Forum Post: New Book, In Bed with Wall Street
Posted 10 years ago on Jan. 14, 2014, 4:08 p.m. EST by LWDoyle128
(17)
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This book written by a longstanding industry insider Larry Doyle exposes a host of corruptible practices and situations within or nearby to the self-regulatory system at work on Wall Street.
Strongly endorsed and reviewed. Available on Amazon and Barnes and Noble.
Here are some reviews:
“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.
The esoteric nature of finance and economics is the biggest reason why Wall Street has been able to rape and pillage the American people for so long. Nobody understands what the heck it is that they do.
Thanks for your efforts at uncovering the truth, but instead of reviews, could you sum up some of what needs to be changed in order to get the economic system back working for the people?
Chapter 12 is called Changing the Sheets and lays out 10 specific reforms and 4 public policy proposals. Without listing all of them here are some examples:
Reforms
SEC and FINRA should mandate an outline of risk parameters for every product sold.
Wall Street arbitration should be optional but not mandatory
FINRA (Wall Street's self-regulator) should be subject to FOIA (freedom of information)
Self-regulators like FINRA should not be able to hide behind cover of absolute immunity.
Launch an Office of Whistleblower Protection
Public Policy
End self-regulation for Wall Street
Launch a privately staffed Financial Regulatory Review Board
Campaign finance reform via plan put forth by Lawrence Lessig
Break up the banks. I detail how
In conclusion, I just tell folks "you really need to read the book."
Here's the details as to how Wall Street was able to bring down the economy and reforms needed to make sure it never happens again.
Thanks. Reinstating Glass Steagall is something Occupy has been fighting for since September 2011 and members of Occupy known as "Occupy the SEC" were integral in the creation of the Volcker Rule. In fact, "The Volcker rule cites the Occupy Movement 284 times."
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/12/11/the-volcker-rule-cites-the-occupy-movement-284-times/
There isn't enough time in the day to read all of the books we'd all like to read. Reaching people through education and information is the most important thing we can do to bring about change and while books are great, people don't always have time. Another excellent way to spread the word is through discussion on the internet. It's a pretty powerful place, so, post some more good stuff, thanks.
I wrote the book for a reason. There are 200 + pages with upwards of 150 referenced documents that lay out the core of how things happened and that to date have not been understood. It might take all of 8 hours to read. Whoever does background work for OWS can spend time more thoroughly reviewing the cases and legal briefs I lay out. I did all the work for you. Some posts on the internet are not going to explain what I have spent 5 years working on and outlining in the book.
Sorry, but I have a long list of books I'd like to read but not enough time in the day to even begin to chip away at it. I will add yours to it, though. And, here is Occupy the SEC's website if you are interested:
http://www.occupythesec.org/
Not an issue. I assume there are many who visit here so I put the book out there for anybody and everybody to assess.
A few more reviews:
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
'The funny thing is that all this debt is completely contrived, manufactured, false. It is a way to keep you in check, and working for the plutocracy, instead of enjoying the sovereignty of your own life and health. You run on a treadmill, ever faster, to pay off this ‘debt’ but it will never disappear as long as the current regime is allowed to continue their deceitful devices. And they are cunning – all the markets are fixed.'
'Make no mistake, you won’t be hauled off to a FEMA camp because you are in debt, but they will steal your house through foreclosure, sometimes even if you’ve paid for it in full, make you homeless (more than 15 million people recently lost their homes this way) and then cart you off to jail as more and more laws creep onto the books which make being in poverty a crime, even though the entire system is built to perpetuate your poverty.' from - http://www.nationofchange.org/make-no-mistake-you-are-american-debt-slave-1389886420 .
Having read the reviews here, I'm seriously considering ordering your book, especially in light of my and others' comments and links here - http://occupywallst.org/forum/have-you-seen-the-film-inside-job-if-not-why-not-i/ .
Thank you for posting here and I hope that you'll keep posting from time to time and as further evidence of your good work - http://econintersect.com/b2evolution/blog2.php/2014/01/04/book-review-in-bed-with-wall-street .
Never Give Up On The 99%! Occupy The Issues! Solidarity.
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I'll check it out.