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Serpent on the Rock, by Kurt Eichenwald
Free Download Serpent on the Rock, by Kurt Eichenwald
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Review
ABSORBING . . . A PAGE-TURNER . . . THE BOOK IS GREAT FUN TO READ . . . As a tale of ego and greed on Wall Street, Serpent on the Rock is up there with Barbarians at the Gate.—USA TodayA COMPELLING TALE, richly laced with details, that shows how trust can be quickly tapped for huge profits by unscrupulous advisers.—Chicago TribuneENGROSSING . . . A BLOW-BY-BLOW ACCOUNT OF AN UNPARALLELED CRIME. —Barron’sA GENUINE PAGE-TURNER . . . reads like a novel with bigger-than-lifecharacters . . . comprehensive, impeccably sourced and striking in its detail.—Dallas Morning NewsKurt Eichenwald’s cinematic storytelling and command of complex details create a disturbing and damning drama. —New York TimesIF YOU WANT AN INSIDE LOOK AT WALL STREET AT ITS WORST, READ THIS BOOK.—Washington PostA DRAMATIC BOOK . . . A RIVETING ACCOUNT . . . GREAT WRITING THAT MAKES YOU WANT TO KEEP THE PAGES TURNING. —San Diego Union-TribuneBLOWS AWAY THRILLERS BY JOHN GRISHAM AND TOM CLANCY . . . This book has it all: suspense and horror, greed and pure malice, along with heartbreak and the eternal, valiant struggle of the little guy against the forces of evil . . . By two sentences into Serpent, I found myself hooked, unable to put the book down.—Insight
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About the Author
KURT EICHENWALD has written for the New York Times for more than seventeen years. A two-time winner of the George Polk Award for Excellence in Journalism and a finalist for the 2000 Pulitzer Prize, he has been selected repeatedly for the TJFR Business News Reporter as one of the nation’s most influential financial journalists. His last book, the highly praised Conspiracy of Fools, was a New York Times bestseller. His book The Informant is currently in development as a major motion picture. Eichenwald lives in Dallas with his wife and three children.
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Product details
Paperback: 528 pages
Publisher: Broadway Books (December 27, 2005)
Language: English
ISBN-10: 0767923847
ISBN-13: 978-0767923842
Product Dimensions:
6 x 1.1 x 9.2 inches
Shipping Weight: 1.2 pounds (View shipping rates and policies)
Average Customer Review:
4.8 out of 5 stars
41 customer reviews
Amazon Best Sellers Rank:
#102,302 in Books (See Top 100 in Books)
A startling account of greed and avarice and the sociopathic thinking of people who put other's financial lives in ruin.A non-stop read written with detail and excitement. If one is a novice investor this is a must read. For those of you who are sophisticated in the ways of the financial world, this book will not be a surprise, although still unsettling .
I was one of those investors who invested in limited partnerships in the early 1980s. In 1981 I invested $3,000 in Consolidated Capital...a limited partnership which was supposed to buy a bunch of apartments, then sell them off in 7 years. In 1983, I invested $2500 in Petro-Lewis.......a limited partnership which was supposed to buy producing oil wells........then sell them again in 7 years.Back then I was in my mid twenties. I attended an adult ed class on investing taught by the local Edward Jones broker. He pushed these two partnerships on his customers. I researched both of these deals. I found they had good 10 year track records and I decided to invest for the good returns and tax breaks.What I did not understand when I invested in these two deals was that they were based upon two assumptions. The two assumptions were continued high oil prices and a continuation of the tax breaks for limited partnerships. I also did not understand that if the deals started to go bad, you literally could not sell your investment to anyone else. I also did not understand that the Edward Jones broker got about a 8% commission on my investment.Just as in Eichenwald's book, both partnerships started out fine and paid the promised dividends. But soon both of them stopped paying dividends. At one point, Petro-Lewis converted from a limited partnership to a stock trading on the American Exchange. Against my Edward Jone's advice, I sold the stock immediately.Eventually, a secondary market developed for selling limited partnerships. I sold the Consolidated Capital investment to someone in the secondary market. My compounded annual return on the Consolidated Capital was -8.17% and -16.24% on the Petro-Lewis.I knew that Congress passed tax laws that made the tax write-offs possible. Until I read Eichenwald's book, I did not realize there were really two triggering events