Category: Profiteering of A Corporate Nature That REALLY Hurt Taxpayers and Society

Nothing Random / In the Ring – BONUS POST

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WARNING: VERY, VERY LONG POST

The first Bonus Book of the Week is “Nothing Random, Bennett Cerf and the Publishing House He Built” by Gayle Feldman, published in 2026. Ironically, the writing in this tome was awkward and contained bad grammar in certain spots. Anyway, the author recounted the U.S. book industry of a bygone era– a decades-long saga typical for a business run by alpha males with clashing egos.

The reader might recall that prior to the internet, publishing a physical book required months and months of advance preparation, involving what would now be considered a bloated staff. The publishing personnel took pride in their work, and truly cared about doing quality work. It wasn’t all about the big dollar sign as it is nowadays.

In summer 1963, author Ayn Rand, on contract with publisher Random House, was writing a book of essays, one of which was super-controversial. Rand contended that JFK was fascistic, supporting her arguments by quoting the president, showing how he sounded like Hitler and Goering. She truly believed that the most prosperous nation would have purely capitalistic economics, and completely libertarian politics. She felt capitalism is a meritocratic system.

But to start with, capitalism requires a government that provides and maintains the systems of a healthy, well-educated workforce. When private entities provide essential services such as healthcare and education, there occurs corruption– because profit-seeking entities favor money over people. Therefore, the government needs to have some socialistic systems in the forms of: financial assistance for certain of its citizens, locally run public schools, public libraries and public transportation, to name a few.

Capitalism is a meritocracy only insofar as there’s no cronyism between the government and business leaders. Pure meritocracy is a fantasy. There is always a certain level of corruption in government, that waxes and wanes with the tenor of the times. This is inevitable due to the greed of human nature. Public-private partnerships are a necessary evil in a democratic society.

So arguably, Rand’s political and economic systems are a recipe for the eventual formation of an oligopolistic oligarchy, run by fighting warlords. Sounds familiar.

One bright spot in today’s sorry state of affairs in America, can be seen in today’s communications environment: This is the Golden Age of Free Speech. The internet has allowed anyone and everyone to have their say if they want to– on social media, or if they get their own website– with no censorship. And no one needs to have great wealth or power anymore, in order to do so.

Read the book to learn much, much, much more about Bennett Cerf’s life and times.

The second Bonus Book of the Week is “In the Ring, The Trials of A Washington Lawyer” by Robert S. Bennett, published in 2008. This wordy volume contained awkward phrasing and bad grammar in certain spots. But it showed how tolerance for criminality in the United States government has skyrocketed.

The huge surge in the demand for white-collar criminal-defense attorneys in recent decades, is one indication. Bennett thought the attorney’s job is to do everything possible short of illegal or unethical behavior, to help save his client’s reputation and freedom. He recounted several legal cases he handled.

One, in 1981, involved U.S. Senator Harrison A. Williams, Jr., who– after indisputable evidence of corruption surfaced– was convicted in the ABSCAM scandal. The investigating committee was truly nonpartisan. After the trial, Williams’ fellow senators felt his continued presence compromised the dignity of their government body, and therefore, they were obligated to expel him. Williams eventually resigned. HOW TIMES HAVE CHANGED.

Unethical behavior and criminality have reached such a screaming crescendo that this country’s TOP leader (not simply a senator!) and his cronies are staying in power. And Congress is letting them.

The Democrats are letting the GOP have their way, thinking voters will blame the GOP– as the GOP has a majority in Congress; Democrats think they will win back a lot of seats in the midterm elections. But some voters are angry at the Democrats for looking weak, and not fighting back.

The concentration of power among the billionaires has gotten so extreme, that in the near future, the United States must return to the 1950’s era mentality of: (like the healthcare company ChenMed’s culture) Americans’ expecting to be treated by medical doctors who are trusted family friends; and taxing the rich as the standard, acceptable way of life.

Or else, the United States will continue to devolve into the kleptocracy of a Third World country.

