Book Shelf

JPMadoff Front Cover-120 pixelsTwo interesting things happened this week in Jamie Dimon’s world: two gutsy attorneys, Helen Davis Chaitman and Lance Gotthoffer, published a book comparing JPMorgan Chase to the Gambino crime family, explaining how the bank could and should be prosecuted under RICO statutes for serial frauds against the investing public. Taking a diametrically different tack, Bloomberg Markets magazine editor, Joel Weber, fawned over Dimon in a Bloomberg TV interview, repeatedly asserting that Jamie Dimon is all about the customer…Unfortunately for Dimon, attorneys Chaitman and Gotthoffer have no such lapse of memory. In their newly published book, JPMadoff: The Unholy Alliance between America’s Biggest Bank and America’s Biggest Crook, they provide a rap sheet of exactly how JPMorgan has been “taking care” of its customers under Dimon’s oversight. Read the rest of our article here.

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People Get Ready Front Cover-120pixLanding in the midst of the most critical election season since the New Deal era of the 30s, comes a masterpiece of labor history and political strategy from the prolific author, Robert W. McChesney, and John Nichols, the popular national affairs correspondent at The Nation.  Both McChesney and Nichols are co-founders of Free Press, a national media reform organization. People  Get Ready: The Fight Against a Jobless Economy and a Citizenless Democracy provides the reader with, first, an exquisite understanding of how the U.S. evolved into a society where the citizen has been kicked to the curb in their “democracy” and, next, a strategic road map for a peaceful revolution. The authors write that “The United States retains the façade of democracy. It remains a democracy on paper and in our hearts. But ours is, increasingly, a citizenless democracy…Oligarchs and their servants call the shots for the feudal serfs of corporate capital.” Read the rest of our review here.

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Fixers: At Wall Street On Parade we call it continuity government. Michael M. Thomas,Fixers-120pix in a new book of quasi-fiction, calls it Fixers, the idea that no matter who comes and goes in the Oval Office, Wall Street has a fix in to make sure it is protected. The Thomas book could not come at a more inconvenient time for outgoing President Obama and the next leg of the continuity government that Wall Street hopes to install in the White House – otherwise known as Hillary Clinton. Read the rest of our review here.

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In his book, Other People’s Money: The Real Business of Finance, economist John Kay demonstrates not only a sagacious understanding of the grotesque underpinnings of financial markets but he maps out a series of common sense, structural rOther People's Money (Small Photo)eforms to bring the financial industry back to its key mandates: efficient allocation of capital and honest handling of other people’s money. From beginning to end, Kay peels back the crass hypocrisy of the market overseers, writing that much of what the financial sector does “contributes little, if anything, to the betterment of lives and the efficiency of business. And yet many things that finance could do to advance these social and economic goals are not done well – or in some cases at all.” Read our full review here.

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Killing the Host (Small Photo)Killing the Host, by economist and financial writer Michael Hudson, hones an exquisitely gripping journey from Wall Street’s original role as capital allocator to its present-day parasitism that has replaced U.S. capitalism as an entrenched, politically-enforced economic model across America. This book is a must-read for anyone hoping to escape the most corrupt era in American history with a shirt still on his parasite-riddled back. Read our full review here.

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All the Presidents' Bankers by Nomi Prins (Small jpg)All the Presidents’ Bankers: The Hidden Alliances that Drive American Power” by former Wall Street veteran, Nomi Prins, is a seminal addition to the history of continuity government between the White House and Wall Street from the days of Teddy Roosevelt and the Panic of 1907 right up through the Panic of 2008 and the Presidency of Barack Obama. (Don’t be intimidated by the 69 pages of footnotes; while meticulously researched, this is a captivating read for anyone seeking clarity on why Wall Street can collapse, get bailed out by the taxpayer, cause a Great Recession and still call the shots in Washington.) Read the rest of the review here.

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Paul Craig Roberts is one of the most prolific economic writers in America today. As a former Wall Street Journal editor and former Assistant Secretary of the Treasury, Roberts is a walking encyclopedia on monetary policy, economic theory and Wall Street history. After publication in Germany in 2012, his latest book, The Failure Of Laissez Faire Capitalism And Economic Dissolution Of The West, is now available in the U.S. as an eBook.

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Hedge Hogs: The Cowboy Traders Behind Wall Street’s Largest Hedge Fund Disaster: The Barbara Dreyfuss book is the fast moving and riveting account of Amaranth Advisors LLC, the hedge fund that went from holding $9.668 billion in client assets in August 2006 to flaming out in losses exceeding $6 billion in less than four weeks; the culprit – out of control energy trading and efforts to rig the market according to the government.

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Robert A.G. Monks has written a very dangerous book, Citizens DisUnited: Passive Investors, Drone CEOs, and the Corporate Capture of the American Dream. Grab two copies of this book as fast as you can: put one out to sea in a watertight bottle for future archeologists to piece together the downfall of America; put another in a safe in your home. If things continue on the path we’re on, corporations will be rounding up books like this for bonfires.

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Ayn Rand Nation: The Hidden Struggle for America’s Soul, removes the propaganda mask that has been so adroitly affixed to Alan Greenspan’s page-boy coiffed goddess of laissez-faire capitalism and the Tea Party’s mother ship. The book is written by Gary Weiss, long time Wall Street reporter and author, and released by St. Martin’s Press. Two years before the financial crisis, Weiss sounded the alarm in Wall Street Versus America – a must read for anyone serious about putting the pieces together.

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Bull by the Horns: Sheila Bair, the ultimate insider as former head of the FDIC during the financial crisis, has performed a microscopic job on former Treasury Secretary, Tim Geithner, in her book, Bull by the Horns. The image that emerges is a two-headed monster: a regulator functioning as a Citigroup messenger boy and an insanely mismanaged bank that was somehow able to shield from public scrutiny the fact that it had a measly $125 billion in U.S. insured deposits while turning government on its head and raking in over $2.5 trillion in taxpayer capital, guarantees and loans.

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Neil Barofsky, the former Special Inspector General of the Troubled Asset Relief Program (SIG-TARP), has penned a humdinger. Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street, confirms what we’ve suspected since U.S. Treasury Secretary Tim Geithner appointed Mark Patterson, a Goldman Sachs lobbyist, to be his Chief of Staff – that the U.S. Treasury Department has become Wall Street West.    

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Neil Fabricant, president emeritus of the George Washington University Graduate School of Political Management and lifetime New Yorker, has penned a take-your-breath-away expose on the heretofore inscrutable Mayor of New York City, Michael Bloomberg. Mike! Wall Street’s Mayor, is sharp, witty, and pulls no punches when it comes to the billionaire 1 percenter out to portray himself as the man of the people, while growing his estimated $3 billion personal wealth to $22 billion while in office.

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Frank Partnoy has an insider’s feel for his topics – he worked in the 90s as a derivatives structurer at Morgan Stanley and CS First Boston and wrote the Wall Street classic, F.I.A.S.C.O.: Blood in the Water on Wall Street.  Another great read from Partnoy is Infectious Greed: How Deceit and Risk Corrupted the Financial Markets. Now a professor of law and finance at the University of San Diego, Partnoy takes a fascinating look at timing decisions for maximum advantage in Wait: The Art and Science of Delay. 

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There are dozens of writers in America who were highly skeptical of candidate Obama’s inexplicable, cult-like rise to the top of the Democratic party. Their work is bound together in Hopeless: Barack Obama and the Politics of Illusion, edited by Jeffrey St. Clair and Joshua Frank. (An article by Pam Martens, Editor of this web site, Obama’s Money Cartel, is included in the anthology.)

 

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