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eBook Ruthless: How Enraged Investors Reclaimed Their Investments and Beat Wall Street ePub

eBook Ruthless: How Enraged Investors Reclaimed Their Investments and Beat Wall Street ePub

by Phil Trupp

  • ISBN: 0470579897
  • Category: Business Culture
  • Subcategory: Perfomance and Work
  • Author: Phil Trupp
  • Language: English
  • Publisher: Wiley; 1 edition (September 28, 2010)
  • Pages: 336
  • ePub book: 1731 kb
  • Fb2 book: 1966 kb
  • Other: lit mbr rtf mobi
  • Rating: 4.9
  • Votes: 890

Description

Phil Trupp writes of his quest to beat Wall Street.

Phil Trupp writes of his quest to beat Wall Street. Brokers promised their clients, "It's just like cash. The real story about these investments: They are most definitely not liquid; these are long-term or no maturity bonds the supposed market for these was artificially created by banks. Phil is mad and that comes through loud and clear in every chapter.

Ruthless is a candid exploration of the criminal subculture of Wall Street, and one of the first books to speak for the victims of the financial meltdown. On February 14, 2008, author Phil Trupp received a call from one of his brokers telling him a large portion of his investments were frozen-on ice-turning his life and plans for retirement upside down.

How enraged investors reclaimed their investments and beat wall street. Trupp, Philip Z. (Philip Zber) Ruthless : how enraged investors reclaimed their investments and beat Wall Street/. How Enraged Investors Reclaimed Their Investments. and Beat Wall Street. Published by John Wiley & Sons, In. Hoboken, New Jersey. p. cm. Includes index. ISBN 978-0-470-57989-3 (hardback).

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Phil Trupp is a veteran investigative journalist, and the author of Ruthless: How Enraged Investors Reclaimed Their Investment. nd Beat Wall Street, published by John Wiley and Sons.

Phil Trupp talked about his book Ruthless: How Enraged Investors Reclaimed Their . James Zogby talked about his book Arab Voices: What They Are Saying to Us and Why It Matters (Palgrave Macmillan

Phil Trupp talked about his book Ruthless: How Enraged Investors Reclaimed Their Investments and Beat Wall Street (John Wiley and Sons, 2010). The veteran investigative journalist took action when his own investments in auction-rate securities (ARS) were frozen. He responded to questions from members of the audience. This presentation was in the James Michener Non-Fiction Pavilion on the grounds of City Hall at the 2nd annual Gaithersburg Book Festival. James Zogby talked about his book Arab Voices: What They Are Saying to Us and Why It Matters (Palgrave Macmillan

Ruthless: How Enraged Investors Reclaimed Their Investments and Beat Wall Street (eBook).

Ruthless: How Enraged Investors Reclaimed Their Investments and Beat Wall Street (eBook). by Phil Trupp (Author). Category: Business & Investing.

Ruthless: How Enraged Investors Reclaimed Their Investments and Beat Wall Street. 978-O-47O-57989-3 (O-47O-57989-7). Paul Tarpey · Paul Thierauf · Paul Trap · Paul Trappe · Paul Tripp. bright barbers confessed. short elbows agreed brightly green crayons agreed.

Ruthless is a candid exploration of the criminal subcultureof Wall Street, and one of the first books to speak for the victimsof the financial meltdown. On February 14, 2008, author Phil Truppreceived a call from one of his brokers telling him a large portionof his investments were frozen—on ice—turning his lifeand plans for retirement upside down. When the fog started toclear, Trupp realized he was one of many investors caught up inwhat experts called the greatest attempted securities fraud inmodern Wall Street history—a $336 billion scam which made thesavings and loan scandal of the 1980s look like a simple streetmugging.

The path to destruction, financial or otherwise, often beginswith a simple proposition. For author Phil Trupp it came from oneof his stock brokers: "Take it, Phil. It’s free money." Thisfree money came from auction-rate securities (ARS). Auction-RateSecurities are corporate or municipal bonds with a long-termmaturity for which the interest rate is reset at frequent auctions.ARS interest rates were higher than money markets and were sold ascompletely safe, liquid, Triple-A rated "cash equivalents," adeceptive sales pitch that lured hundreds of thousands of investorsto buy the securities. Since 2008, most auctions have failedleaving the market largely frozen. The victims ranged fromindividual investors to the Joffee Foundation, a nonprofit that canno longer fund programs that help prevent AIDS in Africa, to thePort Authority of New York.

