Serpent on the Rock

Serpent on the Rock

by Kurt Eichenwald
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Overview

Serpent on the Rock by Kurt Eichenwald

A real-life thriller—the story of kickbacks and payoffs, of shady deals struck in secret with known felons; a story in which half a million people lose enormous sums—some their life’s savings—in the largest securities fraud of the 1980s, with names like Onassis and Bush numbered among the victims.


From the Trade Paperback edition.

Product Details

ISBN-13: 9780307419231
Publisher: Crown/Archetype
Publication date: 12/18/2007
Sold by: Random House
Format: NOOK Book
Pages: 528
Sales rank: 600,200
File size: 816 KB

About the Author

KURT EICHENWALD has written for the New York Times for more than seventeen years. A two-time winner of the George Polk Award for Excellence in Journalism and a finalist for the 2000 Pulitzer Prize, he has been selected repeatedly for the TJFR Business News Reporter as one of the nation’s most influential financial journalists. His last book, the highly praised Conspiracy of Fools, was a New York Times bestseller. His book The Informant is currently in development as a major motion picture. Eichenwald lives in Dallas with his wife and three children.


From the Trade Paperback edition.

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Serpent on the Rock 4.2 out of 5 based on 0 ratings. 5 reviews.
Guest More than 1 year ago
This book graps you from page one. It takes you step by step through the scheme and fraudulent connivance of the greedy and souless executives of the Prudential Life Insurance Company, to knowingly deplete hundred of thousand of trusting people of their entire retirement savings. It shows how the mighty and powerful can put in motion an array of legal maneuvers to cause delay after delay, in order to avoid paying back the moneys they so ruthlessly stole, and how they ended up paying back, only mere pennies on the dollars, without suffering any criminal charges and jail time. A most read.
Anonymous More than 1 year ago
Kurt Eichenwald has a few screws loose and is sick. He has epilepsy. He has a dark past. Kurt's first big break came with his best-selling book "Serpent on the Rock." It was a scathing grossly inaccurate representation of Prudential Bache's Limited Partnerships. Case in point, Prudential Energy Income Funds. Kurt began making misstatements about the investment and smeared Prudential badly. Surely, Prudential should have defended themselves from fake news Kurt but didn't. The Prudential Oil Income funds gathered $1.7 billion dollars. The product was sound and well managed. Why would Prudential walk away from these investments over a few loose canon brokers straying from industry sales ethics? 144,000 investors were in the oil programs, an "American First" investment with the investment going into proven assets under American soil, purchased for an estimated $6 a barrel of oil. It was explained Prudential motives for dumping the investments were not over any impropriety or flaws with the investment, it was just a business decision. $6 billion dollars were locked up in long term, Limited Partnership investments. There wasn't a market to liquidate them easily. These investment dollars were locked up for the long haul. Prudential agreed to pay $100 million in fines, without admitting any wrong doing. When the partnerships were resolved, and fresh cash was distributed, new commissions could be earned greater than the fine. Kurt created a panic and stampede with his articles by Kurt in the NY Times. Investors panicked. After all, this was the "Grey Lady." They sought lawyers, and thought they were scammed. They were angry at their brokers. The oil income properties were sold off for a song. Then bad things began to happen to the Prudential brokers. They were group stalked. Their cars and homes burglarized. They were named in arbitrations. Careers were ruined. Good names were sullied. Marriages were dissolved. Who was the lucky party to buy the oil producing properties? "Most energy properties Parker & Parsley hopes to acquire are in Texas, Louisiana, Wyoming and New Mexico. William said his company can operate the properties efficiently because of the parcels' proximity to Parker & Parsley's current production base, centered around West Texas' Permian Basin." Parker & Parsley to buy $488 million of Prudential-Bache energy properties http://www.upi.com/Archives/1993/05/10/Parker-Parsley-to-buy-488-million-of-Prudential-Bache-energy-properties/7309737006400/ Lo and behold, "The new Permian boom really took hold in 2012, when geoscientists, including those at Scott Sheffield’s Pioneer, fully evaluated how much oil could be recovered in the region. The layers extend from 8,500 feet deep down to about 13,000 feet. “I see the field now becoming the largest in North America and one of the largest in the world,” says Scott Sheffield, with the potential, he says, to produce 100 billion barrels." The Oil Patch Prince: A Great Tale Of West Texas http://www.forbes.com/sites/christopherhelman/2014/10/15/the-oil-patch-prince/#78c45d282a7d 100 Billion barrels, that's with a "B," or roughly a cool $4.2 trillion at today's prices. The lawyers got paid millions. Prudential earned new commissions. The 144,000 Prudential clients ended up holding the bag. If you missed it you can meet Kurt Eichenwald here. https://www.youtube.com/watch?v=7Ophbx1iaF8&t=312s The real questions are who put him up to writing about Prudential Limited Partnerships?
Anonymous More than 1 year ago
Anonymous More than 1 year ago
Guest More than 1 year ago
Why take the time to write a review? You won't have the guts to show it. I wrote my review last week and you never showed it. Afraid of the big bad powerful Prudential Insurance Company's reprisal are you???