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Born to Steal: When the Mafia Hit Wall Street

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Title: Born to Steal: When the Mafia Hit Wall Street
by Gary Weiss
ISBN: 0-446-52857-9
Publisher: Warner Books
Pub. Date: May, 2003
Format: Hardcover
Volumes: 1
List Price(USD): $24.95
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Average Customer Rating: 4.5 (12 reviews)

Customer Reviews

Rating: 5
Summary: Entertaining look @ the REAL Seedy Side of Wall Street
Comment: I'm in the investment business but this book amazed even me. This is a story of a Staten Island teenager who signs on at a chop shop set up to bilk customers of their money. While poorly educated, Louis Pasciuto finds he has a knack for selling and can easily talk these people in to investing with him. But since this is a scam where the brokers make massive money and the customers lose, it's hardly investing at all.

Giving an uneducated 20-year-old massive money is dangerous. As he doesn't trust banks, he develops a better use of him money, spend it. Spend it on toys, women, trips, and drugs until eventually his monthly living expenses are so high he has money troubles that end with a mafia guy entering his life for a monthly taste. Now that's a whole other problem.

Louis Pasciuto's personal history is a perfect overlay for a demonstration of how the mafia infiltrated the investment business. Stories of mafia guys coming in and slapping their brokers around for money are unsettling at best. As always, this doesn't end happily.

I strongly recommend this book for an entertaining educational read of what can go wrong in the investment world. For further info on this subject, see the DVD, Boiler Room with Ben Affleck for another perspective of this 1990s phonemen. Although starting a little slow, once you are engaged in reading this book you cannot put it down.

Rating: 3
Summary: Could have been shorter
Comment: Good read, though could have been better. Middle tends to drag on. I would have liked more on how Louis milked these idiots, I mean people out of their money. I guess these would be the same people that buy stuff off of late night info-mercials.

First rule of investing is there are no guarantees, so when someone tells you it's guaranteed, walk away.

Rating: 5
Summary: great mix of the mob and wall street
Comment: a great read if you are at all interested in the mob - well worth the money.

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