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The path to destruction, financial or otherwise, often begins with a simple proposition. For author Phil Trupp it came from one of his stock brokers: "Take it, Phil. It’s free money." This free money came from auction-rate securities (ARS). Auction-Rate Securities are corporate or municipal bonds with a long-term maturity for which the interest rate is reset at frequent auctions. ARS interest rates were higher than money markets and were sold as completely safe, liquid, Triple-A rated "cash equivalents," a deceptive sales pitch that lured hundreds of thousands of investors to buy the securities. Since 2008, most auctions have failed leaving the market largely frozen. The victims ranged from individual investors to the Joffee Foundation, a nonprofit that can no longer fund programs that help prevent AIDS in Africa, to the Port Authority of New York.
While this is a classic 21st century tale of Wall Street greed and betrayal, it is also a story of redemption and the life-altering struggle of American investors and others around the world who, in the end, beat the Wall Street fraud-masters. Ruthless is a story of how individual investors became mad as hell and joined together to reclaim their cash investments. So far they’ve reclaimed more than $200 billion and continue fighting for the rest. A lively, page-turning guide for any investor with a stunning lesson on how to fight back and win.
Chapter 1: "Deal With It!"
Chapter 2: The "Back Nine."
Chapter 3: A Sweet Deal—Until It's Not.
Chapter 4: "I Have No Dreams."
Chapter 5: Bill Meets Mohela.
Chapter 6: Power to the Blogosphere.
Chapter 7: Radioactive Man.
Chapter 8: Armies of the Unseen.
Chapter 9: Day of Deliverance.
Chapter 10: The Newton Factor.
Chapter 11: Harry the Hit Man.
Chapter 12: The Raymond James Caper.
Chapter 13: What's It All About, Barney?
Chapter 14: Stretching to Meet the Man.
Chapter 15: State of Play 2009.
Chapter 16: Kathy's War.
Chapter 17: Hopeful Signs from the Hill.
Chapter 18: Going to Meet the Man.
Chapter 19: The View from Here.
About the Author.
Posted September 23, 2010
In Ruthless, Phil Trupp explains the self-serving miasma that is Wall Street, its corrupt system of regulation, and methods by which small investors can avoid exploitation. His journey began with his losing his retirement fund overnight. Mr Trupp fought and got his money back, then continued to post news and commentary via blogs to help others recover their losses. Ruthless is rife with facts while not being that sterile textbook we all dread, and it is full of useful tips. I wish Ruthless had been available years ago. I am recommending it to friends and family as a Wall Street survival guide.Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.
Posted January 31, 2012
No text was provided for this review.