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In Bed With Wall Street: The Conspiracy Crippling Our Global Economy Hardcover – January 7, 2014

4.5 out of 5 stars 60 ratings

IN BED WITH WALL STREET: THE CONSPIRACY CRIPPLING OUR GLOBAL ECONOMY
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Editorial Reviews

Review

“If you think Flash Boys was explosive, In Bed with Wall Street is downright nuclear.” ―Eric Hunsader, Nanex

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.

“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

“Larry Doyle does an excellent job of laying out the complex web of conflicts, complicity and deceit enabled by the revolving door between the banking cartel, the regulators and legislators. He patiently and eloquently details the evidence that so few people understand today even after everything that has happened since the financial crisis first erupted.” ―Danielle Park, author of Juggling Dynamite

“Michael Lewis has accused Wall Street of being 'rigged,' but he's really just scratching the surface, as Doyle outlines in this excellent book.” ―Mark Melin, ValueWalk blog

About the Author

Larry Doyle is a former mortgage- backed securities trader who has worked for the First Boston Corporation, Bear Stearns, Union Bank of Switzerland, Bank of America, and JP Morgan Chase. He also served as chair of the Mortgage Trading Committee for the Public Securities Association (PSA). Doyle is a contributing author for a number of news outlets and financial sites including the widely read Seeking Alpha, Before It's News, Business Insider, Daily Markets, Benzinga, CNN/Fortune, ForexPros, and Wall Street Pit. He has been interviewed on Fox Business News, CNBC, Al Jazeera English, First Business News, and China Central TV. His work has been featured in Bloomberg Businessweek, Chicago Sun-Times, Financial Times, Forbes, New York Daily News, New York Post, The Wall Street Journal, and Yahoo! Finance. He currently runs his own investment practice and lives in Connecticut.

Product details

  • Publisher ‏ : ‎ St. Martin's Press (January 7, 2014)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 240 pages
  • ISBN-10 ‏ : ‎ 1137278722
  • ISBN-13 ‏ : ‎ 978-1137278722
  • Item Weight ‏ : ‎ 14.4 ounces
  • Dimensions ‏ : ‎ 6.41 x 0.89 x 9.44 inches
  • Customer Reviews:
    4.5 out of 5 stars 60 ratings

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Larry Doyle
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Larry Doyle has worked on and around Wall Street for the last 30 years. From First Boston to Bear Stearns and ultimately JP Morgan Chase, Doyle engaged in the trading, selling, and managing of a wide spectrum of mortgage-related assets. He now manages his own investment advisory practice in Connecticut, and writes extensively on the markets, economy, Wall Street, and Washington at his blog Sense on Cents.

Profiled in a Dow Jones commentary, Doyle stated, "The country needs Wall Street. It needs a flow of capital and credit, but when politicians get paid off, you end up with a regulatory system that protects the industry rather than investors.

"I'm just trying to help people understand what's going on here," he said. "If that's critical of the industry, well, let's put it this way, there's been a lot to write about."

Doyle has received wide acclaim for his tireless efforts to expose shortcomings and injustices stemming from an ineffectual -- if not corruptible -- financial regulatory system that is the result of egregious payoffs and a well trafficked revolving door between Wall Street and Washington.

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4.5 out of 5 stars
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Customers find the book insightful, with one review noting it's well-researched and provides a detailed account of events. Moreover, the book's readability receives positive feedback, with customers describing it as a thriller novel and a must-read for investors.

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22 customers mention "Insight"22 positive0 negative

Customers find the book insightful, with one customer noting it provides a detailed understanding of the events, while another describes it as an eye-opening account from a principled professional.

"...This is a great read and goes into great detail that anyone, even someone who is not familiar with financial markets, can understand...." Read more

"...partisan spin associated with most media Doyle creates a very well researched history of how our capital markets came very close to ruin...." Read more

"...I consider his book the freshest & possibly the most important summary of the last ten years of our economy to date...." Read more

"...an impressive work that reads like a thriller novel but is based on corroborated facts complete with a historical perspective making the story he..." Read more

17 customers mention "Readability"17 positive0 negative

Customers find the book highly readable, comparing it to a thriller novel, and consider it a must-read for investors.

"...This is a great read and goes into great detail that anyone, even someone who is not familiar with financial markets, can understand...." Read more

"...A very fast read, but with heavy foot notes, as detailed as a reader each wants...." Read more

"...what side of the political aisle you sit on, this should be a riveting read...." Read more

"Larry has produced an impressive work that reads like a thriller novel but is based on corroborated facts complete with a historical perspective..." Read more

Top reviews from the United States

  • Reviewed in the United States on January 22, 2014
    In Bed With Wall Street, the new book from Larry Doyle, (who has chronicled the misdeeds of the financial industry through his blog SenseOnCents.com), writes a scathing account about how the financial crisis of 2008 was brought about, how FINRA, the SEC and the other regulators of the markets “enabled” these bad actors to rip off and take advantage of the financial markets at the expense of other mostly smaller investors. Larry also highlights poor regulatory oversight by politicians and other “financial police” who were also facilitating these trading behemoths at the expense of the individual investor.

