"Still ticked off at the Federal government doling out trillions to save Wall Street from its own screwups? You're not alone. You have every right to


BuzzFlash.com's Review (excerpt)
September 22, 2009 Book Release

"Still ticked off at the Federal government doling out trillions to save Wall Street from its own screwups? You're not alone. You have every right to know exactly how the financial disasters of 2008 happened, why the government leapt so quickly to lavish the reckless perpetrators with cheap loans and subsidies that may never be repaid, and what must be done to ensure it never happens again.

In It Takes a Pillage, former Wall Street insider turned muckraking journalist Nomi Prins argues vehemently and convincingly that the current crisis has almost nothing to do with subprime mortgages and everything to do with a financial system that rewards people who move money instead of people who make things, operates outside of the media's gaze, is sheltered from governmental supervision, and uses leverage to turn risky deals into insanely risky deals.

You'll find out how the revolving door between Wall Street and Washington enabled and encouraged the disastrous behavior of large investment banks. You'll meet the Pillage People: the men who funneled trillions of dollars directly to the banks and the executives whose companies drained the American economy. You'll learn which of the Federal Pillage Triumvirate pirated the biggest part of a $10.7 trillion bounty—Hank Paulson, Ben Bernanke, or Timothy Geithner. You'll decide which private-sector pillager took the biggest share of spoils—Bank of America head Ken Lewis in his unholy alliance with former Merrill Lynch chief exec John Thain, who extracted $225 billion from the public; former AIG exec Joseph Cassano, who banked $315 million, leading the division that nearly drowned AIG before it hooked a $182 billion federal life raft; or Robert Rubin, whose public- and private-sector decisions decimated financial restraint and landed Citigroup in a $388 billion hole.

Prins also takes you on a harrowing tour of the Wall Street mind-set, in which making money is a game and colossal paychecks are a way of keeping score—and getting a huge bonus after churning out fabricated securities and taking out the entire world economy might be the biggest win of all.

The scariest part is that for all the trillions that have been spent or committed to the bloated stalwarts of Wall Street, our economic system remains in disarray. Prins demonstrates that this failure stems from flaws not in these institutions, but in the banking system itself. She shows how irresponsible deregulation whetted both individual and institutional appetites for short-term gain, and produced an addiction to greed and power that still rules the markets even after nearly destroying them."

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