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Title: License to Steal : The Secret World of Wall Street and the Systematic Plundering of the American Investor by Timothy Harper, Anonymous ISBN: 0-88730-992-5 Publisher: HarperBusiness Pub. Date: November, 1999 Format: Hardcover Volumes: 1 List Price(USD): $26.00 |
Average Customer Rating: 3.88 (32 reviews)
Rating: 5
Summary: No wonder brokers don't like it
Comment: No wonder the reviewers who are brokers didn't like this book. True, the bad guys in the book are only a small percentage of the business, but the book also tells a lot about the basic conflict of interest between all brokers and clients. Like the bit about hidden commissions. I'd never known about that, but now it makes sense. My broker, back when I had a broker, never told me about that. They just want to make money for themselves. If they make money for you, fine, but they look out for No. 1.
Rating: 2
Summary: Make Restitution
Comment: After reading this book, I feel "Anonymous" should take all the royalties received from this book and pay back those clients he stole from, maybe that's why he chooses to remain anonymous so his past will not come back to haunt him. Dumb is not an excuse and since this person passed the qualifying examimnations to call himself a "stockbroker", he should have realized what he was doing was not ethical, and probably illegal. It is a real tragedy that unknowing investors put their faith in this dirt-bag only to have most of their funds go to him in commissions so he could enjoy the fast life in NY. When the regulators finally discover the illegal activities at these small chop-shops, the brokers scatter like roaches to another firm only to continue their illegal activites, as with the "Dirty Dozen". Thank god the regulators are today fining, suspending, barring, and jailing these brokers who took part in these scams, whereas in the past only management of the firm was targeted. The capital markets that were once available to small start-up companies has literally vanished due to the abuses of people like the author but it has created opportunities for small venture funds that do the proper due diligence for their investors. The changing regulatory environment has made it difficult for these type of scam artists to survive, and with the increases in technolgy, i.e. the internet, investors are becoming educated. With the new order handling rules and the OATS system that the NASDR is implementing, brokers can no longer sit on orders and wait for larger spreads, as "BS" did. In general, spreads have decreased in recent years, saving investors money. I wonder if "Anonymous" would have been able to survive if he was compensated as portfolio managers are today, 1-2% of assets under management and the only way to increase personal income is to have the best interests of the client at heart by increasing the value of their portfolios. "Anonymous" should not be allowed to work in securities industry--so he wasn't caught--I guess if he really let the world know who he was, the SEC and NASD would be on him like flies on ----. Do the right thing and make restitution with all those clients you stole from in the past--don't think this book will ease your conscience.
Rating: 1
Summary: Scant value
Comment: This book provides scant new insights into how Wall Street works, and the few that it provides are of limited credibility, because the author and "co-author" fictionalized everything. It is pale in comparison to the recent Enron books and to Born to Steal, which covered much the same ground but in much more vivid and exciting ways, with a powerful narrative that named names.
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Title: Robbing You Blind: Protecting Your Money from Wall Street's Hidden Costs and Half-Truths: Moneymaking Strategies for Today's Investor by Mark Dempsey ISBN: 068817034X Publisher: William Morrow Pub. Date: March, 2000 List Price(USD): $25.00 |
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Title: Does Your Broker Owe You Money? by Daniel R. Solin ISBN: 0028643909 Publisher: Alpha Books Pub. Date: 19 August, 2002 List Price(USD): $21.95 |
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Title: Monkey Business : Swinging Through the Wall Street Jungle by John Rolfe, Peter Troob ISBN: 0446676950 Publisher: Warner Books Pub. Date: 01 April, 2001 List Price(USD): $13.95 |
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Title: Liar's Poker: Rising Through the Wreckage on Wall Street by Michael Lewis ISBN: 0140143459 Publisher: Penguin USA (Paper) Pub. Date: October, 1990 List Price(USD): $14.00 |
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Title: Against All Enemies: Inside America's War on Terror by Richard A. Clarke ISBN: 0743260244 Publisher: Free Press Pub. Date: 22 March, 2004 List Price(USD): $27.00 |
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