WALL STREET SCANDALS Exposes Heart of American High Finance
Meant as an introductory reading on the wiles of the most recognized names in high finance, Winston Overtons minces no words and pulls no punches in exposing what is rotten at the heart of Wall Street Institutions in "Wall Street Scandals." Overton, an insider who worked on the trading floor since the '70s, presents the mechanics of greed that provides motivation for financial institutions' reason for being. Eye-opening and educational, this book gives broad coverage on the whys and wherefores of this bastion of the imminent demise of capitalism. It is in answer to the need for the public to be informed about the imbalances that brought about the failing economy and consequent protests such as the Occupy Wall Street movement.
First off, the history of the Capital Trading Exchange is discussed, from legal battles and prosecution of financial criminals, the historical forces that gave birth to it, shaped it, and propelled it, along with many financial institutions, into becoming a seemingly invincible monolith. Overton ably fulfills the promise of his book's title. In the process, readers are given a compelling account of documented shady business practices, made to realize the lack of adequate oversight of Stock Exchanges and assists them (as investors) to navigate the scam-filled path of Wall Street investing. World-wide investors can use Overton's work as cautionary guide as well as a learning tool for conducting business.
Greed seems to have become axiomatic in the capitalist world when and where large amounts of money and men meet. Overton finds this all too true and readers will have their fill of details on illicit trading in mega-corporations and financial chambers of New York. He concentrates on the stories of a nucleus of unscrupulous and unconscionably disgraced officials - an awesome display of excess and bloated egos. Susan Shapiro in her book "Wayward Capitalists" (1984) advises, "People, who have too little faith in their potential or business acumen to attempt a business venture on their own, turn their money over to complete strangers to do that very thing." This is key to the seemingly unstoppable magnetism of Wall Street. From junk bonds to Ponzi schemes, it has promised riches to many innocent sheep only to fleece them. "Wall Street Scandals" strikes a very strong blow that might finally start the demolition of Wall Street's respective façade, start the clean-up of its rotten insides, and lay the foundations of the new day of financial sanity.