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Wall Street and Silicon Valley got together in an undeclared partnership
to wire the world, enrich themselves, and convince a whole new class
of investors into trusting the partners with much of their life
savings. It was a great deal for the partners, but a terrible deal
for the investors. Never in the history of major stock markets were
the rewards so skewed to insiders at the expense of outsiders.
This book will tell you how it happened, why it happened, and what
you need to do to rebuild your savings.
The
term "Wall Street" or the "Street" has long
since ceased to mean just that tiny road that ends in a graveyard
on Lower Manhattan.
Since its commercial
beginnings as a slave market (at the Water Street waterfront), Wall
Street has come a long way; still, it never seems to quite manage
to cleanse itself of the habit of finding profitable ways to exploit
defenseless men and women. On occasion it reverts to its worst traditions,
but it always burnishes them with a patina of slick modernity.
Stock
Options And Nasdaq's Triple Waterfall
In one sense, it is different this time:
Few
enduring fortunes were made from the Great Crash.
Many, many enduring fortunes have been made from the Nasdaq crash.
No past Triple
Waterfall transferred so much wealth from retail investors to corporate
insiders and Wall Street elites. The scale of the elites' depredations
during the Nasdaq mania is truly majestic.
A few CEOs and CFOs accumulated spoils on a scale reminiscent of
the Spanish Conquistadors.
That makes this crash unique.
More
about Nasdaq's Shame
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