Description
Book SynopsisRuthless is a candid exploration of the criminal subculture of Wall Street, and one of the first books to speak for the victims of the financial meltdown.
Trade ReviewTrupp, an experienced news journalist, invested in auction-rate securities (ARS) around 2007 after being assured by his Wachovia broker that these debt obligations were safe and could be sold easily. Trupp explains that when the ARS market crashed in February 2008, he and over 100,000 other investors were left with some $336 billion in illiquid ARS. Trupp recounts his anger and tells of his odyssey to get redress for himself and other ARS investors. He heaps criticism on the greed of Wall Street, lax government regulation, and the mandatory arbitration process of the Financial Industry Regulatory Authority (FINRA), which he claims is stacked against investors. Trupp retells investor stories and how he helped publicize the ARS problem over the Internet when traditional media failed to air the problem. As a result of the pressure brought by investors and state regulators, more than half of the ARS had been redeemed at the time of his writing.
VERDICT Business-oriented readers who can get past Trupp's numerous angry rants will find his first-person account instructive of how Wall Street and regulators betrayed the trust of so many ARS investors. (
Library Journal, September 15, 2010)
Table of ContentsAuthor's Note.
Introduction.
Chapter 1: "Deal With It!"
Chapter 2: The "Back Nine."
Chapter 3: A Sweet Deal—Until It's Not.
Chapter 4: "I Have No Dreams."
Chapter 5: Bill Meets Mohela.
Chapter 6: Power to the Blogosphere.
Chapter 7: Radioactive Man.
Chapter 8: Armies of the Unseen.
Chapter 9: Day of Deliverance.
Chapter 10: The Newton Factor.
Chapter 11: Harry the Hit Man.
Chapter 12: The Raymond James Caper.
Chapter 13: What's It All About, Barney?
Chapter 14: Stretching to Meet the Man.
Chapter 15: State of Play 2009.
Chapter 16: Kathy's War.
Chapter 17: Hopeful Signs from the Hill.
Chapter 18: Going to Meet the Man.
Chapter 19: The View from Here.
Appendix.
Acknowledgments.
About the Author.
Index.
