| Brazosbookstore.com
Barbara Ann Radnofsky - August 2010
"Why do some
laudable efforts to bring fraudsters to justice fail and others
succeed?
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.'"
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