that set off the boom in limited partnerships. The first was Reagan's Economic Recovery Tax Act that reduced the depreciation period from 25 to 15 years. This made limited partnerships more favorable. The second trigger was Regulation D which reduced the restrictions on selling limited partnerships to the general public.The 1986 Tax Reform Act, plus a drop in oil prices...........killed the value of limited partnerships.I did not realize the Prudential Insurance Company got swept up in the limited partnership debacle until I read Eichenwald's book. He outlines in escruciating detail how the general partners abused investors by their actions.As an investor in limited partnerships, I found Eichenwald's book to be an interesting read. But at 436 pages, I found the book contained more details than I cared to read.The limited partnership bubble had a lot of similarities to the S&L bubble and the 2008 Sub-Prime bubble. All of these bubbles were first created by acts of Congress. They collapsed when the bubble had run its course, and the regulators never kept pace during the bubbles.I am not aware of a shorter book that covers the limited partnership fiasco. If you are interested in financial fiascos, this book is a good read. Just remember there are probably more details covered than you will be interested in.
It is a book that takes you behind the curtains of "investments" for one's retirement. I am not a big specialist on investment etc. and yet Kurt Eichenwald managed to keep me hooked on this book. I would love to believe these swindles can't happen again, but when you don't administer an exemplary punishment to the fat cats who swollowed the retirement money of the small citizens you know they will invent new mechanisms and new products to get even fatter.
As a beneficiary of a Prudential Annuity that was devested from Verizon, I was interested in learning about Prudential's history. Basically the book shows how different the truth is from the corporate brand that is presented to the media. Hopefully, the events of the past have been remediated by the present Prudential management and the corporate ethics have been improved. The book documents the effects of corporate incompetent and dishonest executive management.The book also serves as an example of where the current climate of deregulation of securities firms should be reconsidered.
The average citizen has no idea of the corruption and fraud that occurred during this time. Once learning of this, the reader is astonished that punishment was so light...even, some of these crooks avoided punishment completely! Frankly, I doubt that a lesson was learned from this; yet, there may be a few grains of hope.
I finally got around to reading "Serpent on the Rock" years after having read "Conspiracy of Fools" and "The Informant." Given the passage of time since I read Mr. Eichenwald's later books, it's possible that I don't remember them as well as some of the other reviewers. However, "Serpent on the Rock" strikes me as equal to "Conspiracy of Fools" and quite possibly better than "The Informant" - though the latter is really a different sort of book and isn't entirely comparable.At any rate, for me "Serpent on the Rock" cements Mr. Eichenwald's status as the pre-eminent author of the "Companies Gone Wild" genre; his books are immensely readable, well organized, abundantly footnoted and well indexed (a rare occurrence these days). Moreover, if being a great non-fiction writer is dependent upon picking the right story, he's a genius; even though I know the book is factual, I found myself saying over and over again that if this had been a novel it would have been criticized as being too far out and/or lacking in credibility.For anyone interested in books about business, this is an absolute must-read. As one of the other reviewers said, it should also be required reading for anyone seeking an MBA or a law degree (as should "Conspiracy of Fools").I met Mr. Eichenwald about a year ago or so and asked him if he had given up writing books. He told me that he was writing one, but that it was not about a business debacle but instead was about the government. His new book, "500 Days," is due out next month, and I can't wait to read it. I'm disappointed that he's not writing the definitive book about the ongoing financial crisis (though "Too Good to Fail" and "The Sellout" are pretty much classics of that tale), but if he's as good in his new area as he is in this one, it's going to be fabulous.
Corporate greed, egos, lack of integrity, and stupidity lay out the downfall of Prudential. How so many were able to get away with so much for so long is a tale that’s hard to believe.
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