Other People's Money: The Corporate Mugging of America

Other People's Money: The Corporate Mugging of America

by Nomi Prins

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Critical, independent voices are seldom found within the citadels of international finance. That’s what makes Nomi Prins unique. During fifteen years as an executive at skyscraping banks like Goldman Sachs, Bear Stearns, and Lehman Brothers, Prins never lost her ability to see the broader picture. She walked away from the game in 2002 out of disgust with the burgeoning corporate corruption, just as its magnitude was becoming clear to the public.

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.

Product Details

ISBN-13: 9781595586629
Publisher: New Press, The
Publication date: 08/01/2006
Sold by: Barnes & Noble
Format: NOOK Book
Pages: 342
Sales rank: 896,622
File size: 482 KB

About the Author

Nomi Prins has worked at Goldman Sachs, Bear Stearns, Lehman Brothers, and Chase. She has written for the New York Times, Newsday, Fortune, and The Guardian and appeared on numerous international media programs. She is a senior fellow with the public policy center Demos and lives in New York City.

Table of Contents

Prologue: Midsummer Night's Dreamxv
1The Bank Wars27
2Scratching Backs: Banks and Corporations71
3Deregulation and Creating Instability113
4Enron, Energy, and Entropy143
5Telecom Implosion195
6Examination and Reform?259

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Other People's Money: The Corporate Mugging of America 2.7 out of 5 based on 0 ratings. 3 reviews.
Anonymous More than 1 year ago
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Other People¿s Money is a suspenseful, smart, compulsively readable account of the outrageous deceptions and monumental malfeasance of a number of high-flying corporations and the ego-driven executives who brought them to ruin ¿ along with the pensions, jobs and lives of thousands of American workers. Scarier still, the author convincingly argues that the reforms designed to prevent a recurrence of these scandalous doings are hopelessly inadequate to the task. 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!