossing, Tyco and World Com. "Ironically, these smaller institutions pay a proportionally larger insurance premium to the FDIC to back their investor deposits than do the larger banks, which are more reckless with their individual customer's money."
It's information like this that makes this book a valuable read. I strongly recommend it for those who honestly want to see our economy and society survive.
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What this book does well is give great background on the scandals focusing mainly on telecom and utilities. In addition to the general background of Wall Street and the climate in the stock market, she does an exceptional job of providing regulation and deregulation background. But this book eventually wears you down. Maybe that's my fault. Having taken a large WorldCom loss followed by substantial profits in the beaten down utilities in light of Enron, I thought the subject matter would be right up my alley. But it's repetitious so if you read WSJ, Businessweek and NY Times, you've already read all of this. With the possible exception of her detailed coverage of the regulatory environment affecting the utilities.
In summary, I was interested in a business biography. What I received was a detailed, complex college textbook analysis of this unique investment period and the excesses that caused such a great loss of wealth. Maybe it's just my fault for having read too much but in summary, this book was too detailed and too repetitious and I didn't enjoy it. Read at your own risk.
Written by a Wall Street insider (who happens to be -- surprise! surprise! -- a terrific writer), this gripping book teases apart the tangled relationships among corporations, Wall Street and government regulators. Despite the fact that it's exceedingly thorough and well documented, the book is never dull or dry. The author's passion and wit come through on every page.
Other People's Money is a "must-read" book ... and the sooner the better. It should absolutely be read by November 2!







