17 of 17 people found the following review helpful
This review is from: It Takes a Pillage: Behind the bailouts,bonuses, and backroom deals (Hardcover)This book provides a close up and extremely hard-hitting look at how reckless management, greed and out-right stupidity made it possible for the large investment banks on wall street to bring out economy to the brink of destruction. Nomi Prins does clearly has the personal history and knowledge to back up her belief that before this "economic down-turn" is over more that $13 TRILLION of wealth will be transferred from the tax-payers to the very same firms that knowingly inflated this bubble, packaged up bad loans with ridiculously high default rates into shiny new pieces of paper lovingly stamped AAA by the ratings agency, created a demand for them and then shorted them on the quick. It describes how virtually all government regulation was systematically dismantled by their puppets in DC.
It seems like the book was written to elicit a specific response from the readers...rage. The author does not pull any punches and does a very nice job of boiling down complex... Read more
10 of 11 people found the following review helpful
Blunt is Right; Blunt Works; Blunt Clarifies,
This review is from: It Takes a Pillage: An Epic Tale of Power, Deceit, and Untold Trillions (Paperback)Blunt. Blunt is the singular word that comes to mind for a description of author Nomi Prins and her book, "It takes a Pillage." Good title. Franklin Delano Roosevelt thought "it takes a thief" to regulate Wall Street, so he picked a thief to institute regulations for it. Maybe it takes a former investment banker and managing director, one who's been behind the polished mahogany doors of Wall Street to tell us what's going on there and what do they mean when their lips move. If you take that "insider's information" and mix it with blunt, you get a bucket of cold honesty resonating in your ears that should scare you into insolvency.
There were many players in the Recession of 2007, what Prins refers to as the 2nd Great Depression. There were presidents and successive Congresses that allowed regulations to be relaxed to the point of uselessness. There were regulation agencies and regulators that didn't regulate, in part from apathy and because the banks hired lobbyists who... Read more
5 of 5 people found the following review helpful
Insider View of the Debt Crisis,
This review is from: It Takes a Pillage: An Epic Tale of Power, Deceit, and Untold Trillions (Paperback)Nomi Prins appears to be an activist of the Naomi Klein type but her book "It Takes a Pillage" is far more rewarding than Klein's "No Logo".
Whereas Klein fashionably follows her political line (e.g. in ignoring the fact that Chinese manufacturing has lifted 400 million+ Chinese out of poverty), Prins approaches the subject of Wall Street involvement in the credit crisis in a much more open minded way. Perhaps she is rather light on what the consequences would have been of a non-bailout, or the extent to which property speculators stoked the demand for credit, but she explains very clearly the way in which middle America was robbed (indebted) by a group of Wall Street - Washington insiders.
In admirably researched detail she shows how Wall Street found a way to make enormous profits in the first years of the new millennium by misusing free market liberal arguments to demolish the legal barrier separating commercial and investment banking (Glass Steagall Act 1933)... Read more