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Naked, Short and Greedy
- Wall Street's Failure to Deliver
- Narrated by: Dr. Susanne Trimbath
- Length: 5 hrs and 45 mins
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Naked, Short and Greedy
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Summary
Rigged financial markets and hopeless under-regulation on Wall Street are not new problems. In this book, Susanne Trimbath gives a sobering account of naked short-selling, the failure to settle, and her efforts over decades trying to get this fixed.
Twenty-five years ago, Trimbath was working “backstage at Wall Street” when a group of corporate trust specialists told her about a problem in shareholder voting rights. When she went to senior management at Depository Trust Company (DTC), then and still the largest securities depository in the world, they brushed it off, saying, “You can’t balance the world”. Ten years later, a lawyer from Texas would tell her that the same problem was about to blow up the financial markets: Wall Street brokers are using short sales and failures to deliver to grab the assets of American entrepreneurs.
This is a cautionary tale. What started as a regulatory failure turned into a regulatory crisis. Shareholder democracy is in shambles. The institutions that were established to correct a problem of trade settlement failures have instead exacerbated the problem. Global financial markets may not survive what comes next.
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Overall5 out of 5 stars
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- Gavin Donnelly
- 26-03-22
Hugely informative
Loved it really shone a light on some of the biggest issues in the financial markets today! Helped me make sense of the importance of Direct RegiStration for true ownership of your assets and the GaMEs that have been going on with what are called meme stocks today.
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- JJ Johnson
- 12-02-22
A voice of clarity in an ocean of lies
Susanne Spells out very clearly and in great detail why this ship full of holes is going down
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Overall5 out of 5 stars
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- L J Leopold
- 09-02-22
great but scary insight into the world of finance.
Dr Trimbath tells the story of how financial institutions are failing to implement their own rules in order to line their own pockets at the expense of the average person, which could lead to an economic crisis that threatens the US and world economies and markets.
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