Bennett showed how, when an international incident occurs, there are complicated, incestuous global relationships that require delicate negotiations. In the case of a 1997 Soviet-Georgian diplomat’s drunken-driving accident in Washington, D.C. in which someone died, controversy ensued as to whether the diplomat should have immunity from jail-time or fining. The U.S. could have instead cut off financial aid to Soviet Georgia as punishment. However, retaliatory action could be taken against American diplomats at embassies around the world.

The author wrote, “I have always felt that there was more business for criminal lawyers representing companies when the Republicans were in power rather than the Democrats.”

Anyway, read the book to learn of several additional situations which Bennett felt he handled skillfully, despite his having to deal with alpha males with hubris syndrome, James Bond wannabes, black ops and CIA operatives.

Regarding the aforementioned issues, here’s a song that answers the question: Why are the billionaires keeping Trump in office? It’s what Trump is singing to the few people still working for him.

U.S. of A.

sung to the tune of “Y.M.C.A.” [the album version] with apologies to The Village People and to whomever else the rights may concern.

My men, there’s no need to feel shame. I say, my men, immortalize my name. I say my men, ’cause I rule this great game. There’s no need to ask, am I stopping?

My men, I love making dough. I say my men, here is where you can go. You can stay here. I’ll rule the world for all time, all on the American taxpayers’ dime.

It’s fun to plunder the U.S. of A. It’s fun to plunder the U.S. of A.

It has everything for us men to enjoy. Our PR guys put out the best noise.

It’s fun to plunder the U.S. of A. It’s fun to plunder the U.S. of A.

My pardons will get you clean. I’ll help you lie-cheat-and-steal. The courts favor all our deals.

My men, we get rid of enemies. I say my men, I do cover-ups with ease. I say my men, you must re-district with me, and you build my ballroom, you see.

Oh yes, I must rule by myself. I say my men, I can be a big help. You must be here, in the U.S. of A. ‘Cause it’s my way or the highway.

It’s fun to plunder the U.S. of A. It’s fun to plunder the U.S. of A.

It has everything for us men to enjoy. Our PR guys put out the best noise.

It’s fun to plunder the U.S. of A. It’s fun to plunder the U.S. of A.

My pardons will get you clean. I’ll help you lie-cheat-and-steal. The courts favor all our deals.

My men, I am making world peace. I say my miracles, never ever ever cease.

I know you’re glad, that I am alive. I, the world’s savior have arrived.

Always, my men come up to me. They thank me. I am backed by Wall Street. I give them, to the U.S. of A. I can help myself to its riches every day.

It’s fun to plunder the U.S. of A. It’s fun to plunder the U.S. of A.

It has everything for us men to enjoy. Our PR guys put out the best noise.

U.S. of A. It’s fun to plunder the U.S. of A.

My men, my men there’s no need to feel shame. I say my men, immortalize my name. I say my men, ’cause I rule this great game.

U.S. of A. It’s fun to plunder the U.S. of A.

My men, my men, we get rid of enemies. I say my men, I do cover-ups with ease.

U.S. of A. You’ll find me plundering the U.S. of A.

My men, my men, I must rule by myself. I say my men, I can be a big help. Just go to the U.S. of A.

U.S. of A. It’s fun to plunder the U.S. of A…

Strongmen – BONUS POST

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The Bonus Book of the Week is “Strongmen: Mussolini to the Present” by Ruth Ben-Ghiat, published in 2021. In this hodgepodge of a volume, the author described the traits and behaviors of a “strongman” through a few real-life examples of dictators of the past hundred years.

A strongman is a male leader who finds ways (that happen to be nefarious) to maximize and maintain his power; including: causing needless deaths and ruined lives in the forms of propaganda (repeated scapegoating, generating crises and other brainwashing techniques), waging war, engaging in sexual conquests, seeking political dominance and enriching himself, usually through looting resources from the territory or territories he rules.

In October 1922, in an Italy of about forty million people, approximately thirty thousand people comprising the Fascist Party appointed Mussolini as prime minister. In the next two decades, in order to rule by fear and force, Mussolini formed various political and military groups, and passed laws that violated human rights. He incited excessive violence, and had dissidents killed.