    Larry doesn’t pull any punches and he goes in great detail on Bernie Madoff, Allen Stanford, JP Morgan Chase (involved with Madoff and should have known about the Ponzi scheme), interest-rate manipulation with LIBOR, drug cartels laundering money through big banks, misappropriation of customer funds by MF Global. The author paints an unflattering picture of former SEC Chair and FINRA head Mary Schapiro and her failure to reign in these institutions and her failure to achieve “real reform” that is either attributed to her incompetence or her willingness to let corruption happen at every turn under her watch.

    Larry does mention hero Harry Markopoulos, who had written to the SEC multiple times about Madoff and his Ponzi scheme, yet the SEC never fully investigated Madoff until the 2008 financial crisis was upon us.

    This is a great read and goes into great detail that anyone, even someone who is not familiar with financial markets, can understand. I wholeheartedly recommend reading this book for everyone to get a sense of the corruption and collusion that goes on between Washington and Wall Street that is facilitated by regulators, politicians and the Wall Street banks.

    In Bed with Wall Street should be required reading for every high school student in this country.
    9 people found this helpful
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  • Reviewed in the United States on January 22, 2014
    Larry Doyle's first book is a masterpiece. WIthout the usual partisan spin associated with most media Doyle creates a very well researched history of how our capital markets came very close to ruin. Having read virtually all the "tell all" books about the demise of Lehman Brothers, Bear Stearns, etc, I came away from this book with a much clearer understanding of where blame lies. Doyle not only demonstrates how failed the concept of a self regulated Wall Street is in the last chapter he offers some real solutions that can once again restore investor confidence in our capital markets. This is a hard hitting, exceptional piece of investigative journalism reminiscent of Michael Lewis' works. A very fast read, but with heavy foot notes, as detailed as a reader each wants. Every investor, or would be investor, should care to read and understand the message of this book.
    6 people found this helpful
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  • Reviewed in the United States on February 14, 2014
    Larry Doyle’s In Bed With Wall Street categorically exposes the shameful and inexcusable corruption in the regulation of Wall Street—a corruption that the peoples’ elected representatives, the U.S. Congress, have wittingly allowed for decades. The conflicts of interest revealed in this book are truly disturbing, with one of the primary beneficiaries being the Washington politicians themselves. The victims, of course, are you, me, and the American public. Unfortunately, most of the causes for the 2008 financial debacle are still very much in place which likely will result in a future economic event of equal or more disastrous proportions, unless aggressively confronted as suggested by Doyle.

    I can personally confirm what the author says in his book based on my own experiences with Merrill Lynch in the 1990s—experiences which have been well-documented in previously published works. As a top-rated broker for the firm, I reported, among numerous other illicit activities, a widespread unlawful cheating scandal involving a multitude of brokers and members of management that likely impacted investors in most, if not all, of the 50 states. This scandal was blatantly covered up by Merrill’s senior management and board of directors. As Doyle suggests, the “big guys” have no incentive to fire top-producing, revenue-generating brokers who are committing wrongdoing so long as the brass are making campaign contributions.

    Even worse was the abject failure of the regulators to take appropriate action against those involved in the Merrill wrongdoing and cover-up. This is consistent with the numerous examples offered by Doyle in his expose′. There is no question that Merrill and other big firms have undue influence over the regulators. This influence is by virtue of the regulatory flaws that Doyle eloquently outlines and proves—the revolving door from Washington to Wall Street (compromising the SEC and DOJ); campaign contributions by Wall Street firms, directors, and executives (compromising Congress); and the industry-funded self-regulatory process (compromising FINRA and its predecessors—the NASD and NYSE regulatory arm).

    Lastly, Doyle shows how the primary dispute resolutions forum for Wall Street investors and employees—FINRA-sponsored binding arbitration—is a travesty beyond measure. It is unconscionably biased in favor of the industry largely because of the available peremptory challenge to strike any arbitrator who is unacceptable to the industry. The arbitrators are not only selected by FINRA, but also paid by them. Suffice it to say, money talks. Regarding my arbitration against Merrill (which was ultimately argued to the Oklahoma Supreme Court and 10th Circuit Court of Appeals), the nation’s leading legal authority on punitive damages commented that he has seen cases where injustice was done, but that my case stands out.

    Larry Doyle is to be congratulated for speaking truth to power. I hope this book impacts the status quo in ways that are so, so badly needed before it is too late.
    One person found this helpful
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