I’ve not read the book yet, but Janet was all over the issue of MBS related fraud. It is hard to believe it will be anything other than excellent:
For today and on Tuesday (not on Monday) the $9.99 Kindle edition of The New Robber Barons by Janet Tavoli is free.
This e-book is a collection of her writings from various sources.
The NEW ROBBER BARONS continues financial expert Janet Tavakoli’s on-going chronicle of the global financial crisis captured in her articles from the September 2008 meltdown through February 2012. Picking up where her previous book, Dear Mr. Buffett, ended, she exposes the criminogenic environment that enabled international oligarchs to solidify power.
In January 2009, Warren Buffett, CEO of Berkshire Hathaway, told Tom Brokaw: “the idea that people that move money around are some favored class…strikes me as getting pretty far away from where we should be.” Two years later he publicly excused apparent insider trading by one of his successor candidates, David Sokol.
Berkshire Hathaway officer Charlie Munger admonished law students that Americans shouldn’t be “bitching about a little bailout.”
Shortly before Congress confronted him with Goldman Sachs’s profiteering during the financial crisis, Goldman CEO Lloyd Blankfein quipped he was doing “God’s work.”
CEO Jamie Dimon told shareholders that he didn’t think JPMorgan made a mistake when it came to potential foreclosure fraud: “maybe we’ll have to pay penalties eventually to some of the attorneys general but we really think we should just continue.” Meanwhile the bank scoured 115,000 mortgage affidavits and reserved $1.3 billion for legal costs.
After MF Global’s October 31, 2011, bankruptcy a U.S. Congressman told former CEO Jon Corzine: “You’ve got thousands of hard working people around this country that feel cheated.”
Tavakoli serves up example after stunning international example of no-strings-attached socialization of losses and privatization of gains. In the words of Congresswoman Marcy Kaptur: “I believe most of us would call that theft.”
Jesse’s Café Américain has long been one of my favorite sights. But in bringing this to my attention it has excelled itself.
The timing of the book is so apt given I am currently concocting a post on massive market manipulation.