I just finished reading this book. I think everyone should. At least those who are interested in understanding the events, trends and players that have undermined democracy, fairness, the rule of law, global financial stability and the middle class.
Author Larry Doyle does an excellent job of laying out the complex web of conflicts, complicity and deceit enabled by the revolving door between the banking cartel, the regulators and legislators. He patiently and eloquently details the evidence that so few people understand today even after everything that has happened since the financial crisis first erupted.
Importantly the book does not only name culprits, but also some of the few characters that have proven themselves worthy leaders for reform in this area. He also outlines some actionable ideas in order to force the scourge of financial anarchy and systemic fraud back into the bottle once more. In the process, Doyle effectively reminds of the simple truth that until we admit what is wrong, the free world will never be able to repent, reform and recover. I am going to interview Larry for the blog to talk about his research and findings next week. Stay tuned. You can order or download the book here on Amazon.
The Wall Street meltdown in 2008 brought the country to its knees, and spawned nationwide protests against the lack of regulation and oversight facing Wall Street. But the average American still fails to fully grasp what was—and still is—happening: that the inmates continue to run the asylum. Doyle has been tracking this story for years through his blog Sense on Cents, and exposes here how Wall Street, our politicians, and the regulators themselves have conspired for personal and industry-wide gains while failing to protect investors, consumers, and the American taxpayer. He details the corrupt nature of Wall Street’s financial police, who are little more than meter maids imposing fines that amount to nothing more than a slap on the wrist. He exposes the revolving door of Wall Street, wherein the regulators are all former or future employees of the very firms they’re tasked with overseeing, and how they routinely serve the interests of the industry itself rather than protecting investors and markets. Recent bombshells—such as multi-billion dollar trading losses at JP Morgan Chase, the manipulation of interest rates via the LIBOR scandal, and money laundering with North American drug cartels and rogue nations such as Iran—are symptomatic of this corrosive culture and the lack of trust and confidence in the system. As the big banks fight tooth and nail to avoid real reforms that would protect the economy, this book is a timely, important, and shocking look inside the Washington-Wall Street conspiracy crippling America and the global economy.