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The New Robber Barons
 
 

The New Robber Barons [Kindle Edition]

Janet M. Tavakoli
3.0 out of 5 stars  See all reviews (1 customer review)

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Product Description

Product Description

With Trillions On the Table Nobody Plays Fair, and Everyone Plays for Keeps

The New Robber Barons continues financial expert Janet Tavakoli's on-going chronicle of the global financial crisis captured in her chiefly web-based articles from the September 2008 meltdown through February 2012. Picking up where her previous book, Dear Mr. Buffett: What an Investor Learns 1,269 Miles from Wall Street(Wiley, 2009), ended, she exposes the criminogenic environment that enabled international oligarchs to solidify power.

In January 2009, Warren Buffett, CEO of Berkshire Hathaway, told Tom Brokaw: "the idea that people that move money around are some favored class...strikes me as getting pretty far away from where we should be." Two years later he publicly excused apparent insider trading by one of his successor candidates, David Sokol.

Berkshire Hathaway officer Charlie Munger admonished law students that Americans shouldn't be "bitching about a little bailout."

Shortly before Congress confronted him with Goldman Sachs's profiteering during the financial crisis, Goldman CEO Lloyd Blankfein quipped he was doing "God's work."

CEO Jamie Dimon told shareholders that he didn't think JPMorgan made a mistake when it came to potential foreclosure fraud: "maybe we'll have to pay penalties eventually to some of the attorneys general but we really think we should just continue." Meanwhile the bank scoured 115,000 mortgage affidavits and reserved $1.3 billion for legal costs.

After MF Global's October 31, 2011, bankruptcy a U.S. Congressman told former CEO Jon Corzine: "You've got thousands of hard working people around this country that feel cheated."

Tavakoli serves up example after stunning international example of no-strings-attached socialization of losses and privatization of gains. In the words of Congresswoman Marcy Kaptur: "I believe most of us would call that theft."

COMMENT FROM JANET TAVAKOLI

This is a compilation of chiefly web-based articles from September 2008 to the present. The e-book includes the original reference links including links to some of my original public (non-client) analysis. This is unedited so that readers can see my original thought process and ultimate vindication when the truth was eventually revealed by Congressional investigations.

ABOUT THE AUTHOR

Janet Tavakoli is the author of, Structured Finance & Collateralized Debt Obligations (John Wiley & Sons, 2003, 2008), Credit Derivatives (Wiley, 1998, 2001), which revealed grave flaws in the methodology for rating structured financial products and abuses in the credit derivatives markets, and Dear Mr. Buffett: What an Investor Learns 1,269 Miles from Wall Street, (Wiley 2009) in which she explains the causes of the greatest credit bubble in the history of the world, how we could have avoided it and how we can prevent it from happening again.

Ms. Tavakoli is the founder president of Tavakoli Structured Finance, Inc. (TSF), a Chicago based consulting firm established in 2003 for clients including financial institutions, institutional investors, and hedge funds.

After more than 22 years of experience structuring, trading and selling derivatives and structured products while working for global Wall Street firms in New York and London. Ms. Tavakoli is a world renowned author and speaker on derivative products and securities.

Ms. Tavakoli is frequently published and quoted in financial journals including the Wall Street Journal, Financial Times, New York Times, The Economist, Business Week, Forbes and Fortune,

Frequent television appearances include CBS's 60 Minutes, CNN, C-Span, CNBC, Fox, CBS Evening News, Bloomberg TV, and BBC.

Ms. Tavakoli earned a Bachelor's degree in Chemical Engineering from the Illinois Institute of Technology and an MBA in Finance from the University of Chicago's Booth School of Business. She is a former adjunct associate professor of finance at the Booth School of Business.

Product details

  • Format: Kindle Edition
  • File Size: 680 KB
  • Print Length: 359 pages
  • Page Numbers Source ISBN: 0985159030
  • Simultaneous Device Usage: Unlimited
  • Publisher: Lyons McNamara (16 Nov 2013)
  • Sold by: Amazon Media EU S.à r.l.
  • Language: English
  • ASIN: B007AL01HY
  • Text-to-Speech: Enabled
  • X-Ray:
  • Average Customer Review: 3.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Bestsellers Rank: #478,501 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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More About the Author

Janet Tavakoli was born and raised in Chicago, Illinois. She has worked as a chemical engineer, lived with her ex-husband in Iran when the Shah was overthrown, and afterwards returned to the States where she got her MBA and worked for Wall Street firms in New York and London. She now heads her own financial consulting firm.

She's a well-known writer of non-fiction financial trade books giving early warning about peril to the global financial system: "Credit Derivatives," "Collateralized Debt Obligations," "Structured Finance," and "Dear Mr. Buffett." "The New Robber Barons," an eBook, is a compilation of her commentaries since the September 2008 financial crisis. Her fiction debut is a fi-fi (financial fiction) thriller steeped in Vatican and Roman intrigue: "Archangels: Rise of the Jesuits."

Ms. Tavakoli is frequently published and quoted in the Wall Street Journal, Financial Times, New York Times, Business Week, Bloomberg News, and more. She is also a frequent front page writer at the Huffington Post. Frequent television appearances include CBS's 60 Minutes, CNN, C-Span, CNBC, BNN, CBS Evening News, Bloomberg TV, Fox, ABC, and BBC.

