Other People's Money: The Corporate Mugging of America

by Nomi Prins

Book Overview

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.

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• Format: Hardcover
• Language: English
• ISBN: 1565848365
• ISBN13: 9781565848368
• Release Date: October 2004
• Publisher: New Press
• Length: 342 Pages
• Weight: 1.55 lbs.
• Dimensions: 1.3" x 6.4" x 9.5"

Customer Reviews

What's really going on with Wall Street

First of all, this book is extremely well-written, easy to follow and learn from. Second, your politics shouldn't make any difference. Although the author is a "progressive" or liberal, her journalism is immaculate, and I say this as a part-time, free-lance editor. I can substantiate her references on Enron from the likes of Kurt Eichenwald, "Conspiracy of Fools." I also reviewed this book. All I can say about any political message, referring to other reviewers, is that if you don't see the value of this book then you're probably part of the runaway corruption rotting away at America. Just go away -- please! Ms. Prins can speak volumes of her experience at Goldman Sachs. And, what she has to say should be heard. She reviews of the unraveling of Glass-Steagall and other protections, the greed and corruption of corporations and banking --- and mind you, that was back in 2004: "Gary Winnick of Global Crossing said he'd give back $25 million to help his workers, who lost $275 million and of whom 9,000 were laid off." "In the real world, when someone steals a TV, returning the antennae doesn't get him off the hook, but in the world of corporate executive cash-outs, it seems as if an expression of remorse on the Senate floor is all it takes." The author, if she has an agenda, it is for regulation improvements that have a possibility of curbing the corruption: "Corporations need independent boards of directors --- ones with no intertwined client relationships, no ex-government officials on boards of companies that directly benefit from their legislation. Corporate boards should include public seats as well as consumer groups." (Why not, our 401Ks pay for the lavish benefits to these corporate officials?) Ms. Prins goes into detail on the growth and flaws of the super-banks. These giants have become sacred cows for every administration since Washington road a carriage to his inauguration. During the 2002 collapse she described the common practice of repaying old debt with new debt: "These companies (US corporations) were so big and unwieldy that it seemed like creating more debt was the only way to keep them afloat. This is why the supermarket (super) banks are more exposed to the corporate merger downturn than midsized or small banks; they depend on a booming stock market and endless growth to give them business." (In other words, big and stupid goes together. Large corporations led by greedy idiots working hand-in-hand with greedy, careless bankers. Boy that sounds like a formula for success!) Small and medium banks, often run more shrewdly, don't have the balance sheet for greedy corporations like Enron, Global Crossing, Tyco and World Com. "Ironically, these smaller institutions pay a proportionally larger insurance premium to the FDIC to back their investor deposits than do the larger banks, which are more reckless with their individual customer's money." It's information like this that makes this book a valuable read. I strongly recomm

a first-rate primer on the crisis

This is one of the best clear, perceptive and comprehensive primers on the dynamics of the kind of common financial shenanigans that led to the current crisis. The author is vastly knowledgeable and communicates her understandings very well.

Exactly...

What great journalism is supposed to do, challenge the powerful and succinctly, clear lay out complex issues to explain the motivations at their core. This book is essential reading for anyone who wants to see how the free market system has been overrun by charlatans and criminals whose hands were held by government and who all the while claimed to be its champions.

Whose Money? OURS!

Nomi Prins is the meteorologist of the Market Crash of 2002. She analyzes the "perfect storm" created by deregulation in banking, energy and telecom markets; combined with the manipulation of political power, and the avarice and greed of key executives in these industries. Want to know whose money? OURS!

A devastating indictment of corporate greed and regulatory c

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!