In July 1925, Mussolini pardoned all political criminals (those who would help him stay in power). But by 1926, he had run out of money. Fortunately for him, he had friends in high places. Thomas Lamont– his contact at the American financial institution, J.P. Morgan, arranged a loan of one hundred million dollars for him. At that time, Hitler actually looked up to Mussolini and eventually got friendly with him, in order to get mentored. By 1933, the German industrialists had fallen for Hitler’s populist rhetoric.

In 1965, Mobutu, who engaged in drugs and arms sales, (with the help of the CIA) came to power in Zaire. He, along with a number of other dictators, had been war heroes, so they had military backing. Beginning in 1969, oil money allowed Gaddafi to give his government a socialistic bent– funding Libyans’ education, housing and other basic needs.

In 1994, Italy’s Berlusconi controlled very nearly all the messaging heard and seen by his people. He crafted laws to: give himself a get-out-of-jail-free card, and his businesses, to weasel out of legal and financial trouble. His propaganda screamed that immigrants were criminals. Gaddafi and Berlusconi (who should have been enemies) became besties– keeping their friends close and their enemies closer. Libya got weapons from Italy, and Italy got oil from Libya.

In Trump’s United States, “Women advance their careers by making it easier for the leader and his inner circle to harm other women.” Another strongman technique Trump uses is to put his assets in foreign bank accounts. In 2014, Eric Trump said, “We [Trump Organization] don’t rely on American banks. We have all the funding we need from Russia.”

Like Berlusconi, Trump and his media outlet, Fox News, have repeatedly, emphatically smeared immigrants as criminals, and he has used his military, ICE, to detain or deport them. The author named locations of various detention camps that had inhumane conditions: in Florida– Homestead, and in Texas– Clint, McAllen, Rio Grande, and El Paso del Norte.

In sum, once the strongman has stolen all he can get from his citizens, his next tricks are to negotiate a peace treaty and schedule elections.

Read the book to learn much more about how the above-named and a few others have used strongman tactics to turn into not-so-benign dictators.

ENDNOTE: Here’s a song that describes Trump’s strongman tactics.

MODERN STRONGMAN

sung to the tune of “Modern Woman” with apologies to Billy Joel and to whomever else the rights may concern.

You see Trump on the idiot box touting his high-tech war-toys of his cronies’ design.

With his continual cruel smears he aggravates the tension. Tries to save face while losing his mind.

Now Trump’s in trouble. He fired all the intellectuals. He always figures voters aren’t very smart.

Or maybe he hopes his hype covers up his conflicts. Oh, he’s got to use PR tricks ’cause his wrongdoing’s off the charts.

He always puts on an ACT of ranting-frat-boy modern strongman. And he’s an old fascist man. He understands just what he’s doing. He’s a modern strongman.

His mean streak is exceptionally unprofessional. He’s got a lot of cockiness, it’s easy to see. You don’t want to be rude but you get so furious when he’s so injurious to American democracy.

He’s got bile and he’s got billionaires’ money and lots of attorneys so his-foes, he quickly disarms. His slow rise means you may not realize, YOU’RE jeopardized by his gradual harm.

He’s got his plan of attack and got the power-play knack of modern strongman. And he’s an old fascist man. He understands just what he’s doing. He’s a modern strongman.

The king won’t die. There is no president. He says he loves you but he treats you unkind. In the morning he detains you. You’re accused by your neighbors. It’s a cagey situation for an old fascist guy.

Times have changed, and you cry in vain, lately. He’s become extreme in his bad attitude. His cock-and-bull just used to be for kicks. But now he controls your politics. After 2026, you might get a clue.

You can’t relax and face the facts of modern strongman. And he’s an old fascist man, he forces your hand in the things he’s doing.

He’s a modern strongman. He’s a modern strongman.

He’s got the sociopathic zip that allows the grip of the modern strongman.

The Rebels

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The Book of the Week is “The Rebels, Elizabeth Warren, Bernie Sanders, Alexandria Ocasio-Cortez (hereinafter referred to as “AOC”) and the Struggle for a New American Politics” by Joshua Green, published in 2024. In this hodgepodge of a volume, the author described some practices of the U.S. government that has led to its currently precarious economic state of affairs.

