By James Pressley - Sep 28, 2010 7:00 PM ET
"the diversity of the scams still boggles the mind"
"Drawing on court records, news reports and his own unpleasant run-ins with flim-flam artists, Sarna takes us on a tour of the sleazy back alleys of markets. He lucidly explains how some unscrupulous operators manipulate shell companies while others pump up stocks they later dump at inflated prices. If you’re bent on becoming the next Bernie Madoff, these profiles in greed form a veritable guidebook on how to build your own financial weapon of mass destruction."
"The point that Sarna makes in this book is that the recent financial crisis was not in itself caused by exotic financial instruments, colateralised debt obligations, sub-prime mortgages and the like but by something much more basic - the human condition of greed. Investors should note this point and remember the old saying that if something looks too good to be true it probably is. Overall, I believe that The History of Greed is a great addition to the library of the investor, historian and psychologist alike."
‘History of Greed' is a dense look at financial fraud
The Bulletin Oregon http://bit.ly/9kSPOF
David Sarna's “History of Greed” exposes the swinish side of finance. Will it also, like Gordon Gekko, inspire impressionable college kids to get up to no good?
Financial fraud have become increasingly complex, but greed that moves the scammers have been the same.
Fri, Oct 15, 2010
"the book,... chronicles some of the biggest and perhaps, most interesting securities scandals ever."
Budding Gekkos get tips on Ponzis
The Herald-Sun (Oregon) http://bit.ly/bDmRnB
Sam suggested reading the "History
of Greed: Financial Fraud from Tulip Mania to Bernie Madoff" on the history of
greed. Instead of just reciting historical events, the book analyses the
philosophical and psychological aspects of greed–an important topic, seldom
discussed. So, is Henry Blodget right in believing that humans are
naturally greedy and arrogant? Or is French philosopher Jean-Jacques
Rousseau correct that man is born innately good, but that society corrupted
him? Both Sam and I agree on this: man is neither inherently good or evil, and
that technology is evolving faster than our morals. What do you think? - Ilene
Touring the sleazy back alleys of finance
Financial Post (Canada) http://bit.ly/aBYnNU
Wall Street's Greedy Legacy
David Sarna, author of "The History of Greed", says Wall Street's recent wave of unchecked greed will keep individual investors on the sidelines for years to come.
Review in DN.NO
"The History of Greed is an excellent resource. Sarna is knowledgeable of the financial field and provides information, evidence, and statistics about everything he discusses. Included at the end of the book is a bibliography composed primarily of online sources which researchers will find invaluable, thorough, and lengthy"
DZIENNIK GAZETA PRAWNA, one of the biggest daily newspapers in Poland has a lengthy review and Interview. In Stock: Money for the weekend" about the crimes addressed in an interview with David EY Sarna - GreedWatcher.com blog author and the book "History of Greed", and devoted addition to the Republic of fraud two materials - paper grim doom empires "and" Snatch the Polish. "
Can Regular Investors Beat The Market?
by Ana Gonzalez Ribeiro
David E Y Sarna author of "History of Greed," explains it this way, "We all have some larceny in us. We buy securities because we think we know someone or something others don't. I don't think anyone can consistently outperform the S&P 500 without assuming greater than market risk
Jews may be well represented in the annals of white-collar fraud,
but halacha (Jewish Law) explicitly requires us to be honest, taxpaying citizens.
an important investment lesson brought to the everyday investory - scams have been around for centuries
, August 21, 2010
This review is from: History of Greed: Financial Fraud from Tulip Mania to Bernie Madoff (Hardcover)History of Greed: Financial Fraud from Tulip Mania to Bernie Madoff by David Sarna is a comprehensive history of financial fraud through the centuries and the author aims at teaching the readers lessons on how to spot attempted financial fraud and how to wisely invest, avoiding such fraud.
Madoff, as becomes clear in this book, was not the first financial adviser that used the naivete of investors to defraud them and put more money that most of us can comprehend into his pockets and Madoff will likely not be the last. This book is a series of more than thirty chapters that guide the reader through the history of financial fraud. In between the history lessons, the author includes additional lessons dealing with principles of finance such as insider trading. The reader gets a chance to analyze the various situations and decide how they would act and what is considered legal and when the line is crossed and financial fraud starts.
And while this book is a history of financial fraud, it is firstly intended to be a means to teach the reader the lesson on how to spot financial fraud and to apply the law of investing to situations he may encounter when talking with advisers about investing.
This is an excellent book, both as a history of financial fraud and as a how-to book on aiding the reader in spotting financial fraud.
we should have learned from history, so Madoff did not have to happen
, August 21, 2010
This review is from: History of Greed: Financial Fraud from Tulip Mania to Bernie Madoff (Hardcover)History of Greed: Financial Fraud from Tulip Mania to Bernie Madoff is a tour de force on the history of financial fraud by David Sarna.
The author in brief, on topic and focused chapters lays out the history of financial fraud over the last three centuries.
The author draws heavily in his lessons on his family and culture, but that makes this book highly readible. It is not a dry, overly scientific business treatise. But an easy to read, carefully researched and well organized chronology on how financial fraud did not originate with Madoff, but has a history and successful history at that.
Besides a history lesson, every reader of this outstanding book should in keep in mind the lessons it teaches. Foremost, if it sounds to good to be true, do not invest, but take your money and run. Because of you do not, the so-called financial wizard that promises these sure bet investment will run with your money.
I highly recommend this book to any reader who is planning to invest in the stock market and may play with the idea of seeking advice from third parties on investments. It has been a booming business for three centuries, why should financial fraud stop now. So investor, better watch out.
| | A Comprehensive and Interesting Book
, August 23, 2010
This review is from: History of Greed: Financial Fraud from Tulip Mania to Bernie Madoff (Hardcover)History of Greed: Financial Fraud from Tulip Mania to Bernie Madoff
The History of Greed: Financial Fraud for Tulip Mania to Bernie Madoff by David Sarna was an informative and enlightening book to read. I don't typically read books like this but was curious about everything that happened. The book has a detailed index and is thoroughly annotated.
It is simple enough for someone like me to be able to understand what happened and why. The author uses stories and descriptions to make a subject matter that is really complex something I could imagine, see, and feel.
At the same time there are complexities to his explanations that will interest and engage any student of economics and history. If you believe, like I do, that we can learn from our mistakes, people can use this as an important addition to their library. The author goes back through history to describe fraud and the many ways people are cheated.
The descriptions are sometimes hard to swallow but after reflection the reader will realize that they are on target. Whether exploring human motivations or actual criminal behavior the author leads you through what happened and how we got here.
Another technique Sarna uses is case studies. A case study gives a total view of what goes on when a person is being cheated and how. I particularly like the case study of `Crazy Eddie'.
Other chapters explain the complexities of the stock market. It also explains the difference between what instruments that were used and how they should have been used. The many, many ways they were misused are explored in different chapters. Finally at the end of the book there is an afterword devoted to what is our response has been to these issues.