The Times whips off a positively glowing review of former Business Week reporter Fary Weiss’ latest book, Wall Street Versus America: The Rampant Greed and Dishonesty That Imperil Your Investments. In case the title was too subtle, here how Times reviewer Janet Maslin sums it all up:
Targets on [Weiss’] dartboard include ineffectual regulators, paid market researchers, de facto bribes involving municipal bonds, the hidden costs of mutual funds and the mystique of hedge fund managers. Another target: you, Buster, regardless of whether you care about investment practices and “even if you keep your money in a passbook savings account or a tin box in the backyard.” Mr. Weiss bemoans “a generation of Americans who sign papers they don’t read and buy investment products they don’t understand from brokers whose backgrounds they don’t bother to research.”
Oh, this is such terrible news! You mean Wall Street isn’t looking out for investors’ best interests?
Review: Wall Street Versus America [NY Times]
Tom Evslin’s book novel hackoff.com gives a great view of these shenanigans. It’s supposed to be fiction but Evslin was CEO of a bubble company ITXC. They were taken out by Lehman who also did their secondary.
Book’s available at amaon but also free online at www.hackoff.com. Just won some sort of prize.
I read Evslin’s book hackoff.com also. Reads like a fun business case study of those “good ole days.” Mary
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