As of early 1978, president Jimmy Carter had failed to keep three economics-related campaign promises with which he tried to incite the hard-working American masses: income-tax reform (angry at the rich’s business tax-deductions); a stimulus (because stagflation was dogging everyone’s pocketbook); and an energy bill (due to rising oil prices). June 1978 saw California’s voters approve a huge reduction in property tax.

In October 1978, the Carter administration passed a tax-bill– the Revenue Act– that actually favored the rich and Wall Street. The bill cut capital gains taxes; funds were shifted from investing in factories and equipment to gambling in the securities markets. The president could have vetoed the bill, but instead, he sold out because his party would benefit with mere weeks to go before midterm election-day. Ironically, Ralph Nader, who was known for advocating for consumers, urged the government to deregulate airlines and trucking. It turned out that deregulation of these exceptional industries was to hurt consumers (and their employees!) in a few short years.

There also occurred the privatizing of retirement funds in the form of 401(k). As is well known, it was touted as a tax shelter, but it gave Wall Street more control over Americans’ hard-earned money.

After Carter lost his bid for reelection, Democrats such as Paul Tsongas, Mike Dukakis, Bill Bradley and Bill Clinton pivoted toward neoliberalism– appeasing the corporate community with anti-union legislation, deregulation, and allowing monopolistic practices.

Unsurprisingly, the above, and the implementation of a bunch of other unwise economic policies, led to the 2008 financial crash. The American people were understandably very angry to learn that the government bailed out the crash’s institutional perpetrators (whose obscenely paid executives had jobs that weren’t pay-for-performance, and who still got their bonuses); never mind helping hard-working ordinary Americans.

According to the author, the bailout cost U.S. taxpayers $32 billion instead of between $700 billion and $1.5 trillion. It is impossible for laypeople to believe that “experts” can accurately estimate those kinds of numbers, given the pressure on “experts” to propagandize. Ever since, there is almost total disbelief of all economics numbers spouted by those “experts.” It is actually the age-old activity of lying with statistics.

The author wrote that, as a newly elected U.S. senator from New York State, Hillary Clinton paid her dues by playing well with others, making friends with strange bedfellows, while U.S. senator from Massachusetts, Elizabeth Warren, nearly a decade later, behaved in a confrontational manner that garnered applause from the little people– grassroots supporters.

The author contended that the aforementioned Warren paved the way for the Independent Bernie Sanders’ surprising popularity among the young voters in the 2016 Democrat primary election for president. His presence in the primary affected the choices of voters in the general election, adversely affecting Hillary’s chance to win.

The author explained why AOC achieved what most politicos thought was going to be impossible. “Running as a Democratic Socialist, she [AOC] drew a large, multiracial progressive coalition that overwhelmed an incumbent, in [Joseph] Crowley, who personified the Wall Street-friendly Democrat uninterested in local concerns but assumed to be too powerful to be held to account.”

Read the book to learn much more about how the individuals named in the book’s title have influenced American politics in a major way in the last fifteen years.

ENDNOTE: In sum, American voters would like to see their government return to rule of law, civility and transparency! They would also like to see political workers and candidates: answer the questions asked of them, and clarify what they mean. Various terms of late have been given emotionally-charged interpretations to incite people who easily get upset at political news. For example, climate change and woke mean different things to different people. Instantaneous communication among Americans has made them hyper-aware of shenanigans in the staged and scripted reality show that is currently American politics.

Blind Spots

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“The media clapped like seals congratulating the researchers. Reporters amplified the study’s conclusion, even thought they hadn’t yet seen the actual data… the media promoted whatever health authorities said, rarely challenging them or publishing quotes from dissenting experts.”

For decades now, such are the sound bites emanating from communications sources, telling people about alleged medical-research results or medical recommendations; information that is distorted at best, and is even harmful to the population.

