In Bed with Wall Street: The Conspiracy Crippling Our Global Economy

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Overview

The Wall Street meltdown in 2008 brought the country to its knees, and spawned nationwide protests against the lack of regulation and oversight facing Wall Street. But the average American still fails to fully grasp what was—and still is—happening: that the inmates continue to run the asylum. Doyle has been tracking this story for years through his blog Sense on Cents, and exposes here how Wall Street, our politicians, and the regulators themselves have conspired for personal and industry-wide gains while failing...

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In Bed with Wall Street: The Conspiracy Crippling Our Global Economy

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Overview

The Wall Street meltdown in 2008 brought the country to its knees, and spawned nationwide protests against the lack of regulation and oversight facing Wall Street. But the average American still fails to fully grasp what was—and still is—happening: that the inmates continue to run the asylum. Doyle has been tracking this story for years through his blog Sense on Cents, and exposes here how Wall Street, our politicians, and the regulators themselves have conspired for personal and industry-wide gains while failing to protect investors, consumers, and the American taxpayer. He details the corrupt nature of Wall Street’s financial police, who are little more than meter maids imposing fines that amount to nothing more than a slap on the wrist. He exposes the revolving door of Wall Street, wherein the regulators are all former or future employees of the very firms they’re tasked with overseeing, and how they routinely serve the interests of the industry itself rather than protecting investors and markets. Recent bombshells—such as multi-billion dollar trading losses at JP Morgan Chase, the manipulation of interest rates via the LIBOR scandal, and money laundering with North American drug cartels and rogue nations such as Iran—are symptomatic of this corrosive culture and the lack of trust and confidence in the system. As the big banks fight tooth and nail to avoid real reforms that would protect the economy, this book is a timely, important, and shocking look inside the Washington-Wall Street conspiracy crippling America and the global economy.

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Editorial Reviews

From the Publisher
"If you think Flash Boys was explosive, In Bed with Wall Street is downright nuclear." —Eric Hunsader, Nanex

 

In Bed with Wall Street should be read, shared and discussed, not just by the regulators or Wall Street, but more importantly, the average American.” —Susan Seltzer, The Derivative Project

"The new book by Larry Doyle, In Bed With Wall Street: The Conspiracy Crippling Our Global Economy, could be called a 'must read'. This reviewer would go even farther and say it should be required reading for every single American." —John Lounsbury, Seeking Alpha and Global Economic Intersection blogs

“A blistering account of the way that a "conspiracy" between Washington and Wall Street has lined the pockets of the richest financial services firms at the expense of average Joes." —Connecticut Post

"Not only does Larry Doyle have years of Wall Street experience that make him an essential observer of the world of finance but he also has something that very few commentators of the scene have: An extraordinarily high-level of honor and integrity. The combination makes Larry Doyle's new book a must read!" - William D. Cohan, author of House of Cards

"In his new book, Larry Doyle serves as an expert guide down the deep, dark canyons of our financial crisis. Holding well-needed light to Wall Street and Washington, Doyle pulls no punches. In Bed with Wall Street is required reading in any honest attempt to understand how our financial system failed." - David P. Weber, Former Assistant Inspector General for Investigations of the U.S. Securities and Exchange Commission, and SEC Whistleblower.

"A juicy insider's account of the incestuous deal between Wall Street and captured regulators, detailing how years after the financial crisis of 2008, powerful interests have allowed the big banks to survive and thrive. Whistleblowers? Check. Corrupted regulators? Check. Financial fraud victims? You'll hear from everyone in Larry Doyle's gem." - Erin Arvedlund, author of Too Good to Be True: The Rise and Fall of Bernie Madoff

"The truth is hard to come by in the corridors of Washington and Wall Street. Lucky for us there's Larry Doyle, who has been relentless in pursuing the truth about our financial regulatory system. His findings should concern us all: Keystone Cops, unheeded whistleblowers, too-big-to-fail banks, kangaroo courts, and rampant revolving doors, just to name a few. In Bed with Wall Street pulls back the curtain on the government's failed response to the financial crisis, and offers a roadmap for meaningful reforms." - Danielle Brian, Project On Government Oversight

"Larry Doyle draws on his decades of Wall Street experience to uncover the cozy relationships between major banks and their supposed regulators while taking us into the dark corners of Wall Street and Washington. His book outlines in detail the fundamental reasons why little has changed since the financial crisis." - James Kwak, associate professor, UConn School of Law, and co-author, 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown

