Ruthless (How Enraged Investors Reclaimed Their Investments and Beat Wall Street)

Ruthless is a candid exploration of the criminal subcultureof Wall Street, and one of the first books to speak for the victimsof the financial meltdown. On February 14, 2008, author Phil Truppreceived a call from one of his brokers telling him a large portionof his investments were frozen—on ice—turning his lifeand plans for retirement upside down. When the fog started toclear, Trupp realized he was one of many investors caught up inwhat experts called the greatest attempted securities fraud inmodern Wall Street history—a $336 billion scam which made thesavings and loan scandal of the 1980s look like a simple streetmugging.

The path to destruction, financial or otherwise, often beginswith a simple proposition. For author Phil Trupp it came from oneof his stock brokers: "Take it, Phil. It’s free money." Thisfree money came from auction-rate securities (ARS). Auction-RateSecurities are corporate or municipal bonds with a long-termmaturity for which the interest rate is reset at frequent auctions.ARS interest rates were higher than money markets and were sold ascompletely safe, liquid, Triple-A rated "cash equivalents," adeceptive sales pitch that lured hundreds of thousands of investorsto buy the securities. Since 2008, most auctions have failedleaving the market largely frozen. The victims ranged fromindividual investors to the Joffee Foundation, a nonprofit that canno longer fund programs that help prevent AIDS in Africa, to thePort Authority of New York.

While this is a classic 21^st century tale of WallStreet greed and betrayal, it is also a story of redemption and thelife-altering struggle of American investors and others around theworld who, in the end, beat the Wall Street fraud-masters. Ruthlessis a story of how individual investors became mad as hell andjoined together to reclaim their cash investments. So farthey’ve reclaimed more than $200 billion and continuefighting for the rest. A lively, page-turning guide for anyinvestor with a stunning lesson on how to fight back and win.

This book title, Ruthless (How Enraged Investors Reclaimed Their Investments and Beat Wall Street), ISBN: 9780470579893, by Phil Trupp, published by Wiley (September 28, 2010) is available in hardcover. Our minimum order quantity is 25 copies. All standard bulk book orders ship FREE in the continental USA and delivered in 4-10 business days.

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