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Tuesday, January 11, 2005

Review: "Blood on the Street"

I recently read Charles Gasparino's book "Blood on the Street" which gives an inside look at how the Superstar Wall Street analysts blatantly misled millions of public investors around the Country in order to generate huge investment banking fees for their firms and great personal wealth.

The book also details my work as an attorney representing ordinary investors who battled Wall Street to recover their hard earned savings lost as a result of Wall Street fraud and greed. These cases helped expose the Analysts' fraud and will hopefully help other investors.

The book describes how I transformed my law practice (and even my character) from representing bad brokers on the "dark side" of Wall Street to representing the "little guy" investors against major Wall Street firms. I chose to go beyond helping a few select clients recover their money and decided to be catalyst for change in the Industry by taking my concerns to the Press, to a Congressional Committee and eventually to Eliot Spitzer. I gave Spitzer's team my "playbook" on how the analysts were deceiving investors and my efforts contributed toward the Spitzer-SEC Wall Street Global Settlement in which the Wall Street firms paid $1.4 billion and agreed to certain changes in the way they do business.

I recommend this book to anyone with an interest in understanding how the high technology and telecommunication stock bubble was pumped up by Wall Street and then burst. I also believe that this is an important book for all investors who need to be aware of what really happens on Wall Street.

Investors now need to do their own due diligence in deciding how to invest their retirement and life savings. Most people do more research deciding which dishwasher to buy than how to invest their hard earned savings. Hopefully, this book is a "wake-up" call to investors to be more diligent and not just follow some lying analyst or broker's advice to their detriment. The book hopefully will also be a wake up call for Wall Street which may now realize that conflicts of interest will be exposed and the consequences could be severe.


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