The Book of the Week is “Blind Spots, When Medicine Gets It Wrong, and What it Means for Our Health” by Marty Makary, MD, published in 2024. This slightly sloppily edited volume contained anecdotes of wrongheaded messaging of medical “experts” that resulted in numerous needless deaths and ruined lives. Not to mention lawsuits.

In 2000, the American Academy of Pediatrics (AAP) told Americans that an infant should not be fed any peanut butter or products with any peanuts– as the child would develop a peanut allergy. The AAP should have made the opposite recommendation, as their reasoning was backwards.

Makary saw that the AAP’s board of messengers were mostly dieticians and had little or no immunology knowledge! For fifteen years, many pediatricians blindly obeyed the AAP, and told their patients to avoid peanuts. Those patients developed extreme (life-threatening) peanut allergies that had to be treated with exorbitantly priced EpiPens. The experts with whom Makary spoke– who claimed to know what caused a peanut allergy, were later promoted and got awards in their respective careers.

The above happens frequently in the medical industry. For decades, arrogant medical authorities also told people that opioids aren’t addictive. To combat a myth such as this, the author and his colleagues started a website, “Sensible Medicine” but a drawback is that one of the types of people (a closed-minded, cocky medical professional) who could benefit from the site, won’t read it!

The author wrote that Big Pharma shies away from funding research that doesn’t involve intellectual property from which it can make big bucks. Thus, funding was stopped for a non-mRNA technology flu vaccine (one covering many flu strains)– because it wouldn’t have to be administered annually, and wouldn’t pay royalties to anyone.

Meanwhile, the media continue to spout their staged and scripted reality shows of political soap-operas whose issues affect a tiny percentage of ordinary Americans, while America’s broken healthcare system continues to cause the deaths of, and bankrupt numerous people every day.

Read the book to learn of many more healthcare abominations borne of greed, and dogma, and how healthy skepticism is a good thing.

Evil Geniuses

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The Book of the Week is “Evil Geniuses, The Unmaking of America, A Recent History” by Kurt Andersen, published in 2020. In this large, redundant volume, the author described how wealth inequality in the United States has been increasing at an alarming rate in the last forty years, as evil geniuses– economic royalists and self-made empire-builders (who take advantage of existing resources and infrastructure)– have rigged the system to compound their spoils and re-distribute it among themselves in a self-serving cycle.

Lots of research has shown that financial inequality in society actually hinders economic growth in developed nations. In connection therewith, in 2014, the OECD conducted a United States study that showed a 20% slowdown in economic growth since the 1980’s.

The author argued that the year 1980 was the turning point at which America’s hegemony started to decline. Both the Republican and Democratic parties’ elitists (other evil geniuses in addition to the above-mentioned) actually hurt America’s ability to remain economically dominant in the world. They brainwashed a significant number of ordinary Americans into:

  • believing that government is the enemy;
  • agreeing to tax cuts for the rich (also called “trickle down” economics);
  • favoring excessive deregulation; and
  • bashing unions

because such actions would make everyone wealthy!

The author cited ample evidence that the above actions do NOT make everyone wealthy.

The author contended that conservative Republican 1964 presidential candidate Barry Goldwater paved the way for Ronald Reagan’s wrong-headed economic agenda (described above).

Politics cannot be divorced from economics. This is a simple idea that has been hardly ever EXPLICITLY SAID in historical, political and economic literature read by ordinary Americans, through centuries. The author calls this the “political economy” and former president Bill Clinton had the line, “It’s the economy, stupid.”

Politics involves the making, monitoring, changing, and enforcing of society’s laws. The evil geniuses in the legal field who helped perpetrate the insidious brainwashing of the American masses, actually conveyed the following attitude in writing and speaking:

“So if you happen to think it’s a good idea for judicial decisions to also consider fairness or moral justice, or other values or versions of social happiness that can’t be reduced to simple metrics of efficiency,

Law and Economics [a body of legal theory from Robert Bork and his fellow Chicago School libertarians] says you’re a fool.”

That is how the 1980’s saw the American legal system start to focus on efficiency– favoring profiteers. The author argued that old men who are resistant to change are the conspirators of the current state of affairs. Well, SOMEone’s got to be oppressed.

