How to Make a Million Dollars an Hour: Why Hedge Funds Get Away with Siphoning Off America's Wealth

How to Make a Million Dollars an Hour: Why Hedge Funds Get Away with Siphoning Off America's Wealth

by Les Leopold
     
 

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Praise for The Looting of America

"A cogent, clear, and compelling explanation of how Wall Street's Big Casino wrecked the economy. I might not agree with all of his provocative proposals, but so what? This book is a fun read, despite the sickening scenario it describes."
?Jonathan Alter, senior editor and columnist at Newsweek

"An

Overview

Praise for The Looting of America

"A cogent, clear, and compelling explanation of how Wall Street's Big Casino wrecked the economy. I might not agree with all of his provocative proposals, but so what? This book is a fun read, despite the sickening scenario it describes."
?Jonathan Alter, senior editor and columnist at Newsweek

"An insightful analysis of how we got 'hit.' It is packed with data and background information and explores the pros and cons of the options before us, from those 'Wall Street won't like' to those 'Wall Street really won't like.'"
?John Perkins, author of Confessions of an Economic Hit Man

"Les Leopold has performed a virtuoso service by explaining the economic mess in terms that ordinary people can grasp, in this wonderful and terrifying book."
?Robert Kuttner, coeditor of The American Prospect

"A welcome parry to the mass media refrain that only the most highly trained Wall Street professionals can comprehend these financial instruments."
?Library Journal

"Les Leopold's account of the economic crisis is the clearest and most accessible that I have seen. It gives a reader with little economics or financial background a riveting description of how Wall Street tore down our economy and what we can do about it. It's a page-turner we all should read."
?Leo Gerard, international president of the United Steelworkers

"I loved this book. A worm's-eye dissection of the Wall Street crisis from a very sharp and very knowledgeable labor economist. Here's hoping that before the Washington consensus gets set in stone, policymakers will read it and reflect on the havoc the masters of the universe have wreaked on ordinary people."
?Charles Morris, author of The Trillion Dollar Meltdown

"Les Leopold tells the story of our economic collapse so clearly, so broadly, so stylishly I didn't get lost; in fact, to my great surprise, I kept going and going like Hansel and Gretel through the thick forest of mortgage finance, credit swaps, bubbles, and bailouts. The Looting of America is a guided tour for people who wonder if the ups and downs of a free market are inevitable, or if we can't make a few changes for a smoother ride."
?Robert Krulwich, cohost of NPR's Radio Lab

Editorial Reviews

Publishers Weekly
As the average American struggles to keep up with the costs of basic necessities, top hedge fund managers earn 20,000 times more per year than the average pediatrician. Leopold (The Looting of America) is fired up about this gross inequality. While some readers may find his impassioned claims sensational, he meticulously cites reputable sources and fuels the reader’s fire at the same time. He cites annual and hourly income for the mega-rich such as Oprah Winfrey, Steven Spielberg, and Elton John, whose fortunes pale in comparison to top hedge-fund managers, some of whom earn millions of dollars per hour. Leopold offers a sardonic list of dos and don’ts for wannabe hedge fund managers such as “Don’t worry if wealth gushes to the top. That’s just more money for your casinos.” Despite the hoopla, Leopold offers insight into the barely regulated realm that controls much of the country’s wealth, describing such methods as jumping ahead of average investors’ trades to buy securities before average investors do, and then sell to these same investors at a higher price. Unfortunately, Leopold doesn’t provide many suggestions on how the system can be changed to create a more balanced playing field. (Feb.)
From the Publisher
"Les Leopold’s latest masterpiece . . . is necessary, alarming and really funny. His talent for deconstructing complex financial terms and topics constitutes a public service. What he reveals in How to Make a Million Dollars an Hour, in a sardonic and appropriately irreverent tone, is something more ominous.” —Nomi Prins, Truthdig.com

Product Details

ISBN-13:
9781118438114
Publisher:
Turner Publishing Company
Publication date:
12/18/2012
Sold by:
Barnes & Noble
Format:
NOOK Book
Pages:
272
Sales rank:
700,755
File size:
1 MB

Meet the Author

LES LEOPOLD is the executive director of the Labor Institute and Public Health Institute in New York and one of the most popular writers for the progressive website AlterNet. He is also the author of The Looting of America: How Wall Street's Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity, and What We Can Do about It.

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