While this is a classic 21st century tale of WallStreet greed and betrayal, it is also a story of redemption and thelife-altering struggle of American investors and others around theworld who, in the end, beat the Wall Street fraud-masters. Ruthlessis a story of how individual investors became mad as hell andjoined together to reclaim their cash investments. So farthey’ve reclaimed more than $200 billion and continuefighting for the rest. A lively, page-turning guide for anyinvestor with a stunning lesson on how to fight back and win.

Comments

Chankane Chankane
I've read a lot of books on finance and this is one of the very best. The author tackles a rather arcane subject - the collapse of the auction rate securities market. Sounds dry, right? It's not. It was a bigger scandal than Madoff. The author brings the story to life and puts a face on something you may have read about on page 18 of the Wall Street Journal. There's a strong human element here, and even if you've never heard of auction rate securities, if you've even received devastating news over the phone that threatened your entire being, you will relate to this book.

Ruthless should be mandatory reading for everyone who caused the economic collapse of 2008-2009 - the bankers, the fed and, most of all, the brokerages. Ruthless gives it to the latter with both barrels.

For those interested in the financial future of the world and who have a desire to ward off the next bubble this is absolutely must reading.

It's worth noting that the auction rate securities crisis is not over. Some brokerages, Oppenheimer & Company is particular, refuse to do the right thing. Their clients continue to twist in the wind.

Ruthless is a cautionary tale for anyone who's ever trusted an "expert" to handle their money.
Ieslyaenn Ieslyaenn
"Ruthless" provides answers (additional to don't swindle intelligent,
resourceful, respected journalists). A victim of the "Auction Rate
Securities" (ARS) fraud, author Phil Trupp candidly discloses how he and
146,500 individuals and major institutions believed reassuring
misrepresentations that their ARS investments were "just like cash" in
liquidity. Only when the investors were told the then-$336 billion market
was "frozen" in early 2008 did investors learn that it was a scam;
underlying bonds and preferred stocks were not liquid at all, but
distressingly long term. If all was well, the investors' granchildren,
decades later, would be paid. Meanwhile, issuers and banks fared well,
timely paid for issuance and holding auctions, some of which never happened.

The story of action by companies and investors catastrophically damaged by
the massive liquidity crisis is summarized nicely by Phil Trupp's subtitle:
"How enraged investors reclaimed their investments...and beat Wall Street."
If you've not heard much about the Auction Rates Securities 2008 scandal,
you are not alone; the book offers interesting explanation why there was
little coverage for a fraud of breathtaking scope. Enjoy this honest,
readable explanation and story, with a cast of bizarre characters including
infamous personality and newsmaker "Radioactive Man," providing a diversion
into the Kennedy and King assasinations after the major Bush Administration
figure explains the President was "actually aware" of all the (ARS)
problems, and that "Government jumping in- well it can only make matters
worse."

Barbara Radnovsky
Qumen Qumen
this book provides real insight into the shady dealings of wall street brokers and their handling of their clients who bought Auction Rate Securities ( ARS ) and then left them when the market for them collapsed . the author offers ideas to affected investors who are now sitting on their ARS and are unable to sell them until their maturity date , which generally might be twenty years from now or more .
since i am one those affected and Charles Schwab has offered no help in resolving my problem even though one of their account executives encouraged the purchase of this ARS and represented it as a liquid investment , the book provides a plan for recovery . success in this regard is not assured however .
if you bought an ARS and can't sell it ....read the book .
Impala Frozen Impala Frozen
Phil Trupp writes of his quest to beat Wall Street. Phil, as well as many other investors, lost $336 billion in the auction rate securities (ARS) market. Brokers promised their clients, "It's just like cash."

The real story about these investments:

*They are most definitely not liquid; these are long-term or no maturity bonds
*the supposed market for these was artificially created by banks.

Phil is mad and that comes through loud and clear in every chapter. You can really feel his emotion. Phil is also determined. He's not going to lie down and accept that he can't get his money back.

Phil triumphs in spite of the odds stacked against him. It's inspiring to read of his fight. The odds he was fighting:

*he's considered a sophisticated investor
*he's supposedly bound by the arbitration agreement he was forced to sign. Arbitration almost always comes out on the side of the broker and not the investor.
*the Wall Street conspiracy of silence.

Phil is human. He is afraid and nervous about contacting Harry "the hit man" Newton, the force behind the website, AuctionRatePreferreds.org. The headline of this website says it all, "Auction rate preferred securities is the largest fraud ever perpetuated by Wall Street on investors."

What I learned from this book:

*NEVER buy an investment that I don't understand.
*ALWAYS read the prospectus. If there isn't a prospectus, don't buy it.
*Stick to plain vanilla investments, e.g. stocks, bonds, money markets.
*Diversify, diversify, and diversify.

This book is both inspiring and educational. I highly recommend it.