Another indication that Americans’ attitude was becoming even more inclined toward rule-breaking greed and showing off wealth, could be heard in a 1980’s SUV TV commercial, which featured a visual of a white, 40ish male driving. The voice-over says, “It doesn’t just say you’ve arrived; it says you got there any way you darn well pleased.”

The author cited evidence that taxing the rich would be the largest factor in more evenly distributing wealth. The first Trump administration passed a tax cut for the rich that gave rise to the “…largest percentage reduction in tax revenues of any developed country on earth.” This was BEFORE COVID. And “…the federal debt increased by $1.5 trillion more than it had in Obama’s final three years.”

Nonetheless, the most hurtful president ever was George W. Bush, whose unconscionable greed and unmitigated hubris led to the crashing of the American economy and the commencement of two wars that enriched him and his cronies.

LBJ and Nixon were two other war-criminal presidents. Their war policies, too, wasted an excessive amount of taxpayer dollars on needless deaths and ruined lives. At the same time, they tried not to foul their own nest. They attempted to maintain this country’s economic dominance in the world, and salve their own consciences by funding domestic social programs. LBJ did some profiteering, but not nearly as much as Trump.

Trump is an angry, vengeful old president who, at the end of his career, is hurting not only his own political party, but also ordinary Americans. His excessive financial criminality has incalculably hurt society as a whole.

In 2018, Trump said NAFTA was the “worst trade deal ever made.” But in 2025, after all his bluster, the trade deals he’s going to make with Mexico and Canada, are going to be largely similar to NAFTA’s, all over again! And through his spokespeople who draft the words spoken by his deepfake image, he will take full credit for “great, great trade deals.”

His threats are causing a panic that certain sectors of the American economy will crash. Even the threat of a soft economy will deter some illegal immigrants from coming to this country. Given financial cycles, it is likely that some people will be hurting financially in the next few years. Trump is using a scorched earth strategy on his way out of office in order to be able to brag that HE reduced the number of illegal immigrants who are coming here. He will brainwash his base into believing that the economic downturn was all Biden’s fault!

Anyway, the author also commented that the internet changed American culture in accelerating the automation of the exchange of information, obsolescing a humungous number of jobs. Machine-learning is also making the job situation even worse. It could be said that the internet is the “new television” for the Millennial and Z Generations. However, there are major differences in the ways television changed American culture, and the ways the internet has changed it.

Television was a passive entertainment / infotainment / education source that, for most Americans, was consumed at home only, in one’s leisure time; perhaps on average, most students and workers (there were many more of those then than now) watched three to four hours a day, at no extra charge (except for electricity)– for the lifespan of the set. Then came recording of shows, but also cable TV– whose costs are many times higher for shows and sports games that used to be free.

The internet is an interactive source, and can be accessed globally, 24/7. So the younger generations are wasting so, so, so much more time obsessing over politics, than did the older generations. People have been bamboozled into paying big bucks to purchase electronic toys on which to subscribe to the internet, for which they have to pay even more!

So the amounts of time and money most Americans are spending on the internet are infinitely higher than that of television (and movies, and reading books, magazines, and newspapers). The early years of the internet (up to the single-digit 2000’s) brought emotional comfort to Americans. They flocked to websites that featured relatable, entertaining user-contributions with few or no ads that interrupted their viewing pleasure.

Once the entrepreneurial dot-commers mastered monetization and propagandizing, users became victims of their mind-control techniques. Arguably, the cultural transition from television to the internet has been economically and psychologically regressive for most Americans.

Anyway, read the book to learn much more about the depressing developments in politics, economics and culture that will eventually lead to the collapse of American civilization.

Pardon Party – BONUS POST

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It’s not hard to see where the brain-dead president-elect is going.

Here’s a song on it.

PARDON PARTY

sung to the tune of “Garden Party” with apologies to the Estate of Ricky Nelson and whomever else the rights may concern.

Trump’s planning a pardon party, to RE-lease his old friends.
A chance to exchange political favors, and bury wrongs again.
After his inauguration, he’ll clear all their names.
They won’t have to face prison.
Things’ll stay the same.

