Some Reading Material
License to Steal: the secret world of Wall Street brokers and the systematic plundering of the American
investor. Anonymous and Timothy Harper.
|This is the book your stockbroker doesn't want you to read a shocking,
firsthand account of life inside Wall Street's palaces of greed. It tells the
true story of the plundering of the investing public as witnessed by a
young, aspiring stockbroker. Here, he tells all: how worthless stocks are
peddled, clients accounts raided, questionable companies prettied up to
take public, bogus commissions generated, share prices manipulated and
how the client always comes last. Some excerpts are
Female Clients: they are a pain in the ass as one broker stated, they
are more trouble than they are worth. Its too hard to sell them on an
idea, they keep asking all those questions about their accounts.
Handling Investors' money: remember I was told, when they send in
that money, its not theirs anymore, its ours and we are never giving it
back to them.
Investment research: what the analyst said made sense to us. We
accepted it and acted on it, selling more stock to our clients even though
our sales pitches were based on bad information. We were suckers.
This book was published in 1999 by Harper Business and can be
purchased through Amazon.com, new about $19.00, used about $8.00 as
of 4-15-09. To the best of the writers knowledge the cover of Anonymous
has not been blown.
Confessions of a Stockbroker: I am a stockbroker and my game is greed.
II am in a nonbusiness. Inventory is never a problem for me, yet my
inventories are unlimited. Seasons are never a problem, yet
style-changes in my business would give Yves-St. Laurent a spastic
colon. Selling my merchandise is easy because it sells itself. Dreams of
glory always sell themselves. Men and women lie, cheat, steal, kill and
commit suicide over my merchandise. It makes them miserable and it
makes them joyous; it makes everything possible and everything
impossible...I'm a stockbroker and my game is greed.
This, book was published in 1972 by Little, Brown and Company-Boston.
The author Brutus has now been identified by his own admission as being
John Spooner of the brokerage firm of Smith Barney according to a recent
article in the Wall Street Journal. Prior to 1972 the brokerage business
was so poor Mr. Spooner supplemented his income by writing four books.
Further, Mr. Spooner is still on the scene, while listening to Bloomberg on
satellite radio, Mr. Spooner was interviewed and gave some thoughts in
regards to the present state of the economy and several years hence.
This book may be purchased from Amazon.com used for a cost of $7.00
as of 4-17-09.
Fleecing the Lambs: how the New York Stock Exchange defrauds the public, disclosures so explosive the
Street tried its best to stop the book.
As editor of the official magazine of the exchange, author Christopher Elias
had access to everything that went on behind the scenes, private memos,
minutes of the meetings, all the irrefutable evidence showing how America's
most powerful financial figures deliberately swindle the public.
"A blistering attack on all segments of the securities industry past and
present. The firms, their partners, securities analysts, 'back office people',
securities salesmen, specialists, and the New York Stock Exchange itself
(for which he reserves his biggest guns)."
"How the New York Stock Exchange defrauds the public, disclosures so
explosive the street tried its best to stop the book"
This book was published in 1971 by Fawcett Publications and as of 4-15-09
could be purchased from Amazon.com for a cost of $14.00, hardback copy.
In Secrets of the Street, Marcial takes you behind the scenes with never
before told stories of how money is really made on Wall Street. He
introduces you to the investment adviser, also know as the bagman on the
street who does whatever it takes to get you to buy his stock; the portfolio
manager, whose best friend is a close acquaintance of the former Shah of
Iran, and not shy about sharing state secrets on an arms for oil deal that led
to millions in profits for the both of them; and the trader, for whom romance
is just another tactic to get the inside scoop on a major joint venture soon to
be announced. The names may have changed to protect the insiders, but
the stories are true.
Its easy when you know how. Its easy when you are well connected. Its esy
when you've helped some one else with the well-timed tip to receive another
in return. Its easy when there are so many good companies and so much
information and so many people and so much greed.
This book was published in 1995, cost the writer $20.00 and can still be
purchased new from Amazon.com for $21.95, used for about $4.00.