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0 of 1 people found the following review helpful
Format:Kindle Edition|Verified Purchase
Janet Tavakoli is a noted financial investment expert with well publicised strong opinions. This book will appeal more to specialists than lay people like myself though I found her revelations concerning the machinations of the people responsible for the Finacial Crisis to be quite disturbing.
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Amazon.com: 4.3 out of 5 stars  11 reviews
28 of 32 people found the following review helpful
5.0 out of 5 stars A Compendium Worth Having -- And Reading 19 Feb 2012
By K. Denninger - Published on Amazon.com
Format:Kindle Edition|Verified Purchase
Janet is one of the few ACTUAL subject matter experts in the field of structured finance -- you know, mortgage-backed securities, complex slice-and-dice things like CDOs and credit default instruments -- that has been sounding the siren on the fraud in our financial system since the collapse began.

She's right, incidentally. The mathematics of this is really simple, if you think about it. Nobody will buy used dog food if you tell them honestly what you're selling. So in order to manage to blow a credit bubble, someone -- or lots of someones -- have to lie.

That's at the root of what happened in the 2007-2009 meltdown, and we've fixed none of it. Instead we have tried to paper it over.

What you'll find in this work is a compendium of Janet's writings, many published on Huffington Post (either excerpted or fully) and most, if not all, available on her web page.

So what makes it worth having in this format? Simple -- it's an inexpensive way for you to have them all categorized in a form and fashion that you can look at and understand based on the subject matter. Like all contemporary writers who put forward what amounts to OpEds or pieces that qualify as "reporting" there's a severe problem for the reader who wants to go back and cross-reference or look things up later -- how do you find what you're looking for?

Many people have the same issue with my work at The Market Ticker; there are over 5,000 articles there, and while I have excellent search technology implemented, even I, having written a piece, sometimes take a few minutes to find what I want to reference a year or two later.

Now you have the most important parts of what Janet has expounded on in one place.

You can choose to listen to the politicians who have every reason to, and have, protected the perpetrators of these frauds upon the public or you can choose to listen to actual subject matter experts like Janet Tavakoli. The difference is simply whether you wish to be informed or further deceived.

With this as a backdrop, however, and as a prequel to her upcoming work "The Money Book", this compendium ought to put the lie, once and for all, to the commonly-repeated mantra "Nobody committed any crimes" spewed repeatedly by politicians of all stripes

Highly recommended.
4 of 4 people found the following review helpful
5.0 out of 5 stars Robber Barons 26 Mar 2012
By Charles J. - Published on Amazon.com
Format:Kindle Edition|Verified Purchase
This is an exhaustive and well-written book that everyone should read. I highly recommend it. Deliberative and informative. An important reference book for anyone interest in economic history.
10 of 13 people found the following review helpful
5.0 out of 5 stars Excellent Compilation of the Financial Crisis 19 Feb 2012
By Amazon Customer - Published on Amazon.com
Format:Kindle Edition|Verified Purchase
I have been following the Titans of the Financial Bloggers such as K. Denninger, Peter Schiff and Janet Tavakoli since the crash of 2008. Janet is right on target. Time to start the prosecuting for the crooks on Wall Street. Janet has summarized her research since the start of the crisis. Well worth the read.
3 of 3 people found the following review helpful
3.0 out of 5 stars Insightful, But Poorly Written 6 Nov 2012
By Mike Brown - Published on Amazon.com
Format:Kindle Edition|Verified Purchase
Nobody can dispute that Tavakoli is brilliant and was right on just about everything regarding the financial crisis long before almost anybody else, and the book certainly demonstrates that.

Unfortunately, this compendium will not help anybody unfamiliar with the causes of the crisis to understand it any better. The book is simply a collection of her articles on the subject. All of the articles assume the reader has a lot of knowledge about the subject matter and terminology; she gives very little, if any, explanatory background before launching into her analysis. In addition, the articles are written in almost a stream of consciousness style with little logical organization. Even for somebody like me who is very knowledgeable about the subject matter, the writing style and lack of background explanation made it tough sledding. Finally, it is very, very repetitive. I can understand how that can happen when one is writing articles on a frequent basis, but when putting them together in a book, it is very tedious to read the same thoughts, many times using the exact same phrases, over and over again.

There are many excellent books about the financial crisis that are much better written and easier to understand. True, many of those authors are writing with hindsight, while Tavakoli was pushing out her articles in real time and warning of the consequences. Unfortunately, that does not make reading Tavakoli's book a better way to understand what went on.
3 of 3 people found the following review helpful
5.0 out of 5 stars How Janet Tavakoli WasWay Ahead of The Curve 26 April 2012
By NYC Reader1 - Published on Amazon.com
Format:Kindle Edition
Janet Tavakoli was pointing out the problems with credit default swaps (i.e. the opportunities for a handful of insiders to make big money on naked shorts) early on. The protagonist in The Big Short, Dr. Michael Burry, used Tavakoli's earlier book to figure out how he could make big money shorting triple-B subprime mortgage bonds. Unfortunately, others chose to ignore what she had to say.

This excellent book details how those who are beholden to Wall Street continue to push back against her message.
I don't agree with everything she writes, but 95% of it is spot on.
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“Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.” &quote;
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Endnote: The way the bailouts occurred was a perversion of capitalism and the principles upon which The Republic was founded. This was the result of influential interested parties reaching into the U.S. Treasury with no accountability. Capitalism doesn't call for bailouts, instead investors take losses. &quote;
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The largest Ponzi scheme in the history of the capital markets is the relationship between failed mortgage lenders and investment banks that securitized the risky &quote;
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