“Larry Doyle does an excellent job of laying out the complex web of conflicts, complicity and deceit enabled by the revolving door between the banking cartel, the regulators and legislators. He patiently and eloquently details the evidence that so few people understand today even after everything that has happened since the financial crisis first erupted.” —Danielle Park, author of Juggling Dynamite

"Michael Lewis has accused Wall Street of being 'rigged,' but he’s really just scratching the surface, as Doyle outlines in this excellent book." —Mark Melin, ValueWalk blog

 

From the Publisher

“Not only does Larry Doyle have years of Wall Street experience that make him an essential observer of the world of finance but he also has something that very few commentators of the scene have: An extraordinarily high-level of honor and integrity. The combination makes Larry Doyle's new book a must read!”—William D. Cohan, author of House of Cards

Kirkus Reviews
2013-11-12
A former Wall Street insider excoriates the current nonsystem of alleged self-regulation and weak government regulation in the finance industry. After being employed as a mortgage-backed securities trader at Bank of America, Bear Stearns and other large financial firms, Doyle became disillusioned and departed. He now runs his own investment practice and serves as something of a whistle-blower. The problems he discusses are mostly familiar to readers conversant in current American politics: the coziness of legislators and lobbyists; campaign contributions meant to sway thinking and, sometimes, votes; government regulatory agencies, such as the Securities and Exchange Commission, that seem more watchful than they are, as well as so-called self-regulatory groups within the Wall Street community that rarely protect investors from inexcusable financial losses. With great intensity, Doyle focuses on a little-known self-regulator called the Financial Industry Regulatory Authority. His deep digging into the operations of that group qualifies as investigative journalism, and the scandalous details he recounts are impressive. Unfortunately, Doyle does not engage lay readers, relying far too heavily on unfamiliar acronyms and institutional prose; further, he does not draw memorable characters, either the heroes or the villains. As a result, the book is mostly exhausting to understand, although the effort may be worthwhile for patient readers with some economics background. The final chapter, a lengthy list of proposed reforms, is far easier to digest. Doyle proposes a new agency to be created by Congress (until now part of the scandal rather than part of the solution)--called the Financial Regulatory Review Board--and run by highly qualified individuals currently in the private sector who have demonstrated a passion for public service. The author has clearly done his homework while thinking about a reform effort. An important book that could have been much better with improved writing and greater insider sharing by Doyle.
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Product Details

  • ISBN-13: 9781137278722
  • Publisher: St. Martin's Press
  • Publication date: 1/7/2014
  • Pages: 240
  • Sales rank: 197,605
  • Product dimensions: 6.30 (w) x 9.40 (h) x 1.00 (d)

Meet the Author

Larry Doyle is a former  mortgage- backed securities trader who has worked for the First Boston Corporation,  Bear Stearns,  Union Bank of Switzerland, Bank of America,  and JP  Morgan Chase. He also served as chair  of the Mortgage  Trading  Committee  for the Public Securities  Association   (PSA). Doyle is  a  contributing   author  for a number of news outlets and financial sites including  the widely read Seeking Alpha, Before It’s News, Business Insider, Daily Markets, Benzinga, CNN/Fortune, ForexPros, and Wall  Street Pit.  He has been   interviewed   on  Fox   Business News,  CNBC, Al  Jazeera  English,  First Business News, and China Central TV. His work has  been  featured  in Bloomberg Businessweek, Chicago Sun-Times, Financial Times, Forbes, New York Daily News, New York Post, The Wall Street Journal, and Yahoo! Finance. He currently  runs his own investment  practice and lives  in Connecticut.

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Sort by: Showing 1 Customer Reviews
  • Anonymous

    Posted January 9, 2014

    Larry Doyle's book is a gem. It reveals little known details abo

    Larry Doyle's book is a gem. It reveals little known details about how the SEC and FINRA function (or dysfunction) to regulate Wall Street. Truth is, these agencies let the American people down.




    In Bed with Wall Street is just the right length and extremely readable. There is an appropriate mix of economic jargon (which Doyle expertly explains for the lay individual) with everyday terms we can all relate to. Additionally, Doyle highlights personal stories of people who have been victimized by frauds on Wall Street, and whistleblowers who came forward only to be silenced. These details allow the reader to become fully engrossed in the subject matter.




    This book provides a real education on how Wall Street, Washington, and the regulators interact. It seems quite evident these groups end up looking out for each other, and leave the folks on Main Street to fend for themselves. In the final chapter of the book, Doyle provides an impressive list of recommendations to fix a system that is so obviously broken.




    Bravo!

    2 out of 3 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
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