And that’s THE Right now.
Trump learned his lesson well.
You KNOW he’ll pardon his current base.
And he’ll, try to pardon himself.

People’ll come from miles around.
All his cronies’ll be there.
Trump’ll bring more corruption.
There’s impunity in the air.

And over in the courts,
much to no one’s surprise,
the judges will hide their quid pro quos,
doubling down on lies.

And that’s THE Right now.
Trump learned his lesson well.
You KNOW he’ll pardon his current base.
And he’ll, try to pardon himself.

He’ll play them all the old songs,
access is why they’ll come.
Everyone knows he’s brain-dead.
On their plans, they’re staying mum.

Trump’s appointing his favorite sycophants.
They belong to him.
He knows the regulators won’t do their jobs,
but just be willfully dim.

And that’s THE Right now.
Trump learned his lesson well.
You KNOW he’ll pardon his current base.
And he’ll, try to pardon himself.

Trump will open a Pandora’s box,
at the border and on trade,
playing Fox viewers while his profiteers,
will have it made.

Taxpayers-lose at this pardon party.
The donors make the bucks.
If you don’t see this political fact,
we’ll never get out of Trump’s muck.

And that’s THE Right now.
Trump learned his lesson well.
You KNOW he’ll pardon his current base.
And he’ll, try to pardon himself.

And that’s THE Right now.
Trump learned his lesson well.
You KNOW he’ll pardon his current base.
And he’ll, try to pardon himself.

Confessions of A Wall Street Analyst


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The Book of the Week is “Confessions of a Wall Street Analyst, A True Story of Inside Information and Corruption in the Stock Market” By Dan Reingold with Jennifer Reingold, published in 2006.

The author happened to become a telecommunications-industry stock analyst, hopping from one big-name investment bank to another. This, at the start of about two decades of an excessively deregulated, gravy train of greed on Wall Street: the early 1990’s. He described his job as requiring lots of reading and writing, and as having long, long hours. He got to travel around the world to meet his contacts, and gossip with industry competitors. The compensation he collected for doing so was obscene.

The U.S. government had just acted on a wave of anti-trust sentiment, so competitors were scrambling to game the situation. Telephones were going wireless, while their service providers were merging like crazy.

The author detailed the changes in the industry, including how it became corrupted by the usual suspects– greedy Wall Street workers. These included analysts and the departments that trade securities on behalf of their clients and their employers’ compliance departments who looked the other way on the LAWS against analysts’ getting inside information from the said departments.

For example, if the banking arm told an analyst that a certain company was a takeover target before information in connection therewith was publicly disclosed, the analyst could write a report recommending that his employer’s clients (which ranged from huge pension funds to little investors and everyone in between) buy its stock. That is one kind of insider trading.

In the mid to late 1990’s, the author witnessed various episodes in which one particular analyst at a competing big-name investment bank was manipulating the system. There was circumstantial evidence that he was receiving inside information on the stocks he was touting. Later on, one telecommunications company turned out to be not just “cooking the books” but scorching them. The resulting mess turned out to be the largest accounting-fraud scandal to that date.

These and other Wall Street shenanigans (that were bunched together in the course of a decade!) resulted in the usual harm to society and more excessive wealth for the wealthy; more specifically:

  • The perpetrators (the offending workers and their employers) got a “slap on the wrist” in the form of chump-change fines from regulators, while collecting excessively large fees for servicing the merger transactions and advising their clients on what to trade when– while admitting no wrongdoing;
  • The mergers resulted in massive layoffs of working-class people;
  • Taxpayers paid for the salaries of the regulators who bragged about how great they were in catching and punishing the few white-collar criminals they did nab; and
  • Unsurprisingly, the author retired before he got nabbed but he claimed his employment contract contained no pay-for-performance provision with regard to his employer’s investment-banking revenues.

Anyway, read the book to learn a boatload more about Wall Street’s goings-on in telecommunications from the 1990’s into the single-digit 2000’s, and the author’s career.