It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street


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Nomi Prins – Page 2 – Mother Jones

May 7, This event has already occurred, check out our calendar for upcoming events. I ve also come to feel that while I certainly blame Wall Street for what happened, I blame Congress and the President from Reagan to Obama even Bankers are supposed to make money They know they can ignore the rules with impunity For some insane reason, they do not have a fiduciary duty to their clients, only to their shareholders The reason they don t have a fiduciary duty to their clients is no doubt because it would conflict with their fiduciary duty to their shareholders Their job is basically to exploit the system however they can It s the job of Congress and the President to protect the American people and by extension, the rest of the world from the predatory nature of big banks They are the ones who make and enforce regulations On this count they have failed catastrophically and, sadly, continue to fail.

Prins previous book, Other People s Money, was excellent, but dense with financial biz terms and too much minutae This one is written for the rest of us, not dumbed down, but making clear exactly how Wall Street held us up at gun point and changed the laws allowing them to do it And are still doing it flag 2 likesLike see review Nov 17, Brian Stillman rated it really liked it Shelves economics, politics, read Between Prins and Taibbi I don t see how you can really think of the new boss as being much different than the old boss flag 2 likesLike see review Dec 23, Reginald Dieudonne rated it it was amazing It Takes a Pillage is a comprehensive overview of the financial crisis There was a staggering amount of deregulation, law breaking, and irresponsibility leading up to the calamity The author is justifiably incensed at the avaricious, reckless, and criminal actions of the Federal Reserve, Wall Street, US Government As of , the crisis has cost America C allows it to engage in dangerous and occasionally illegal behavior and gobble up smaller firms at America s expense.

The book can be a little dense at times, but its strengths than make up for it Highly recommended flag Like see review May 20, Lanier rated it it was amazing review of another edition I ve only just started this book, but it s fascinating to see still about how we ve been screwed by Wall Street and the govenment. C s bungling of old rules also led to massive gutting of US and world economiesDuring the housing boom, nearly any type of asset could be used as collateral to concoct securities From to , subprime and other risky home loans were the main form of collateral The restrictions that could have stopped those loans from being used as collateral to create so much systemic debt, which later introduced so much systemic risk, were ripped apart in through a dangerous S.

C rules revision flag Like see review Jun 05, Gwen rated it it was amazing Shelves money, non fiction This was great I learned a hell of a lot about what caused the crash and how the bailouts were run, as well as various financial terms that I hadn t understood before There s a ton of really good background here It s one of those books that has left me knowledgeable, and looking up other books that can fill in the gaps in my knowledge I didn t realize I had before Pretty much the best thing I can say about any work of non fiction.

Style wise, it s pretty good Prins is knowledgeable This was great I learned a hell of a lot about what caused the crash and how the bailouts were run, as well as various financial terms that I hadn t understood before There s a ton of really good background here It s one of those books that has left me knowledgeable, and looking up other books that can fill in the gaps in my knowledge I didn t realize I had before Pretty much the best thing I can say about any work of non fiction.

Style wise, it s pretty good Prins is knowledgeable, snarky, just a bit sarcastic, explains how things work in simple terms and backs it all up with numbers I think I did myself a disservice by picking up this one as an audiobook there are so many numbers that it s hard to get the full impact if you re listening while doing dishes or sending out invoices, whatever Although 5 starts for Gabra Zackman s narration, as usual I ll be listening to it again, and probably picking up a hard copy so I can reference the numbers.

How is it that we live in a country where illness often leads to bankruptcy, but gross mismanagement of a major bank leads to a generous retirement package? A country where people take home seven-figure bonuses for finding regulatory loopholes but where we "can't afford" decent schools or mass-transit systems in our cities?

Nomi Prins

This seems to be an area in which the Europeans have hit upon some smart ideas. Private wealth is taxed to finance generous public services, while strong labor unions help ensure a reasonably equitable division of even pre-tax income. The British experienced much the same trajectory of finance-led and somewhat bubble-based growth. But the Labour Party put policies into place that reduced income inequality and drastically reduced child poverty. If we could say something similar about the Bush years in the United States, we would have good reason to feel less alarmed about the state of play in finance.

But we can't. The fault here, however, is with our policies regarding labor markets, social investment, and public revenue, not financial regulation.

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Fundamentally, it would be a shame if the only lessons progressives took away from the great crash were narrow points about leverage ratios. The collapse ought to be a teachable moment to the effect that the actual operations of a modern economy bear little resemblance to the "free market" of right-wing political rhetoric. Even Hank Paulson recognizes that reality when pushed to the limit. But if systematic government intervention is necessary to keep the economy running smoothly, there is a clear moral case for systematic intervention to ensure that it also runs fairly.

The theft of Iran's presidential election raises more foreign-policy implications than any clean result could have.


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  2. OFFICE LOCATIONS.
  3. Handbook of position location : theory, practice and advances.
  4. Pillaging Villains of the Financial Crisis.

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It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street
It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street
It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street
It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street
It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street
It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street
It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street

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