Other People's Money

Other People's Money

And How the Bankers Use It

eBook - 2011
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There are few indictments of the American banking system as searing as Other People's Money and How the Bankers Use It, written by Louis D. Brandeis in 1913. Long considered one of the major muckraking exposés of the Progressive period, it still speaks powerfully to our own times. The book led to the establishment of stringent regulations on the banking system, rules that undergirded decades of pros­perity and stability for both banks and the American economy after World War II. Weakening those rules led to the great banking meltdown of 2008, when once again the greed and recklessness that Brandeis had warned about triggered a major depression and cost hundreds of thousands of people their jobs and homes.
Publisher: New York : Barnes & Noble, 2011
ISBN: 9781411435025
Characteristics: 1 online resource


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Sep 11, 2014

Not only a classic book, but it provided the New Dealers with ammo to push their platform through congress! It will appear old when you read it, but everything Brandeis explains is just as applicable today. In this book, repeating something from his testimony before congress [of which there were many], Brandeis explains an abstract but most important point: that when someone [today it would be a bank or private equity firm, usually] comes out with a securities issuance - - selling bonds to raise money for one firm or another - - it is really about transferring ownership. For a modern example [my writing, not Justice Brandeis] take the securities sale by the Blackstone Group for AXA [giant European insurance corporation] much of which is purchased by Bank of America, a block of whose stock happens to be owned by AXA already. Through various cross-stock ownership [supposedly illegal in America, but massively practised] this represents a subtle shifting of ownership, not apparent to the public, while the interlocking cross-stock ownership in reality represents a mega-monopoly of sorts - - Blackrock owning stock in Bank of America along with the State Street Corporation, a block of whose stock in turn is owned by the Bank of America, et cetera!


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